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
| Term | Interest rate | Interest earned |
|---|---|---|
| 3 months | 2.00% | $25 |
| 1 year | 2.30% | $115 |
| 2 years | 2.60% | $260 |
| 3 years | 2.50% | $375 |
| 5 years | 2.80% | $700 |
Commonwealth Bank term deposits
| Term | Interest rate | Interest earned |
|---|---|---|
| 3 months | 1.75% | $21.88 |
| 1 year | 1.90% | $95 |
| 2 years | 1.90% | $190 |
| 3 years | 1.90% | $285 |
| 5 years | 1.90% | $475 |
NAB term deposits
| Term | Interest rate | Interest earned |
|---|---|---|
| 3 months | 2.00% | $25 |
| 1 year | 2.40% | $120 |
| 2 years | 2.60% | $260 |
| 3 years | 2.70% | $405 |
| 5 years | 2.80% | $700 |
Westpac term deposits
| Term | Interest rate | Interest earned |
|---|---|---|
| 3 months | 2.00% | $25 |
| 1 year | 2.30% | $115 |
| 2 years | 2.40% | $240 |
| 3 years | 2.50% | $375 |
| 5 years | 2.80% | $700 |
