How long is a term deposit?

Nick Bendel

Nick Bendel

Dec 11, 2017( 1 min read )

Depending on your savings goals and how much you’re looking to invest, you have the option of choosing either a short or long term deposit account.

When comparing term deposit options, the term always refers to the amount of time the funds are deposited for.

Short term deposits are generally available for one month, two months, 90 days, four months, six months and 12 months. A long term deposit is any period from one year up to 10 years.

The easiest way to decide on the length of the term deposit is to think about your financial goals. If you’re planning a holiday or saving for a deposit, a short term deposit may work best. If you’ve got long-term financial goals or have more cash at your disposal, then a long term deposit may be a better option.

Related FAQs

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.

Today's Top Term Deposits Products

^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.

Compare your product with the big 4 banks, or add more products to compare
As seen on