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NAB the most generous big four bank for term deposit interest rates

NAB the most generous big four bank for term deposit interest rates

Consumers who want to invest $5,000 in a term deposit with a big four bank will currently get the best return with NAB.

When it comes to $5,000 term deposits, NAB’s interest rates are either the same or higher than the other big four banks for three-month term deposits, one-year term deposits, two-year term deposits, three-year term deposits and five-year term deposits (see tables below).

To earn the highest interest rate, consumers would need to lock away their $5,000 lump sum for five years.

ANZ, NAB and Westpac all pay 2.80 per cent interest on five-year term deposits, which would deliver $700 interest, or a final return of $5,700.

ANZ term deposits

TermInterest rateInterest earned
3 months2.00%$25
1 year2.30%$115
2 years2.60%$260
3 years2.50%$375
5 years2.80%$700

Commonwealth Bank term deposits

TermInterest rateInterest earned
3 months1.75%$21.88
1 year1.90%$95
2 years1.90%$190
3 years1.90%$285
5 years1.90%$475

NAB term deposits

TermInterest rateInterest earned
3 months2.00%$25
1 year2.40%$120
2 years2.60%$260
3 years2.70%$405
5 years2.80%$700

Westpac term deposits

TermInterest rateInterest earned
3 months2.00%$25
1 year2.30%$115
2 years2.40%$240
3 years2.50%$375
5 years2.80%$700

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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