Savings .com.au

2-year term deposit interest rates

Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]
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Investment Plus - 24 months

    Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]
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    Term Deposit ($50000+) - 24 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]
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      Term Deposit ($1000+) - 24 months

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]
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        Term Deposit - 24 months

          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000007$product[$field["value"]]$product[$field["value"]]
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          Term Deposit ($100k - $249k) - 24 months

            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]
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            Term Deposit ($5k - $50k) - 24 months

              At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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              Term Deposit - 24 months ($5000-$25000)

                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                Term Deposit - 24 months

                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                  Term Deposit ($5k-$25k) - 24 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]
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                    Term Deposit - 24 Months

                      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]
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                      Term Deposit ($5k-$25k) - 24 months

                        Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]
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                        Term Deposit ($10000+) - 24 months

                          Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                          Regular Income ($5000-$1m) - 24 months

                            Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                            Term Deposit (Platinum Plus Club Members) - 24 months

                              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]
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                              Term Deposit 24 months ($25k+) Limited Offer 24 months

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500007$product[$field["value"]]$product[$field["value"]]
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                                Wealth Builder Term Deposit - 24 months ($50,000+)

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]
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                                  Fixed Term Deposit ($100000-$1000000) - 24 months

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]
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                                    Term Deposit ($500 - $1mn) - 24 months

                                      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]
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                                      Fixed Term Deposit ($500000+) - 24 months

                                        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]20000031$product[$field["value"]]$product[$field["value"]]
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                                        Term Deposits ($200k+) - 24 months

                                          Important Information and Comparison Rate Warning

                                          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 19, 2024. View disclaimer.

                                          3-year term deposit interest rates

                                          Provider

                                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                          Personal Term Deposit - 36 months

                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000007$product[$field["value"]]$product[$field["value"]]
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                                            Term Deposit ($100k - $249k) - 36 months

                                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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                                              Term Deposit ($25k-$5m) - 36 months

                                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]
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                                                Term Deposit ($5k-$25k) - 36 months

                                                  Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                  Term Deposit ($5000+) - 36 months

                                                    Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                                                    Term Deposit (Platinum Plus Club Members) - 36 months

                                                      At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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                                                      Term Deposit - 36 months ($5000-$25000)

                                                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000031$product[$field["value"]]$product[$field["value"]]
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                                                        Term Deposit (Amounts > $50k) - 36 months

                                                          At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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                                                          Term Deposit - 36 months ($5000-$999999)

                                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                                                            Term Deposit - 36 months

                                                              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                                                              Regular Income ($5000-$1m) - 36 months

                                                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                Term Deposit ($5000+) - 36 months

                                                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                  Term Deposit ($5k-$500k) - 36 months

                                                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]
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                                                                    Term Deposit ($10k-$500k) - 36 months

                                                                      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]
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                                                                      Investment Plus - 36 months

                                                                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                        Term Deposit ($1k-$2000000) - 36 months

                                                                          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                          Term Deposit - 36 months

                                                                            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]
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                                                                            Term Investment ($100k-$200k) - 36 months

                                                                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                              Term Deposit ($1000-$2000000) - 36 months

                                                                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]
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                                                                                Term Deposit ($250k+) - 36 Months

                                                                                  Important Information and Comparison Rate Warning

                                                                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 19, 2024. View disclaimer.

                                                                                  5-year term deposit interest rates

                                                                                  Provider

                                                                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                                  Term Deposit ($1000+) - 60 months

                                                                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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                                                                                    Term Deposit ($25k-$5m) - 60 months

                                                                                      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]
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                                                                                      Term Deposit ($5k-$25k) - 60 months

                                                                                        At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]
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                                                                                        Term Deposit - 60 months ($5000-$25000)

                                                                                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000031$product[$field["value"]]$product[$field["value"]]
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                                                                                          Term Deposit (Amounts > $50k) - 60 months

                                                                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                                                                                            Term Deposit - 60 months

                                                                                              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]
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                                                                                              Regular Income ($5000-$1m) - 60 months

                                                                                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]
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                                                                                                Term Deposit ($10k-$500k) - 60 months

                                                                                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                                                  Term Deposit ($5k-$500k) - 60 months

                                                                                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                                                    Term Deposit ($5k-$25k) - 60 months

                                                                                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                                                      Term Deposit ($5000+) - 60 months

                                                                                                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]
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                                                                                                        Fixed Term Deposit ($100000-$1000000) - 60 months

                                                                                                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]
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                                                                                                          Term Deposit 60 months > $10000

                                                                                                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                                                            Term Deposit - 60 months

