Compare Fixed-Rate Deposits in Australia

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19 live offers compared from 15 providers, from 4.70% gross. Updated daily.

What is a term deposit in Australia?

A term deposit, sometimes called a fixed deposit, locks a sum of money away with a bank for a set term at a fixed interest rate. Terms range from one month to five years, and the rate is guaranteed for the whole period regardless of what happens to market rates. It suits savers who want certainty and do not need immediate access to the funds, and it is often used for money earmarked for a specific goal or as a low-risk part of a broader portfolio.

How the Australian market works

Term deposits are offered by banks, credit unions and building societies, all APRA-authorised deposit-taking institutions covered by the government guarantee. Rates broadly follow the RBA cash rate and market expectations for where rates are heading, so different terms can pay different rates depending on the outlook. Interest may be paid at maturity, annually or monthly, and many providers automatically roll over a maturing deposit into a new term unless you instruct otherwise, sometimes at a lower rate.

Benefits of a term deposit

Rate certainty — Your rate is locked for the full term, protecting your return if market rates fall during that period.

Capital security — The balance cannot fall in value, and deposits are government-guaranteed up to A$250,000 per institution, making them very low risk.

No ongoing fees — Term deposits typically have no account-keeping or management fees, so your quoted rate is what you earn.

How to choose a term deposit

Match the term to when you will actually need the money, since early withdrawal usually incurs an interest penalty and requires a notice period. Compare rates across different terms and providers, and note how often interest is paid, as more frequent payments can compound to a slightly higher effective return. Check the minimum deposit required and set your maturity instructions in advance so the deposit does not silently roll into a lower rate.

Leading providers in Australia

The comparison features ING, CommBank, Westpac, ANZ, NAB, Macquarie Bank, ME Bank and St.George Bank. The big four offer term deposits alongside their broader product ranges, while ING, Macquarie and ME often price competitively to attract deposit funding. Because all are APRA-authorised and therefore covered by the deposit guarantee, the main differences between them are the rate offered, term flexibility and how frequently interest is paid.

What it costs

Term deposits have no fees, so the figures in this comparison, around 4.7% to 5.3%, are interest rates rather than costs. The rate you earn depends on the term chosen and the provider, and locking in when rates are relatively high can be advantageous if you expect them to fall. Breaking a term deposit early typically reduces the interest paid and may require advance notice, so only commit money you can leave untouched. Some savers use a laddering strategy, spreading funds across several deposits maturing at different times, so a portion is always coming available while the rest stays locked at a fixed rate.

Protections and regulation

Term deposits with APRA-authorised institutions are covered by the Financial Claims Scheme up to A$250,000 per account holder, per licensed bank, making them among the safest places to hold money in Australia. Providers are regulated by APRA and ASIC and must belong to AFCA for disputes. Interest earned is taxable income and must be declared in the year it is credited to your account.

Common questions

Can I access my money early? — Usually only with advance notice and an interest penalty, so only lock away funds you are confident you will not need during the term.

Is my deposit safe? — Yes, up to A$250,000 per person, per licensed Australian institution under the government's Financial Claims Scheme.

Fixed-Rate Deposits in Australia — FAQ