Compare the best term deposit interest rates June 2023

Term deposits are a safe, easy way to earn a guaranteed return. The best term deposit rates are above 4%, and with the latest cash rate increase they're on the way up again.

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Promoted
Finder Award
5% p.a. for 5 year terms
Terms between 3 months and 5 years
Small $1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit
No account fees

Compare term deposit rates

1 - 13 of 101
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Finder Award$1,000 min. deposit
3 Mths p.a.
4.35%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.65%
7 Mths p.a.
-
12 Mths p.a.
4.80%
24 Mths p.a.
4.85%
Go to siteMore Info
$1,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
3.15%
4 Mths p.a.
2.60%
5 Mths p.a.
2.70%
6 Mths p.a.
3.90%
7 Mths p.a.
3.50%
12 Mths p.a.
4.25%
24 Mths p.a.
4.00%
Go to siteMore Info
$25,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
3.95%
4 Mths p.a.
3.95%
5 Mths p.a.
4.55%
6 Mths p.a.
4.55%
7 Mths p.a.
4.55%
12 Mths p.a.
4.70%
24 Mths p.a.
4.60%
Go to siteMore Info
$1,000 min. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
2.25%
5 Mths p.a.
2.25%
6 Mths p.a.
3.80%
7 Mths p.a.
2.85%
12 Mths p.a.
4.10%
24 Mths p.a.
4.25%
Go to siteMore Info
$5,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
0.70%
4 Mths p.a.
4.10%
5 Mths p.a.
0.90%
6 Mths p.a.
3.85%
7 Mths p.a.
1.10%
12 Mths p.a.
4.40%
24 Mths p.a.
3.35%
Go to siteMore Info
$5,000 min. deposit$50,000,000 max. deposit
3 Mths p.a.
2.50%
4 Mths p.a.
4.60%
5 Mths p.a.
4.50%
6 Mths p.a.
4.40%
7 Mths p.a.
3.50%
12 Mths p.a.
4.50%
24 Mths p.a.
3.95%
Go to siteMore Info
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
3.85%
4 Mths p.a.
3.25%
5 Mths p.a.
3.25%
6 Mths p.a.
4.25%
7 Mths p.a.
3.50%
12 Mths p.a.
4.30%
24 Mths p.a.
4.30%
Go to siteMore Info
$5,000 min. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
1.15%
5 Mths p.a.
1.15%
6 Mths p.a.
4.20%
7 Mths p.a.
1.50%
12 Mths p.a.
4.50%
24 Mths p.a.
4.20%
Go to siteMore Info
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.15%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.60%
7 Mths p.a.
-
12 Mths p.a.
4.40%
24 Mths p.a.
4.10%
Go to siteMore Info
$5,000 min. deposit$24,999 max. deposit
3 Mths p.a.
3.90%
4 Mths p.a.
3.90%
5 Mths p.a.
4.50%
6 Mths p.a.
4.50%
7 Mths p.a.
4.50%
12 Mths p.a.
4.65%
24 Mths p.a.
4.55%
Go to siteMore Info
$5,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
3.15%
4 Mths p.a.
2.60%
5 Mths p.a.
2.70%
6 Mths p.a.
3.90%
7 Mths p.a.
3.50%
12 Mths p.a.
4.25%
24 Mths p.a.
4.00%
Go to siteMore Info
$100,000 min. deposit$5,000,000 max. deposit
3 Mths p.a.
3.95%
4 Mths p.a.
3.95%
5 Mths p.a.
4.55%
6 Mths p.a.
4.55%
7 Mths p.a.
4.55%
12 Mths p.a.
4.70%
24 Mths p.a.
4.60%
Go to siteMore Info
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
4.40%
4 Mths p.a.
4.35%
5 Mths p.a.
-
6 Mths p.a.
4.40%
7 Mths p.a.
-
12 Mths p.a.
4.40%
24 Mths p.a.
3.90%
More Info
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Showing 13 of 101 results

Which Australian bank has the best term deposit rates?

Term deposit rates are changing a lot at the moment - and for the better. Here are some of the highest rates for June 2023:

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Best 3 month term deposit rates

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Best 6 month term deposit rates

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Best 12 month term deposit rates

How we determine our best term deposit rates

At the start of each month we use our comparison table to filter from highest to lowest rate for 3, 6 and 12 month terms. The 3 highest rates for each term are selected and listed above as the best rates. We haven't excluded products that have a minimum deposit amount - we looked at the rate only.

Term deposits for $100k+

If you're got a large balance of $100,000 or more, make sure you look for a term deposit that can be opened for larger balances. Some term deposits are only for smaller deposits of $10,000, $25,000 or $50,000 max.

