Last updated: April 2026

Best Term Deposit Rates Australia

Compare the highest ongoing term deposit rates across all terms.

✓ Updated regularly with the latest rates
✓ Sorted by ongoing rates (not intro offers)
✓ Compare multiple term lengths in one place

Looking for flexibility? View 6-month term deposits →

Want a popular middle ground? View 12-month term deposits →

Top Rates Across All Terms

Bank / Provider	Rate p.a.	Term	Pays	Min. Deposit
Rabobank Challenger Top rate	5.70%	5yr	annually	$500,000
Great Southern Bank Credit union	5.60%	5yr	annually	—
Heartland Bank Challenger Popular	5.60%	1yr	At maturity	$10,000
Heartland Bank Challenger	5.55%	9mo	At maturity	$10,000
Heartland Bank Challenger Flexible	5.50%	6mo	semi annually	$10,000
Judo Bank Challenger	5.50%	5yr	annually	—
Judo Bank Challenger	5.50%	4yr	annually	—
Rabobank Challenger	5.50%	4yr	annually	$500,000
Heartland Bank Challenger	5.45%	5yr	annually	$5,000
Heartland Bank Challenger	5.45%	4yr	annually	$5,000
RACQ Bank Challenger Popular	5.45%	1yr	At maturity	—
Heartland Bank Challenger	5.45%	3yr	annually	$5,000
Heartland Bank Challenger	5.45%	2yr	annually	$5,000
Southern Cross CU Credit union	5.40%	11mo	At maturity	$5,000
Judo Bank Challenger	5.40%	2yr	annually	—

We prioritise ongoing interest rates over introductory offers to give a more realistic comparison. Some products may have conditions (e.g. age, balance requirements), which are noted where relevant.

Showing top 15 rates by rate across all terms. View all lenders.

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Compare by term

3 months term deposits 6 months term deposits 12 months term deposits 24 months term deposits

About term deposits

A term deposit locks your money with a bank for a fixed period in exchange for a guaranteed interest rate. Higher rates generally require a longer commitment — but shorter terms give you flexibility to reinvest when rates move. Challenger banks and credit unions consistently offer better rates than the Big 4. Minimum deposit requirements vary; some of the top rates require $10,000 or more. Check the "Pays" column — monthly interest pays slightly less than at maturity in most cases.