2-year term deposit interest rates

The average two-year deposit rate is about 0.52% p.a as at May 2021, almost a third of what it was (1.44% p.a) in January 2020, but still a little higher than the average. The table below displays a snapshot of some of the highest term deposit interest rates around for two-year terms.

Lender

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 24 months (Annually)

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]Go to site
    EARLY WITHDRAWAL AVAILABLE
    EARLY WITHDRAWAL AVAILABLE

    Term Deposit - 24 months

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 24 Months

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        EARLY WITHDRAWAL AVAILABLE
        EARLY WITHDRAWAL AVAILABLE

        Term Deposit (> $1000) - 24 months

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit I10 ($1000-$499999) - 24 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

            Term Savings ($1000-$500000) - 24 months

              Rates based on a $50,000 deposit for 2 years. Rates correct as of July 3, 2022. View disclaimer.

              3-year term deposit interest rates

              Three-year deposits currently have an average rate of around 0.54% p.a, slightly higher than two-year deposits but still well down compared to a couple of years ago. The table below displays a snapshot of some of the highest term deposit interest rates around for three-year terms.

              Lender

              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

              Personal Term Deposit - 36 months (Annually)

                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
                EARLY WITHDRAWAL AVAILABLE
                EARLY WITHDRAWAL AVAILABLE

                Term Deposit (> $1000) - 36 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                  Edvest Term Deposit I20 ($1000-$499999) - 36 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($1000-$500001) - 36 months

                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit I10 ($1000-$499999) - 36 months

                        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($1k-$1m) - 36 months

                          Rates based on a $50,000 deposit for 3 years. Rates correct as of July 3, 2022. View disclaimer.

                          5-year term deposit interest rates

                          The average five-year deposit rate is also 0.52% p.a, at the time of writing (May 2021), and is above the market above. The table below displays a snapshot of some of the highest term deposit interest rates around for five-year terms.

                          Lender

                          Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                          Personal Term Deposit - 60 months (Annually)

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($1000+) - 60 months

                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit (> $1000) - 60 months

                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($1000+) - 60 months

                                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit - 60 months

                                    Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($5000-$49999) - 60 months

                                      Rates based on a $50,000 deposit for 5 years. Rates correct as of July 3, 2022. View disclaimer.

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                                        What is a long term deposit?

                                        While ‘short term deposits’ are generally classified as being for a year or under, long term deposits can be classed as anything over a year. With most banks, terms can last for up to five years, although you can sometimes get terms that last for seven. So the common terms seen for long term deposits include:

                                        • Two years
                                        • Three years
                                        • Four years
                                        • Five years
                                        • 18 months
                                        • 30 months

                                        Holding a term deposit for a longer period of time is not without its risks, as you have to wait longer before you can access your money. But as we’ve showcased above, you can often access some higher interest rates.

                                        Interest rates on long-term deposits

                                        With the average interest rate sitting at just 0.43% p.a in 2021, long term deposit rates can offer some rates that are higher than this. While the average deposit rate for various longer terms also hovers around the 0.50% mark, the highest rates available for these terms are often a bit more impressive. The idea behind this is banks want to encourage customers to deposit their money for longer so the bank can use the funds to offer things like home loans, so banks might offer some enticing interest rates to attract longer-term funds.


                                        Why pick a long-term deposit?

                                        There are a few reasons to pick a long term deposit. They can offer higher interest rates, can store your money away securely for longer and can also help you avoid any future interest rate decreases. Someone who locked in a long term deposit a few years ago at 3-4% interest rates is probably laughing all the way to the bank seeing the way rates are now.

                                        On the other hand, if rates increase you can miss out on some substantial gains, as term deposit rates are always fixed. Plus, should you ever need the money, you’ll have much longer to wait unless you’re prepared to cop a penalty.

                                        When looking at a long term deposit, ask yourself: