Home News ANZ term deposit rates fall in line with big 4

ANZ term deposit rates fall in line with big 4

ANZ has cut its term deposit rates across the board, falling into line with rates offered by its big four peers.

First published on 15 Apr 2025

ANZ term deposit rates fall in line with big 4

ANZ was the last big bank standing by its term deposit offerings with the other three dropping rates last week amid the US trade tariff turbulence.

Instead ANZ chose to lower its business deposit rates although its top personal term deposit rate of 4.50% p.a. looked ripe for the slashing given its peers' top offers were between 4.20-4.30% p.a.

On Tuesday, ANZ made the predictable call to cut up to 25 basis points from its Advance Notice personal term deposit products.

Its new top rate is now 4.25% p.a. for eight months for deposits between $5,000 to under $2 million.

Here's a comparison of the best term deposit rates currently being offered by the big four:

Bank	Best rate (term)	Deposit amount	Interest paid
ANZ	4.25% p.a. (8 months)	$5,000-under $2m	End of term
NAB	4.25% p.a. (7 months)	$5,000-under $2m	End of term
Westpac	4.30% p.a. online/ 4.20% p.a. in branch (11 months)* *For existing Westpac customers only	$5,000-$2m	End of term
CommBank	4.20% p.a. (10 months)	$5,000-under $2m	End of term

ANZ's new TD rates

Here's a look at ANZ's new Advance Notice term deposit rates for amounts between $5,000 to under $2 million:

Term	% change	New rate	Interest paid
4 months	-0.10	3.05% p.a.	End of term
5 months	-0.10	3.15% p.a.	End of term
6 months	-0.10	3.30% p.a.	End of term
7 months	-0.10	3.40% p.a.	End of term
8 months	-0.25	4.25% p.a.	End of term
9 months	-0.10	3.50% p.a.	End of term
10 months	-0.10	3.60% p.a.	End of term
11 months	-0.10	3.60% p.a.	End of term
12 months	-0.10	3.90% p.a.	Annually
24 months	-0.10	3.65% p.a.	Annually

Rates can vary for semi-annual, quarterly, and monthly interest payments.

Big four slide alongside market's best TD rates

Term deposit rates have been on the downhill since last year as speculation mounted of an imminent cut to the Reserve Bank cash rate which finally materialised in February.

It saw rates with a 5 in front dry up and it seems safe enough to say it may be some time before depositors see those rates again.

The current highest rate on offer, according to Savings.com.au data, is 4.84% p.a. for six months, offered by Heartland Bank.

A number of small and challenger banks are currently offering 4.80% p.a. for terms between four and six months.

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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofApril 16, 2025

	4.80^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government's Finance Claims Scheme Loyalty bonus at renewal
Disclosure
FEATURED Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government's Finance Claims Scheme Loyalty bonus at renewal More details Disclosure
	4.60^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
Manage your term deposit online	Term Deposit - 6 months
Disclosure
Manage your term deposit online Term Deposit - 6 months More details Disclosure
	4.80^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.84^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.40^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($25,000+) - 6 months
Term Deposit ($25,000+) - 6 months More details
	4.25^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Macquarie Bank Term Deposit (<$1,000,000) - 6 months
Macquarie Bank Term Deposit (<$1,000,000) - 6 months More details

Term Deposit - 4 months

Product Features

$0 monthly account fee
Choose your own term with options from one month to five years.
Guaranteed rate of return

Minimum deposit$5,000

4.70%Interest rate p.a.

4Term

More details

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Denise Raward

Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health.

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ANZ term deposit rates fall in line with big 4

ANZ's new TD rates

Big four slide alongside market's best TD rates

Personal Term Deposits - 6 months

Personal Term Deposits - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit ($25,000+) - 6 months

Term Deposit ($25,000+) - 6 months

Macquarie Bank Term Deposit (<$1,000,000) - 6 months

Macquarie Bank Term Deposit (<$1,000,000) - 6 months

Denise Raward