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4.00% p.a.
Annually
12 months
$5,000
$1,999,999
–
3.90% p.a.
Annually
12 months
$50,000
$1,999,999
–
3.90% p.a.
Annually
12 months
$5,000
$100,000
–
3.90% p.a.
Annually
12 months
$5,000
$249,999
–
3.30% p.a.
At Maturity
6 months
$5,000
$249,999
–
3.30% p.a.
At Maturity
6 months
$5,000
$100,000
–
3.30% p.a.
At Maturity
6 months
$5,000
$1,999,999
–
3.20% p.a.
At Maturity
6 months
$50,000
$1,999,999
–
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Important Information and Comparison Rate Warning

Australia's four major banks - dubbed the ‘big four’ - offer a variety of term deposits to help you grow your wealth in the long run. Check out current term deposit rates from ANZ, CommBank, NAB and Westpac to see how they stack up to the competition.

Why choose one of the big four banks for a term deposit?

You may opt to choose a big four bank for your term deposit as a means of convenience. If you already have an account with one of the big four banks, one of their term deposits could offer a seamless way to grow your savings. Your bank will already have your details and access to funds needed for the term deposit without having to transfer from one bank to another.

Many Australians opt to bank with the big four given the sense of security they provide over other smaller financial institutions. Plus, big four banks have more physical branches - which some Australians prefer to utilise for their banking needs.

Factors to consider with a term deposit from the big four

If you are tossing up between a term deposit from one of Australia’s big four banks, as with any financial product, there are a number of factors to first consider. These include:

Interest rate

Identify the interest rates on offer from the bank and discover how they differ by term and investment amount. Generally, the longer the term, the higher the interest rate.

Interest payment

Alongside interest rate, it’s important to know when interest is paid on your deposit amount. Depending on the big four bank chosen and the length of time, interest is typically paid either monthly, annually or at the end of the term. This is also known as ‘at maturity’.

Term

Different interest rates are attached to different terms. It’s important to consider whether you would need to access the money in the near future or if you could stash it away for a longer period to achieve a higher interest rate.

Investment amount

Deposits with the big four banks require a minimum deposit of $5,000. This amount differs across banks outside the big four such as Bank Australia requiring a minimum of $500, while Judo requires a minimum of $1,000.

Fees

If you need to withdraw your deposit to meet an expense, a penalty will typically apply in the form of a fee for early withdrawal as well as what’s known as a prepayment interest adjustment. All big four banks will charge an early withdrawal fee if deposits are removed from their allocated term. The prepayment interest adjustment is essentially a reduction in your interest earnings based on how soon into the term the withdrawal is made.

Savings.com.au’s two cents

Taking advantage of a term deposit from one of the big four banks can aid in growing your savings in the long term through the power of interest. While other banks may offer better rates, it’s important to weigh up factors such as convenience and ease of access when looking to open a term deposit. Don’t forget, once your savings are stashed away in a term deposit, they are locked there for a set amount of time. Withdrawing these savings early will often result in having to pay an early withdrawal fee or in some cases forfeit interest.

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Savings.com.au follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts who ensure everything we publish is objective, accurate and trustworthy.

Editor at Savings.com.au

Dominic Beattie is the Editor of Savings.com.au, Group Editor for the wider InfoChoice Group, and host of The Savings Tip Jar podcast alongside Harrison Astbury. Previously working as a finance journalist, Dominic has been publishing articles on finance, business and economics since 2015, and helped launch Savings.com.au as finance news and comparison site in 2018.