Here are a few of the best 12-month term deposit rates for balances over $100,000:

  • 4.8% with Judo Bank
  • 4.75% with ING
  • 4.7% with AMP Bank
  • How to get the best term deposit interest rate

    Here are a few ways to make sure you're getting a good rate:

    • Consider smaller lenders, credit unions and digital banks
    • Compare term lengths: 6-month rates are often better than 3-month rates, and 24-month rates are often better again
    • Look for providers that offer extra interest as a loyalty bonus
    • Negotiate your rate with the bank to see if you can get a better deal

    How to compare term deposits

    Consider the following when you're choosing a term deposit:

    • The term length. There are term deposits available from 1 month to 5 years. A 1-year term could be helpful for short-term goals like an overseas holiday, while a longer term of 2+ years could be better for larger goals like a house deposit.
    • The interest rate. Once you know your ideal term length, compare term deposits that offer this length and look for one with the highest rate.
    • The penalties. No-one thinks they will need to break into their term deposit early, but emergencies do happen. Check what the bank's penalties are for making an early withdrawal (some are more severe than others).
    • The interest options. Some term deposits allow you the choice to receive interest monthly, bi-annually, annually or at maturity (when the term ends). Keep in mind you could get a higher rate if you choose to receive your iterest at maturity.
    • The linked bank account. Some banks will require you to open a bank account with them along with your term deposit, to receive your interest payments. Other banks will allow you to open the term deposit on its own and use your current bank account.

    Pros and cons of term deposits

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    Pros

    • Term deposits offer a fixed rate, so you can guarantee your exact return.
    • Term deposits have no set up fees, account keeping fees or ongoing conditions to meet.
    • Term deposits are backed by the Australian government bank guarantee scheme.
    • You can choose between a large range of term deposit lengths, from 1 month to 5 years.
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    Cons

    • Fixed rate means, you won't benefit from rising interest rates until your term matures.
    • Term deposits offer simple interest, not compound interest.
    • Many term teposits offer rates that are equal to or even lower than savings accounts.
    • Withdrawing money early incurs penalty charge and/or forfeits interest.

    As well as increasing rates, with increased volatility in the share market (and more to come throughout the rest of 2023), a term deposit is one of the safest places for your cash. Your deposit up to $250,000 in a term deposit with an Australian bank is protected by the government bank guarantee scheme.

    How do savings account rates compare to term deposit rates?

    Like a term deposit, a savings account also allows you to earn interest on your money. However unlike a term deposit, you can access the money in your savings account whenever you need. You will usually need to meet a monthly deposit condition to earn the full interest rate on your savings account, which can act as a good incentive to keep growing your balance and building your savings.

    Savings account rates have been going up quickly over the past few months, with several accounts now offering 4% p.a. or higher.

    Rabobank High Interest Savings Account

    5.15%
    Max variable rate
    4% p.a.
    Base interest rate
    $0
    Minimum deposit
    Maximum variable rate of 5.15% p.a. for 4 months, reverting to a rate of 4% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
    • Introductory rate of 5.15% p.a. for first 4 months
    • Flexible, transfer funds in and out and still earn the bonus rate
    • $0 Account keeping fees
    • Interest rate drops to 4% p.a. after the introductory period
    • No branches available
    • Online or phone access only
    Rewards program N/A
    Annual Fee $0
    Purchase Rate
    Welcome offer
    Interest-free periodUp to days on purchases
    Balance transferN/A
    Bonus pointsN/A
    Rewards points per $ spent N/A
    Foreign currency conversion fee

    Bank of Queensland Smart Saver Account - 36+ years

    4.85%
    Max variable rate
    0.05% p.a.
    Base interest rate
    $1,000
    Minimum deposit
    Ongoing, variable 4.85% p.a. when you deposit a minimum of $1,000 each month into your linked Everyday Account and make 5 eligible transactions. Available on balances up to $250,000.
    • Ongoing, variable bonus rate each month
    • Monthly deposit condition is lower than some others in the market
    • Savings tools and features in the myBoQ mobile app
    • Total bonus rate is lower than others in the market
    • $1000 monthly deposit condition could be difficult to meet for some customers
    Rewards program N/A
    Annual Fee $0
    Purchase Rate
    Welcome offer
    Interest-free periodUp to days on purchases
    Balance transferN/A
    Bonus pointsN/A
    Rewards points per $ spent N/A
    Foreign currency conversion fee

    AMP Saver Account

    4.8%
    Max variable rate
    0.8% p.a.
    Base interest rate
    $1,000
    Minimum deposit
    Earn an ongoing total bonus variable rate of up to 4.8% p.a. if you deposit $1,000 into an AMP Saver Account in the previous month. Available on balances up to $250,000.
    • Competitive interest rate
    • Small monthly deposit condition compared to other accounts
    • Make withdrawals whenever you need to
    • Bonus rate will only apply on $250,000 and revert to standard rate after that
    Rewards program N/A
    Annual Fee $0
    Purchase Rate
    Welcome offer
    Interest-free periodUp to days on purchases
    Balance transferN/A
    Bonus pointsN/A
    Rewards points per $ spent N/A
    Foreign currency conversion fee

    Term deposit versus savings account

    Here are some of the main differences between term deposits and savings accounts.

    • You can access money in your savings account at any time, but you can't access the money in your term deposit until it matures.
    • Term deposits offer fixed interest rates, while savings accounts offer variable rates (they can change at any time).
    • Compared to short term deposits, savings account rates are often higher. However compared to longer term deposits (3-5 years) term deposit rates are higher.
    • Savings accounts often have monthly deposit conditions to meet, while term deposits have no ongoing conditions to meet.
    • Term deposits pay simple interest, while savings accounts offer compound interest

    Term deposit vs high-interest savings: What's best for you?

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