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, then a term deposit might be the way to do it. However, you might be wondering if now is the right time. 

As we enter the second month of 2024, term deposit rates have remained at a fairly stable position with some good rates on offer. However, after the RBA decided to hold the cash rate in its February meeting, providers have been making some small adjustments in rates. Unfortunately most longer term rates are getting cut, likely in anticipation of rate cuts that may happen later in the year.  

Some of the most competitive term deposit rates are still as high as 5% or more with smaller providers. But, if you’d rather stick with one of the major banks, you’ll still find some fairly good options.

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

What features do the big banks term deposits have? 

There are a couple of things you’ll want to look out for in a term deposit. Some of the things you might want to look out for are interest rates, deposit limits, and whether you can choose how often your interest is paid (monthly, quarterly, annually, or at maturity). 

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

Feature
Westpac 
CommBank (New deposit special)
NAB
ANZ Advanced Notice Term Deposit
Highest rate on offer
4.25% p.a.
4.80% p.a. (1-year term)
4.70% p.a. (1-year term)
4.90% p.a. (18 month term)
Interest paid to another bank
Yes
Yes
Yes
No
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 rollover
Yes
Yes
Yes
Yes
Early withdrawal conditions
Must 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 current bank on everything, term deposits included. However, it can be good to shop around and make sure that your bank is giving you the best rates possible. In fact, some smaller term deposit providers actually offer higher rates than the Big Four. 

Judo Bank’s 5.00% p.a. 1-year term deposit is 75 basis points higher than the Westpac term deposit's 4.25% p.a. 1-year term and Judo Bank’s 4.85% p.a. 5-year term deposit is 90 basis points higher than CBA’s 3.95% p.a. 5 year term.

Below is a breakdown of our database's some of the higher rates on our database.

Judo Bank
Rabo BankG&C Mutual Bank
1-year
5.00% p.a.
4.75% p.a.
5.20% p.a.
2-year
4.85% p.a.
4.35% p.a.
5.00% p.a.
3-year
4.85% p.a.
4.40% p.a.
4.90% p.a.
4-year
4.85% p.a.
4.60% p.a.
4.25% p.a.
5-year
4.85% p.a.
4.70% p.a.
4.25% p.a.

As you can see, some of the rates offered by these providers are much higher than the highest rate on offer by the big four. Although, the gap has closed since earlier this year.

One advantage of smaller providers is that you can get your interest 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 22 February 2024

    Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
    • 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)

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    • Term Deposit

      4.75% p.a.
      6 months

      $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

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

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