Compare term deposit rates from Australian lenders.

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


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Thinking about opening a term deposit? When you embark on a term deposits comparison, it’s essential to understand the pros, cons and features of these deposits so you can make an informed decision.

Who should consider opening a term deposit?

In short, term deposits can be a great investment option for those who want a low-risk way to grow their savings. Term deposits earn interest at a fixed rate, meaning you know exactly how much your fund will make throughout your term, and there’s no risk of losing your original investment.

Term deposits are also great for anyone looking for low-maintenance investment options. When you open a term deposit, your money will earn interest at a fixed rate, which means you don’t have to keep your eye on changing rates. Term deposits also don’t allow for additional deposits or withdrawals. This means your money really will be out of sight and out of mind for the duration of your term.

Those who aren’t able to give up access to their money should think about investment options other than term deposits. With term deposits, your money is not accessible for the length of your term (unless you’re willing to pay a penalty fee for early withdrawal).

Are there any cons to opening a term deposit?

Term deposits earn interest, which is a huge plus for people who want a safe way to grow their savings. However, term deposits can also be seen as less flexible than other investments.

You give up the right to withdraw your money for a certain amount of time when you open a term deposit, but you also give up the ability to deposit additional money. Unlike savings accounts, which allow you to withdraw and deposit freely, term deposits become locked after opening.

Another potential disadvantage is that other investment options can generate higher returns – albeit with higher risk.

What’s the best way to compare term deposits?

There’s a lot of information online about term deposits, so trying to compare term deposits can sometimes become overwhelming.

It’s best to run a term deposits comparison that will give you a direct comparison between term deposits. A direct assessment will give you the same information on multiple accounts so that you can see a balanced evaluation.

What should I look for when I compare term deposits?

Of course, the most important features of a term deposit are the ones that will benefit you financially. That’s why one of the first things you should look at when you compare deposits is the interest rate.

Don’t forget that term deposits lock in a fixed interest rate, which means that your money will be earning the same interest percentage throughout the entire term. Choosing the term deposit with the highest interest rate means you’ll earn more in interest during your term.

You should also look at the payment frequency. The payment frequency is how often you’ll be paid interest. Some common frequencies are monthly, annually and at maturity.

If you choose monthly paid interest, you’ll receive your interest earnings each month. On the other hand, if you choose to be paid at maturity, you’ll receive a lump sum of your earnings when your term expires.

Another important feature to look at is the early withdrawal policy. Because term deposits lock away your money for the specified amount of time, you’re not usually able to access your funds without incurring a penalty fee. Be sure to check out the penalty fee amount as well as the early withdrawal policy. Some funds may allow you to access your investment only after putting through a request and waiting a certain number of days.

How will I know when I’ve found the right term deposit for me?

Term deposits comparison can become overwhelming, with features, frequencies, and fixed rates becoming a blur. However, there are a couple of indicators to focus on that will ensure your deposit suits your needs and preferences.

The first of these is the term itself. Before you choose a term deposit, you need to decide for how much time you’d like to invest your money, whether it’s a few months or a few years. Step one in finding the right term deposit for you is making sure that the term deposit matches your timeframe. Don’t forget that there may be a fee associated with withdrawing your investment early, so only commit to a term that’s manageable for your financial goals.

The second indicator is the payment frequency. One of the most important decisions you’ll make about your term deposit is how often your interest will be paid to you. Common payment frequencies include monthly, bi-annually, annually and at maturity. Choose the payment frequency that best suits your needs, and then find a term deposit that fits your preferred payment frequency.

​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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