                                                                                                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                                                              Term Deposit ($1000-$2000000) - 60 months

                                                                                                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                                                                Term Deposit ($1k-$2000000) - 60 months

                                                                                                                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]
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                                                                                                                  Gold Term Deposit - 60 months

                                                                                                                    Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]
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                                                                                                                    Term Deposit ($50000+) - 60 months

                                                                                                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]
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                                                                                                                      Term Deposit (> $1000) - 60 months

                                                                                                                        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000031$product[$field["value"]]$product[$field["value"]]
                                                                                                                        More details

                                                                                                                        Term Deposits ($50k - $200k) - 60 months

                                                                                                                          Important Information and Comparison Rate Warning

                                                                                                                          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 19, 2024. View disclaimer.

                                                                                                                            What is a long term deposit?

                                                                                                                            While term deposits in the short term are generally classified as those ranging from 6-months to 1-year, long term deposits will last greater than a year. Typically with most banks, long term deposits will range in their offerings, however terms ranging from 18 months all the way to five years are amongst the most common. Typically with longer term deposits, interest is paid either monthly, quarterly, semi-annually or annually.

                                                                                                                            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.


                                                                                                                            Is a long term deposit the best option for my savings?

                                                                                                                            Long term deposits present a number of enticing positives as a safe place to store your savings in the long term. These include:

                                                                                                                            • Offering higher interest rates.

                                                                                                                            • Opportunity to store your money away securely for longer.

                                                                                                                            • Help you avoid interest rate uncertainty, particularly future interest rate decreases.

                                                                                                                            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 fork out the costs of early termination fees.

                                                                                                                            As an example, if you took out a two-year term deposit at a rate of 4.50% p.a. and interest rates decreased by 25 basis points in the second year to 3.75%, you'd still be locked in with the initial rate.

                                                                                                                            Before considering a long term deposit as a secure place for your savings, it is important to first consider your financial goals, product flexibility and the likelihood you will require these funds in the short-term.


                                                                                                                            Pros and cons of long term deposits

                                                                                                                            Pros

                                                                                                                            • Interest payment flexibility: While it may ultimately depend on the offerings available by the bank, long term term deposits will typically grant you control over when the interest payments are applied. This means you can choose whether interest payments are made monthly, quarterly, annually or even in one lump sum at the end of your term.

                                                                                                                            • Fee-free: Banks will not charge monthly account keeping fees for choosing them to lock away your savings over the long term.

                                                                                                                            • Greater interest rates: Generally, longer terms offer higher interest rates.

                                                                                                                            • Saving incentives: If your savings were in a regular savings account linked to a debit card, the temptation is always there to potentially dip into them to meet necessary expenses. With long term deposits, penalties are often in place for withdrawing your money early providing a good incentive to keep your money invested in the term deposit.

                                                                                                                            • Interest is fixed: Even if the interest rate is reduced by the bank as a result in changes to funding or the cash rate, you'll continue to earn the fixed rate that was applied when you first opened the term deposit.

                                                                                                                            • Hassle-free investment: With a long term deposit, you don't need to continue to meet any monthly deposit requirements like you do with a bonus savings account to achieve a specific interest rate.

                                                                                                                            Cons

                                                                                                                            • Unable to receive bonus interest: As mentioned above, while term deposits do not require special conditions to be met in order to receive a higher interest rate, there is no opportunity to earn bonus interest.

                                                                                                                            • Accessing funds requires a fee: If you require access to funds in a long term deposit, early termination fees will likely apply. This could result in foregoing interest for the duration of the deposit.

                                                                                                                            • Rate rises are not passed on: Given the interest rate is fixed, if the Reserve Bank increases the cash rate and banks follow suit, you will be remain on the initial deposit rate until the term reaches maturity.


                                                                                                                            Comparing long term deposits

                                                                                                                            Interest rate

                                                                                                                            The key determinant to long term deposits is the interest rate offered by banks relative to the length of the deposit. Ensure you compare the offerings before signing up as this will make a significant difference to your savings balance over the next few years.

                                                                                                                            Interest repayment frequency

                                                                                                                            Long term deposits will offer different frequencies for your deposit to receive interest, such as monthly, yearly or at the end of the term. Keep in mind though that the highest interest rates are often reserved for those receiving interest at the end of the term.

                                                                                                                            Minimum balance

                                                                                                                            To receive a particular interest rate across the long term, some banks will require customers to have a significant amount of savings available to deposit. At minimum, a number of mutual banks will require an initial deposit of $500 to kick start your deposit journey, however it’s important to note this amount will differ considerably.