Best Term Deposit Rates in Australia (3 Months - 5 Years) (2024)

Highest 6-month term deposit rates

Rates are current as of 1 June 2024. Term deposit interest rate comparison (with 6-month maturity) based on products analysed by Money.com.au from banks covered by the Government’s Financial Claims Scheme. The table is sorted by highest interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the highest 6-month term deposit rates available in Australia, we can’t guarantee that all products in the market are shown.

If you're looking for the top term deposit rates across all term durations, here they are:

• Heartland Bank (formerly Challenger): 5.35% p.a. on a 12-month term with interest paid at maturity (deposits between $25,000 - $1m)
• Great Southern Bank (Platinum Plus 55+): 5.30% p.a. on a 12-month deposit with interest paid at maturity (deposits from $5,000+)
• Heartland Bank (formerly Challenger): 5.30% p.a. on a 6-month term with interest paid at maturity (deposits between $25,000 - $1m)
• Bank of Sydney 5.25% p.a. on a 6-, 9- or 12-month term with interest paid at maturity (deposits between $1,000 - $1m)
• Heartland Bank (formerly Challenger): 5.25% p.a. on a 9-month term with interest paid at maturity (deposits between $25,000 - $1m).
• Judo Bank 5.25% p.a. on a 6-, 9- or 12-month term with interest paid at maturity (deposits between $1,000 - $1m)
• Move Bank: 5.25% p.a. on a 7- or 10-month term with interest paid at maturity (deposits from $5,000+).
• Great Southern Bank: 5.20% p.a. on a 6-, 9- or 12-month deposit with interest paid at maturity (deposits from $5,000+)
• Great Southern Bank (Platinum Plus 55+): 5.20% p.a. on a 12-month deposit with interest paid monthly (deposits from $5,000+)
• G&C Mutual Bank 5.20% p.a. on a 6-month term with interest paid at maturity (deposits between $1,000+)
• Heartland Bank (formerly Challenger): 5.20% p.a. on a 12-month term with interest paid monthly (deposits between $25,000 - $1m).
• Judo Bank 5.20% p.a. on a 2- or 5-year term with interest paid at maturity (deposits between $1,000 - $1m)

These are the highest term deposit rates available according to Money.com.au's analysis of authorised deposit taking institutions in Australia as at 1 June 2024. While we've searched far and wide to find the top rates, we cannot guarantee that all rates available in the market are shown. Where two or more providers offer the same rate, the products are listed alphabetically by provider name. Please check with the provider for current rates and eligibility criteria.

You can usually open a new term deposit account online through the provider’s website. This should only take a few minutes, assuming you’re eligible and have your ID handy.

To open a term deposit, you’ll generally need to:

• Be an Australian resident with an Australian postal address.
• Be 18 years of age or older.
• Provide information from your identity documents to prove your identity (Australian Passport, driver's licence, Medicare or Centrelink Card).
• Provide a tax file number if you don’t want the bank to withhold tax on interest paid.