Home News Fresh term deposit rates from CommBank

Fresh term deposit rates from CommBank

Australia's biggest bank has trimmed returns on its term deposit range as speculation mounts about possible interest rate cuts in February.

By Harry O'Sullivan

First published on 17 Jan 2025

Fact Checked

After Macquarie and Judo cut TD rates earlier in the week, CommBank has followed suit with cuts across its range of products.

The top rate is now 4.75% p.a. on its eight month special offer, only available to existing customers.

This comes days after the CommBank Household Spendings Insights were released for December, which suggested Australian households cut spending back by 1.8% through the month in seasonally adjusted terms.

Chief Economist Stephen Halmarick said the drop in spending combined with the improving inflation outlook supported CBA's position that the RBA will cut in February.

"The fall in household spending in December reinforces the view that the Australian consumer continues to struggle, with summer-time and holiday spending clearly brought forward to October and November to take advantage of sales activity," he said.

"We continue to hold the view that the RBA can begin to lower interest rates at their first meeting of the year...we also expect 100 basis points of monetary policy easing through 2025."

On Thursday, the Labour Force numbers for December showed unemployment ticked up to 4% to close the year - still below the projection in the most recent Statement on Monetary Policy.

Nevertheless, as of 16 January markets continue to price in a February rate cut, with a 73% chance of a decrease to 4.10% per the ASX RBA rate tracker.

Term deposit boom over?

For many mortgage holders, 18 February may still seem too far away after more than a year with the cash rate at 4.35%.

However for Australians without home loans looking to grow their savings, this period could have been lucrative as term deposit rates climbed up near 5.50% p.a.

Now rates appear to be on the way down, the TD market has come off the boil - the top rate now is 5.15% p.a. for a six month term with AMP or nine months with Heartland Bank.

Once the cash rate is cut there's a good chance these returns will be gone, so savers looking at fixed investments might feel its time to pull the trigger.

CommBank term deposit rate changes

Term length (LVR)	Deposit size	Payment frequency	Interest rate
8 months	$5,000 - $1,999,999	Annually	4.75% p.a. (-0.13)
8 months	$5,000 - $49,999.99	End of term	4.45% p.a. (+0.85)
9 months	$5,000 - $49,999.99	End of term	3.55% p.a. (-0.90)
10 months	$5,000 - $49,999.99	End of term	3.65% p.a. (-0.10)
11 months	$5,000 - $49,999.99	End of term	3.75% p.a. (-0.10)
8 months	$50,000 - $1,999,999.99	End of term	4.45% p.a. (+0.80)
9 months	$50,000 - $1,999,999.99	End of term	3.60% p.a. (-0.85)
10 months	$50,000 - $1,999,999.99	End of term	3.70% p.a. (-0.10)
11 months	$50,000 - $1,999,999.99	End of term	3.80% p.a. (-0.10)
12 months	$5,000 - $49,999.99	Annually	4.25% p.a. (-0.10)
13-17 months	$5,000 - $49,999.99	Annually	4.25% p.a. (-0.10)
12 months	$50,000 - $1,999,999.99	Annually	4.30% p.a. (-0.10)
13-17 months	$50,000 - $1,999,999.99	Annually	4.30% p.a. (-0.10)

Looking for a fixed income investment? Check out some of the top term deposits in Australia

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofJanuary 18, 2025

	5.00^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	SMSF Term Deposit - 6 months
SMSF Term Deposit - 6 months More details
	5.09^%_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
	5.05^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 6 months
Term Deposits - 6 months More details
	5.15^%_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
	5.00^%_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
	4.65^%_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

Personal Term Deposits - 6 months

Product Features

Competitive interest rates on all term lengths
Deposits covered up to $250,000 under Government's Finance Claims Scheme
Loyalty bonus at renewal

Minimum deposit$1,000

5.00%Interest rate p.a.

6Term

More details

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Picture from CommBank

Harry O'Sullivan

Harry joined Infochoice Group in November 2022 as a financial journalist. He's fascinated by economics, having completed a Bachelors Degree in 2021, and enjoys helping other people try to make sense of the financial system.

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Fresh term deposit rates from CommBank

Term deposit boom over?

CommBank term deposit rate changes

SMSF Term Deposit - 6 months

SMSF Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposits - 6 months

Term Deposits - 6 months

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

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

Term Deposit - 6 months

Term Deposit - 6 months

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

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

Harry O'Sullivan