Term Deposit Rates Australia (2026)
Lock in a guaranteed rate for 3 months to 5 years. Last updated: 18/05/2026
Rates can change without notice. Last verified: 18/05/2026 (AEST). Please confirm details on the bank’s official page.
Term deposits offer a fixed interest rate for a set period — protecting you from rate cuts and giving certainty on returns. The best rates are typically found at smaller banks and digital lenders, not the big four.
| Lender | 3 months | 6 months | 12 months | 2 years | 5 years | Min deposit | Action |
|---|---|---|---|---|---|---|---|
Judo Bank Personal Term Deposit | 4.90%at maturity | 5.20%at maturity | 5.45%at maturity | — | — | $1,000 | See review |
AMP Bank Term Deposit (GO) | — | 5.15%at maturity | 5.40%at maturity | — | — | $5,000 | See review |
Macquarie Bank Term Deposit | 4.90%at maturity | 5.15%at maturity | 5.35%at maturity | 3.60%annually | 3.80%annually | $5,000 | See review |
Great Southern Bank Term Deposit | 5.00%at maturity | — | 5.35%at maturity | — | 5.50%annually | $5,000 | See review |
Rates shown are for deposits under $1M at maturity (or best available frequency). Confirm current rates on the lender's website before applying.
How Term Deposits Work
You deposit a lump sum with a bank for a fixed period — typically 1 month to 5 years. In return, the bank pays you a guaranteed interest rate. Unlike savings accounts, the rate is locked in and cannot be cut during the term.
You cannot freely withdraw during the term. Most lenders require advance notice (usually 31 days) and apply a reduced rate penalty if you break early. At maturity, your principal plus interest is returned and you can reinvest or withdraw.
Choosing the Right Term
Shorter terms (3–6 months) give you flexibility to reinvest if rates rise. Longer terms (12+ months) lock in today's rate — useful if you expect rates to fall. The current rate curve shows 12-month rates outperforming longer terms for most providers, suggesting the market expects rates to fall over 2–5 years.
Interest Frequency
"At maturity" rates are typically slightly higher than monthly rates. If you're reinvesting interest or don't need regular income, choosing at maturity maximises your return. Monthly or quarterly interest suits those who want regular income from their deposit.
Financial Claims Scheme (FCS)
All lenders on this page are Australian Authorised Deposit-taking Institutions (ADIs), covered under the Australian Government's Financial Claims Scheme. Your deposits are protected up to $250,000 per depositor per ADI.
In-Depth Reviews
FAQs
Are term deposits safe?
Yes — all listed providers are ADIs covered under the Government's Financial Claims Scheme, protecting deposits up to $250,000 per institution.
Can I withdraw early?
Yes, but a reduced-rate penalty applies. Most lenders require 31 days notice. Plan to hold to maturity for the advertised rate.
When is interest paid?
For terms up to 12 months, usually at maturity. For longer terms, monthly, quarterly, or annually. At-maturity rates are typically slightly higher.
Information is general in nature and may change without notice. Check rates, eligibility and fees on the lender's website before applying. This is not financial advice.