2 year term deposits

If you’ve got long term goals like buying a house and you’re starting to accumulate money in your regular bank account, a two-year term deposit can help you grow your savings and keep your nest egg safely out of temptations reach. Weigh up your options by comparing interest rates of  2-year term deposits below.

Fact Checked
2 year term deposits

2 year term deposit comparisons on Mozo - last updated 7 July 2022

Search promoted term deposits below or do a full Mozo database search . Advertiser disclosure
  • Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    3.00% p.a.
    2 years
    $5,000
    Yes up to $250,000

    Earn higher interest if you deposit $5,000 or more. Choose the length of your term, from just one month. Choose how and when you receive interest payments – reinvest or transfer to another bank account. Use internet or mobile banking to check your balance. $1,000 minimum investment amount.

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    3.30% p.a.
    2 years
    $1,000
    Yes up to $250,000

    Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly (Terms and Conditions apply)

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    3.00% p.a.
    2 years
    $5,000
    Yes up to $250,000

    $0 account keeping fees. Interest calculated daily. Flexible payment options. Standard terms available from 3 to 36 months. Qudos Bank is protected under the Financial Claims Scheme up to $250,000.

    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.

Compare other savings options - last updated 7 July 2022

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Save Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.85% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 2.00%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply).

    Details
  • Savings Maximiser
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% p.a. (for $0 to $100,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

    Details
  • Mozo Expert Choice Badge
    High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% p.a. (for $0 to $250,001)
    1.00% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details

^See information about the Mozo Experts Choice Savings accounts Awards

Term deposit resources

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

What is a 2 year term deposit?

A 2 year term deposit is a long term deposit and an ideal way to stash your funds while you earn interest on it for an extended period of time. It’s a good option for people looking to lock their money away and watch their balance grow, while they save for something big like a home deposit or renovation.  

How much can I deposit?

Deposit limits vary from bank to bank but the minimum deposit is usually $1,000. All balance limits are indicated in our 2 year term deposit comparison table or find specific providers limits using our Term Deposits Search Engine.

What will the interest rate be like?

Two year term deposits are usually considered 'long' term deposits, meaning you will generally receive a higher interest rate than you might with a shorter, six month term deposit. Of course, with that in mind, it is still a good idea to shop around to make sure you get a competitive two year term deposit interest rate. Check out Mozo's Term Deposits Interest Rates information page for more information on current term deposit rates.

When will I receive my interest payment?

Depending on which bank you are with, you may receive interest payments monthly, quarterly, six monthly, annually or at maturity. In most cases, receiving your interest more often is beneficial because once you are paid your interest you can start making compound interest on those earnings. Alternatively, most banks give you the option to receive your interest payments in a separate bank account, so that you can use your earnings right away. Read our term deposit reviews to see different providers’ interest rates and features.

Can I access my money before my 2 year term deposit matures?

Like with all other term deposits, accessing your funds before your term matures is not recommended as there are potential heavy early withdrawal costs. If you feel that you will need access to your money over the two-year period, it may be worth considering a high interest savings account instead as they have minimal restrictions and no fees when it comes to withdrawal.

Am I able to deposit more money over the 2 years?

Because a term deposit is designed to accumulate interest on your initial deposit, you can’t keep adding funds to your balance. Once the deal is sealed, you are locked in to the same amount of money (plus your interest earnings) until your term deposit has matured.

What fees will I pay?

When you set up a 2 year term deposit you won’t be slapped with any initial or ongoing account-handling fees. Keep in mind that if you opt to withdraw your money early, you could be hit with a huge penalty fee and cut your interest rate. Similarly, be aware that some banks allow partial withdrawal while others require a full withdrawal of your deposited amount.

Picture of JP Pelosi
JP Pelosi
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.

Term Deposit Reviews

Judo Bank Term Deposit
Overall 10/10
Judo Bank has the best Term Deposit offers

Judo Bank has the best Term Deposit rates plus an additional 0.10% loyalty bonus automatically added when the principle is rolled over to a new Term Deposit at maturity.

Read full review

Judo Bank has the best Term Deposit rates plus an additional 0.10% loyalty bonus automatically added when the principle is rolled over to a new Term Deposit at maturity.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Glenda, Tasmania, reviewed 6 days ago
ME Term Deposit
Overall 10/10
Staff were extremely patient with all my Q&A

Creating a term deposit with ME Bank required a couple of phone calls but the service was AAAA rated! Very helpful and patient, the staff walked me through the process and was a delightful to work with!

Read full review

Creating a term deposit with ME Bank required a couple of phone calls but the service was AAAA rated! Very helpful and patient, the staff walked me through the process and was a delightful to work with!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Nigel, Western Australia, reviewed 10 days ago
AMP Bank Term Deposit
Overall 10/10
Great customer service easy process

Just set up a term deposit online. The process was very easy. The only hitch was they didn’t explain welcome letter would be posted even though I requested electronic communication which means you have to wait for it to get your account number to set up online access. I rang them and they were most helpful in providing the account number and stepping me through the setup for online access. A 20-minute wait on the phone but that is the same as all banks now. A very pleasant customer service person who was very patient and helpful.

Read full review

Just set up a term deposit online. The process was very easy. The only hitch was they didn’t explain welcome letter would be posted even though I requested electronic communication which means you have to wait for it to get your account number to set up online access. I rang them and they were most helpful in providing the account number and stepping me through the setup for online access. A 20-minute wait on the phone but that is the same as all banks now. A very pleasant customer service person who was very patient and helpful.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Robyn, New South Wales, reviewed 23 days ago

More term deposit reviews