Compare the best interest rates^ in Australia

Compare and calculate interest rates, returns, fees and more. - Last updated on 21 Oct 2019


Compare best term deposits

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If you’ve got your sights set on a savings goal or you’ve got a savings surplus you’re looking to invest, a term deposit may be a good option. A term deposit is a way of investing your cash for an agreed rate of fixed interest over a set period. Term deposits can be both short-term and long-term investments, and are usually offered by financial institutions like banks, credit unions and building societies.

When you deposit your money into a term deposit, you’re agreeing to lock your money away for a fixed amount of time and earn a set interest rate for that period. With that in mind, it’s in your interests to search and compare the best interest rates in Australia. The amount of interest you earn on a term deposit will depend on the amount you invest and how long the term deposit is. Generally speaking, the longer the term, the better the interest rate.

Depending on your goal and lifestyle, you have two options for investing in a term deposit. Short term deposits are anywhere from 30 days to 12 months, while long term deposits are usually from one year ranging up to 10 years. Whichever term you choose, the money can’t be withdrawn until the term deposit matures (unless you’re willing to pay a penalty fee). When you’re comparing the best interest rates in Australia, it’s important to weigh up your options and think about how long you want to keep your money tied up.

Term deposits are a popular way to give your savings a boost. This type of investment is common because you’re guaranteed a fixed return for a set period. If you’re risk averse and don’t like the vulnerability of other types of variable investments, you might want to consier a term deposit. To get the most out of your term deposit, make sure you compare your options to find the best interest rate in Australia.

Where do I find the best interest rates in Australia?

One of the easiest ways to find the best interest rates in Australia is to compare term deposit interest rates. The interest rate you see advertised today may not be the same tomorrow, so it’s important to keep an eye on the market and compare your options to make sure that you find the best interest rates in Australia.

Finding the best interest rate in Australia for your term deposit can potentially have a big impact on your bottom line as a higher interest rate will earn you more interest. The amount of interest you can earn on a term deposit will ultimately come down to three main factors. The first is the amount you deposit, the second is the length of the term and the last factor is the interest rate.

Before you start searching for the best interest rate in Australia, work out whether you want a short or long term deposit.

A short term deposit can be 30 days (one month), 60 days (two months), 90 days (three months), 120 days (four months), 180 days (six months) and 12 months (one year). Short term deposits can work well if you’re looking for a quick and stable way to give your savings an extra kick. Short term deposits can also be a great way to test the market if you’ve never invested your money in a term deposit before. When your short term deposit ends, you can either choose to withdraw the funds along with any interest or reinvest the money for another short term.

A long term deposit is usually longer than 12 months up to 10 years in some cases. If you don’t need to access your money for a long period, long term deposits have some of the best term deposits interest rates in Australia. This is usually the case because the longer you leave your money in a term deposit, the more time the bank has to reinvest that money and the more interest you stand to earn.

To make the most of your savings and get the biggest bang for your buck, do your research to find the best interest rates in Australia.

How do to compare best interest rates in Australia?

To make the most of your savings, you’ll want to compare your term deposit options and find the best interest rate in Australia. Given how popular term deposits are, there are many different options on the market, which can make comparing term deposits confusing. Here’s what to look out for when comparing the best interest rates in Australia.

Start by working out whether a short term or long term deposit best suits your needs. If you don’t need access to the money in a hurry, a long term deposit will generally give you a higher interest rate. Most financial institutions offer both long and short term deposits, so always do your research to ensure you get the best rate in Australia.

Before you settle on a term deposit, check to see what the termination fees are in case you need to withdraw your money before the end of the agreed term.

To get a more accurate idea of how much you can earn by investing in a term deposit and how different interest rates can affect your bottom line, use the Rate City term deposit calculator. Simply fill in your initial deposit amount, how long you intend to invest your money and the potential interest rate on the term deposit, and hit ‘calculate.’

​Nick Bendel is a senior property and personal finance writer for RateCity, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.​

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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