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This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about Term Deposits from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers, for further details refer to our FSCG. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a Term Deposit, you will deal directly with a financial institution, and not with RateCity.

2 Year Term Deposits

For a longer-term savings goal look into investing in a 2 year term deposit with competitive interest rates.

The highest rates for any term deposit product can be found around 1 year terms as interest rates generally decrease with terms exceeding 1 year. However, if you are a disciplined saver, have a relatively large deposit and are planning to use your interest earnings as a regular source of income than a 2 year term deposit could be ideal.

For a quick rate comparison take a look at some of today's best rates displayed on our term deposit best buys tables or see below for the top 2 year term deposit interest rates available.

Features to pay attention to when choosing the best term deposit:
  • Nominal interest rate - The advertised interest rate
  • Effective interest rate - The actual interest rate including compounding effect of payment frequency
  • Early withdrawal fees - A penalty fee if you withdraw funds before the term ends
  • Opening deposit - Some banks and institutions set a minimum requirement of $1000 for opening a term deposit account. Smaller deposit amounts are desired less by institutions however some
  • Automatic renewals - Most term deposit products have an automatic renewal clause whereby your deposit is rolled into another savings account if you don't give instructions to close your account before the end of the term
  • Product disclosure statement - If you are unsure about some of the features of a product then it's always a good idea to read the fine print. A product disclosure statement (PDS) will probably be able to answer any questions you have about your new term deposit account
See all Term Deposit Articles
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About Term Deposits Articles

RateCity provides term deposit news and features, including a range of weekly stories and economic updates. By checking our term deposit news and features daily, you can ensure that you receive up to date, expert commentary on current financial and economic issues. Before you search, compare or apply for the best term deposit for you, help yourself understand the market by reading mortgage news and features at RateCity.