Compare Bank Accounts for Australia

Term Deposit Accounts Compared
Provider Account Name Maximum Rate 1 Month 6 Months 12 Months 24 Months Account Fees Minimum Balance
Maximum Rate
3.90%
p.a.
1 Month
2.50%
p.a.
6 Months
2.85%
p.a.
12 Months
3.10%
p.a.
24 Months
3.20%
p.a.
Account Fees
$0
Minimum Balance
$5000
  • A term deposit is a great way to save cash and earn high rates of interest. Terms available range from 1 month to 5 years ensuring there is an account available that suits all situations. Minimum deposits start at just $5,000

Provider Account Name Maximum Rate 1 Month 6 Months 12 Months 24 Months Account Fees Minimum Balance
Maximum Rate
3.20%
p.a.
1 Month
2.25%
p.a.
6 Months
2.25%
p.a.
12 Months
2.70%
p.a.
24 Months
2.75%
p.a.
Account Fees
Yes
Minimum Balance
$1,000
  • Interest is paid at maturity for terms up to 12 months. For terms greater than 12 months interest is paid annuall

Provider Account Name Maximum Rate 1 Month 6 Months 12 Months 24 Months Account Fees Minimum Balance
Maximum Rate
3.20%
p.a.
1 Month
2.25%
p.a.
6 Months
2.25%
p.a.
12 Months
2.70%
p.a.
24 Months
2.75%
p.a.
Account Fees
$0
Minimum Balance
$1,000
  • BankSA Term Deposits is an excellent way to save money and earn competitive rates of interest. Terms available range from 1 month to 5 years which means savers will always find a term that is appropriate for them ensuring there is an account available that suits all investment horizons. Minimum deposits start at just $1,000

Provider Account Name Maximum Rate 1 Month 6 Months 12 Months 24 Months Account Fees Minimum Balance
Maximum Rate
3.20%
p.a.
1 Month
2.25%
p.a.
6 Months
2.25%
p.a.
12 Months
2.70%
p.a.
24 Months
2.75%
p.a.
Account Fees
$0
Minimum Balance
$1,000
  • The best way to save money and earn a high rate of interest is through a term deposit. Bank of Melbourne offers terms between 1 month to 5 years which ensures that there is an investment horizon that suits all needs. The minimum deposit starts at just $1,000 so you can begin saving today.

Term Deposits Explained

Term deposits pay a fixed rate of interest on a deposit that is held with the bank for a specified period of time and pay much higher rates of interest than what is paid on regular savings account whose interest rate can also vary.

Term deposits are easy to establish and the only thing that needs to be determined is the term, or the length of time the deposit will be held with the bank. Terms range from 1 month to 5 years, and interest is usually paid at the end of the term for terms of less than a year. It is possible to receive interest on a monthly or semiannual basis for terms of over a year though these term deposits tend to offer lower interest rates than accounts where interested is paid annually

  • Features and Benefits of Term Deposits
    The best thing about term deposits is they are free to establish and there are no recurring fees either, because the bank wants access to a stable pool of savings so it can fund its lending.The catch is if money is withdrawn before the end of an agreed term, then the bank will impose a penalty. This is either levied as a fee or a reduced interest rate depending on which bank the term deposit is held with.
  • Automatic Rollover
    At the end of the term the bank will usually roll over the deposit into a new term deposit for exactly the same term at the prevailing rate of interest for that term
  • Compound Interest on Some Accounts
    Some term deposits pay their interest monthly which means the term deposit also benefits from compound interest rather than a fixed interest payment. Monthly payments are offered only on terms of longer than a year.If you are thinking about setting up a term deposit then comparedinkum.com.au will help you compare interest rates offered across a number of terms from a variety of different lenders and select the account that would be best for you. As a financial comparison site, visitors to comparedinkum.com.au can quickly see which term deposit would be most suitable for their own personal finance needs.

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