CommBank, NAB, Westpac or ANZ - how do the big 4 term deposits compare?

If the current state of the Aussie economy along with the rising cost of living has you wanting to lock up your savings and throw away the key, a term deposit might be the way to do it. 

According to the Mozo database, a bunch of term deposit providers increased their rates since the RBA cash rate hike. 

And, believe it or not, the big banks were on board the rate rise train. 

In the last few months, the big four announced that they’d bump up interest rates on their term deposit offerings. 

Check out where the best rates from the big four sit now:

What features do the big banks term deposits have? 

There are plenty of things you look for in a term deposit, whether that’s the interest rate, deposit limit or even if you can get your interest paid into another bank account. 

Here’s a breakdown on what term deposit features and conditions Westpac, Commonwealth Bank, NAB and ANZ have to offer at the moment:  

FeatureWestpacCommBankNABANZ
Highest rate on offer2.50% (1-year term)2.20% (5-year term)2.50% (1-year term)2.50% (11-month term)
Interest paid to another bankYesYesYesNo
Deposit limits$5,000 to $5,000,000$5,000 to $1,999,999$5,000 to $499,999 $5,000 to $99,999
Automatic rolloverYesYesYesYes
Early withdrawal conditionsMust give 31 days notice and an interest rate adjustment will normally apply.Must give 31 days notice, plus, there will be a prepayment adjustment.Must give 31 days notice for full or partial release of funds.Must give 31 days notice and you will incur an interest reduction.

How do the Big Four rates compare to smaller term deposit providers?

It’s easy to get comfortable and stick with your bank on everything, term deposits included. 

However, the smaller term deposit providers tend to offer better rates than the big four.

For example, AMP Bank’s 1-year term deposit is 1.00% higher than Westpac’s 2.50% p.a. 1-year term. And AMP’s 5-year term is 2.20% higher than CBA’s 2.20% 5-year term. 

Below is a breakdown of our database's top four term deposit leaders.

Judo BankAMP BankChallenger BankRaboBank
1-year3.45% p.a.3.50% p.a3.15% p.a.3.25% p.a.
2-year3.85% p.a.3.90% p.a.3.40% p.a.3.30% p.a.
3-year4.00% p.a.4.15% p.a.3.80% p.a.3.35% p.a.
4-year4.15% p.a.4.30% p.a.4.00% p.a.3.50% p.a.
5-year4.25% p.a.4.40% p.a.4.05% p.a.4.00% p.a.

As you can see, all the rates offered by these providers are much higher than the highest rate on offer by the big four. 

Most small providers allow the interest to be paid to an alternative bank when it hits maturity. That means you don’t have to change who you bank with to receive high interest term deposit rates. 

Want to see how the big four banks’ term deposits stack up against other providers? Check out the table below for a bunch of options, or head over to our term deposit comparison tool for more!

  • Term deposit comparisons on Mozo - last updated 13 August 2022

    Search promoted term deposits below or do a full Mozo database search . Advertiser disclosure
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      Term Deposit
      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      3.85% p.a.
      2 years
      $1,000
      Yes up to $250,000

      Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2021^ for Term Deposits.

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      Term Deposit
      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      3.25% p.a.
      1 year
      $5,000
      Yes up to $250,000

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      Term Deposit
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      Minimum deposit
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      3.10% p.a.
      1 year
      $5,000
      Yes up to $250,000

      Deposit of $5,000 up to $5 million. Choose a term from 1 month to 5 years. Select a range of convenient interest payment options. $0 establishment or ongoing fees. Easy tracking using the mobile banking app.

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      Online Term Deposit
      interest rate
      Minimum deposit
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      3.35% p.a.
      2 years
      $5,000
      Yes up to $250,000

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    • Mozo Expert Choice Badge
      Term Deposit
      interest rate
      Minimum deposit
      Govt Deposit Guarantee
      3.55% p.a.
      1 year
      $1,000
      Yes up to $250,000

      Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2021^ for Term Deposits.

      Details

    * Different interest rates apply to different amounts or different interest payment frequencies.

    ^See information about the Mozo Experts Choice Term Deposit Awards

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