Compare Today's 12-Month Term Deposit Rate

With longer-term deposits, there's no need to stash your cash away at home. Secure a 12-month fixed interest rate and increase your savings. Check out the rates below for comparison!

RG146
Fact Checked
12 month term deposits

12 month term deposit comparisons on Mozo - last updated 18 April 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit

    4.75% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

    Compare
    Details
  • Online Term Deposit

    4.80% p.a.
    1 year

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

    Compare
    Details
  • Term Deposit

    4.75% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.

    Compare
    Details
  • Term Deposit

    5.00% p.a.
    1 year

    $5,000

    Yes up to $250,000

    Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.

    Compare
    Details
Search now

^See information about the Mozo Experts Choice Term deposits Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

About 12 month term deposits

A year might seem like a long time to lock away your savings but rest assured, if you've done your homework, investing in a 12 month term deposit can be a great way to maximise your wealth. With a term deposit, the interest rate is guaranteed as long as you don’t have to access your money before the end of the chosen time period.

If you have a long term savings goal, perhaps for a house or an overseas holiday, a 12 month term deposit is an efficient and easy way to help you get there.

What interest rates can you get with a 12 month term deposit?

Generally speaking, the longer the term deposit, the higher the interest rate. However the good news is that if you’re not prepared to lock your money away for more than 12 months, you should still be able to get a reasonable interest rate on a 12 month term deposit.

Who offers 12 month term deposits?:

Most banks and credit munitions offer 12 month term deposits, so be sure to shop around to ensure you get the best rate possible.

Pros and cons of a 12 month term deposit

Locking your savings away for a whole year may seem a little daunting. To make sure you're making the right decision, consider the pros and cons. 

Pros:

  • Although a 12 month term deposit is classified as a short term deposit,  you can still get quite impressive interest rates.
  • A term deposit is a safe and risk free way of making some extra money
  • Unlike with certain savings accounts, there is no criteria you have to meet every month to earn interest.
  • If you choose to, you can easily roll over your term deposit once it reaches maturity.

Cons:

  • It can be very daunting to lock your savings away for a whole year. 
  • You can’t access your money without risking losing the interest you would have otherwise earned.
  • You can’t add money to your term deposit until the term has matured.
  • If you put your money in a 12 month term deposit and the cash rate continues to climb, you won’t benefit from increasing interest rates because the interest rate on a term deposit is decided at the beginning of the term and will not change.

Is a 12 month term deposit right for you?

If you have a lump sum of cash that you won’t need to access for over a year, a 12 month term deposit is an effective and safe way to make some extra money. 

It is important that you are sure you won’t need to access your money for at least 12 months because if you have to withdraw your money before the term deposit reaches maturity, you will most likely have to pay a penalty and you may also lose some if not all of the interest you would have otherwise earned.

A good way to ensure you won’t need to access your term deposit early is to make a budget. If you need help making a budget, check out our free budget calculator!

Picture of JP Pelosi
JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about 1 year term deposits 

When will interest be paid on a one year term deposit?

Interest can be paid monthly, quarterly, bi-annually, annually or on maturity. Discuss the options with your bank.

How is the interest paid?

Usually via direct credit into your nominated account. In some cases the financial institution that holds your term deposit may pay the interest to another bank of your choice.

How many term deposits can I have?

As many as you like, there's no limit.

What is the minimum and maximum amount I can invest in a term deposit?

The minimum and maximum amounts depend on the criteria set by each bank or financial institution. For example, a Commonwealth Bank term deposit has a minimum of $5,000 and a maximum of $1,999,999 and some banks allow you to open a term deposit with as little as $1,000. How much does it cost to open a term deposit?

It's free!

How do you deposit money into a term deposit account?

The financial institution can debit funds directly from your nominated bank account or you can transfer funds into a new term deposit

Can I open a twelve month term deposit online or will I need to go into a bank? 

In most cases, the beauty of the online world allows you to open a term deposit with the click of a few buttons but you may have to visit branch

Can I deposit money into my account during the term?

You can't make additional deposits until the term has ended

Can I dip into my account before maturity?

Yes but it will come at a cost! Do everything you can to avoid the early withdrawal penalty.

Is my money safe in a term deposit?

The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So your pennies up to this amount are safe if anything unexpected happens to your ADI.

What happens at the end of the 12 months?

You can withdraw your money,  rollover your funds for another term or reinvest your funds once you've found a higher interest rate.

Useful Tools

Term Deposit Reviews

ANZ Term Deposit
Overall 9/10
Excellent

I am extremely happy with my bank including service and products

Read full review

I am extremely happy with my bank including service and products

Price
9/10
Features
8/10
Customer service
8/10
Convenience
9/10
Trust
7/10
Less
Melissa, Victoria, reviewed 23 days ago
Commonwealth Bank Term Deposit
Overall 10/10
Best for customers service

I love this bank because of how l am treated

Read full review

I love this bank because of how l am treated

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jonathan, Victoria, reviewed 30 days ago
Greater Bank Term Deposit
Overall 10/10
Reccommend this "Greater Bank" for overall service

I have always found this bank and its customer service to stand out. The staff I have dealt with have been knowladgeable,courteous and friendly and helpful. Very patient with all my many questions.

Read full review

I have always found this bank and its customer service to stand out. The staff I have dealt with have been knowladgeable,courteous and friendly and helpful. Very patient with all my many questions.

Price
9/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Glynis, New South Wales, reviewed 30 days ago

More term deposit reviews