CommBank Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Best rate
5.20%
p.a. for 12 months (special)
Minimum deposit
$5,000
to open
Early withdrawal
31 days
notice required
About CommBank Term Deposits
Commonwealth Bank (CommBank) is Australia's largest bank and offers term deposits from 1 month to 5 years. The current standout offer is a 12-month term deposit at 5.20% p.a. — a special rate available on new and renewed deposits from 1 May 2026.
CommBank's short-term (3-month, 6-month) rates are significantly lower than challenger banks at comparable terms. If you need a short term, providers like Judo Bank or ING typically offer stronger rates. For a 12-month or 24-month term, CommBank's current 5.20% is competitive.
Current Term Deposit Rates
| Term | Rate (p.a.) | Notes |
|---|---|---|
| 3 months | 3.30% | At maturity, $5k–$49,999 |
| 6 months | 3.45% | At maturity |
| 12 months | 5.20% | Special offer from 1 May 2026, at maturity |
| 24 months | 5.20% | At maturity (annually for longer terms) |
Rates effective from 1 May 2026. Check CommBank's website for current rates and the latest special offer terms.
Pros and Cons
Pros
- ✓ Australia's largest and most trusted bank
- ✓ 5.20% p.a. special offer for 12 and 24 months
- ✓ Existing customers can manage via NetBank app
- ✓ Government deposit guarantee up to $250,000
- ✓ No establishment or management fees
Cons
- ✗ Short-term rates (3m: 3.30%, 6m: 3.45%) low vs challengers
- ✗ 12-month rate lower than Judo (5.45%) and AMP (5.40%)
- ✗ 31 days notice for early access; penalty applies
- ✗ $5,000 minimum deposit
How It Compares
- Judo Bank: 5.45% for 12m, $1k min — highest 12m rate on this page
- AMP Bank: 5.40% for 12m, $5k min
- ING: 5.30% for 12m, $10k min
- CommBank: 5.20% for 12m (special), $5k min — big-four convenience
- NAB: 5.20% for 12m, $5k min
- Westpac: 5.10% for 12m (with online bonus), $5k min
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on CommBank's website before investing. This is not financial advice.