Finty

Compare big four bank term deposits

Choose your amount and term to see the interest 7 big four bank term deposits would pay you, so you can lock in a better return before you commit.

Term deposits from Commonwealth Bank, Westpac, NAB and ANZ. Their specials often sit at one or two terms, so check the rate for the term you want.

Written byDavid Boyd

What could you earn?

Enter how much you want to deposit and for how long, and we'll show the rate every deposit below pays on that amount and term, and the interest you'd earn.

5 term deposits

Interest earned is an estimate before tax, at the rate shown, for the whole term, as simple interest. Rates are fixed for the term and can change for new deposits at any time.

Big four bank term deposits at a glance

Worked out from the 7 deposits from 4 banks we compare on this page.

Typical 1-year rate

5.30%

Across the 5 deposits with this term. Half pay between 5.20% and 5.30%.

Typical 6-month rate

3.50%

Across 5 deposits with a 6-month term.

Typical minimum deposit

$5,000

0 of 7 start at $1,000 or less.

Interest paid monthly

4 of 7

deposits can pay interest each month.

How 1-year rates are spreadNumber of deposits in each band. The most common is 5–6%.

The short version

  • The big four are Commonwealth Bank, Westpac, NAB and ANZ.
  • Their specials often sit at one or two terms.
  • Check the rate it rolls into at maturity.

The big four banks' term deposits

The big four are Commonwealth Bank, Westpac, NAB and ANZ. This page lists products under those four brands only. Brands they own, such as Bankwest, St.George, Bank of Melbourne, BankSA and ubank, have their own rates and are listed with the other banks.

Big bank term deposits are often easy to open if you already bank with them. Their standard rates can be lower than smaller banks', and their specials often sit at one or two terms, so compare the term you want.

Pros

  • Easy to open if you already bank with them.
  • Interest paid straight into your everyday account.
  • Covered by the Financial Claims Scheme up to $250,000.

Cons

  • Standard rates can be lower than smaller banks'.
  • Roll-over rates can be well below the special.
  • Money is locked in for the term.

Alternatives

  • Term deposits from smaller banks and credit unions.
  • A high interest savings account, if you might need the money.

How to open one

You can open a big four term deposit online with most banks in a few minutes.

  • Have your ID and tax file number ready. Without a TFN, the bank must hold back tax at the top rate.
  • Check who can open it. The bank's eligibility terms say who qualifies.

What to compare

  • The rate for your exact amount and term.
  • How interest is paid: at the end, or monthly or yearly.
  • The rate it rolls into at maturity, which can be well below the special you started on.

Questions people ask

Who are the big four banks?

Commonwealth Bank, Westpac, NAB and ANZ. They own other brands, such as Bankwest, St.George and ubank, which have their own products and rates and are listed with the other banks.

Can I get my money out of a term deposit early?

Usually, but most banks need 31 days' notice and cut the interest they pay you. Only lock away money you won't need.

Is my money safe?

Deposits with an Australian bank, building society or credit union are covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.