Last updated: July 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

Quick picks

Highest rate right now Heartland Bank — 5.55% for 1yr
Best short-term option Heartland Bank — 5.40% for 6mo

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
Heartland Bank Challenger Top rate	5.55%	1yr	At maturity	$5,000
Judo Bank Challenger	5.50%	5yr	annually	—
MOVE Bank Neo	5.45%	18mo	annually	$5,000
MOVE Bank Neo	5.45%	1yr	At maturity	$5,000
Heartland Bank Challenger	5.45%	5yr	annually	$5,000
MOVE Bank Neo	5.45%	2yr	annually	$5,000
Heartland Bank Challenger Short term	5.40%	6mo	semi annually	$5,000
Judo Bank Challenger	5.40%	2yr	annually	—
AMP Bank Challenger	5.40%	1yr	At maturity	$5,000
Judo Bank Challenger	5.40%	3yr	annually	—
MyState Bank Credit union	5.40%	1yr	At maturity	—
Judo Bank Challenger	5.35%	1yr	annually	—
RACQ Bank Challenger	5.35%	1yr	At maturity	$1,000
Greater Bank Credit union	5.35%	1yr	At maturity	$5,000
ME Bank Challenger	5.35%	1yr	At maturity	$5,000

Unlike many comparison sites, we prioritise ongoing interest rates rather than temporary introductory offers, so the rankings better reflect what you are likely to earn. Some products may have conditions (e.g. minimum balance or age requirements).

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

Rates can change regularly — check back or get weekly updates.

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Compare by term

3-Month term deposits 6-Month term deposits 1-Year term deposits 18-Month term deposits 2-Year term deposits 3-Year term deposits 5-Year 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.