CommBank lifts term deposit special rate ahead of RBA cash rate call
- Commonwealth Bank has increased its special offer 12-month term deposit rate to 5.20% p.a.
- CommBank's special offer deals have seen almost monthly rate increases since the start of 2026
- ANZ has the best 12-month term deposit rate of the big four banks at 5.25% p.a.
Australia's largest bank has raised select term deposit rates every month since the start of 2026.
Commonwealth Bank's 12-month 'special offer' rate has seen regular increases and on Friday, went up by another 10 basis points to 5.20% p.a.
The new special offer deal, available from 1 May, is for deposit amounts between $5,000 and $5 million with interest paid annually.
The rate is considerably higher than CommBank's 4.25% p.a. 'special offer' deal in January.
But it falls short of the top one-year term deposit rate currently being offered among the big four.
What are the top big bank term deposit rates?
ANZ takes that honour with its 5.25% p.a. for a 12-month term for deposit amounts between $5,000 and under $2 million with interest paid at maturity.
ANZ matches Macquarie Bank's 12-month rate for deposits $1 million or less, also with interest at maturity.
Let's check how the big five's 12-month term deposit rates currently stack up:
| Bank | Best rate | Term | Deposit amount | Interest paid |
| CommBank | 5.20% p.a. special offer | 12 months | $5,000 - $5m | Annually |
| Westpac | 5.10% p.a. special offer (online only) | 12 months | $5000 - $2m | At maturity |
| NAB | 5.10% p.a. | 12 months | $5,000 - under $2m | At maturity |
| ANZ | 5.25% p.a. | 12 months | $5,000 - under $2m | At maturity |
| Macquarie Bank | 5.25% p.a. | 12 months | $5,000 - $1m | At maturity |
CommBank also lifts 2-year rates
CommBank also upped its 24-33 month rates on Friday by 25 basis points to 5.20% p.a. for deposit amounts between $5,000 and under $50,000 with interest paid annually.
The rate matches Westpac's 24-month special online-only offer although Westpac accepts deposits up to $2 million with interest paid annually.
Commonwealth Bank offers 5.25% p.a. for larger deposit amounts between $50,000 and $5 million, also with annual interest payments.
Both of CBA's new two-year rates drop for more frequent interest payments.
Other term deposit rate movers
Among other notable rate movements this week:
- AMP Bank GO lifted its 12-month term deposit rate by five basis points to 5.40% p.a.
- Suncorp increased its 12-month rate to 5.30% p.a., up by 10 basis points
- Regional Australia Bank raised term deposit rates by up to 50 basis points with a new best rate of 5.30% p.a. for 12 months
- Bendigo Bank hiked its best term deposit rate to 5.10% p.a., also for 12 months
Markets prepare for another cash rate increase
While rates have been lifting across the term deposit market since the end of 2025, it's likely they'll have further to go with economists expecting another hike to the cash rate on Tuesday.
With Westpac economists tipping another three cash rate increases in 2026, those holding cash may be looking towards the market peak to lock in term deposits at the highest rates.
In the meantime, the market is also offering competitive high-interest savings account rates, perhaps due for further rounds of increases.
For those weighing the two financial products, our article Savings accounts vs term deposits: which should you choose? may be useful.
See also: How inflation affects your term deposit and savings accounts returns
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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.25% p.a. | At Maturity | 6 months | $5,000 | $19,999 | – | – | |||||||||||||
5.20% p.a. | At Maturity | 6 months | $10,000 | $5,000,000 | – | – | |||||||||||||
5.15% p.a. | At Maturity | 6 months | $1,000 | $1,000,000 | – | – |
