When it comes to securing the best term deposit rates for your savings, the big four banks—CommBank, NAB, Westpac, and ANZ—stand as formidable options. However, as we navigate the economic landscape in 2024 with rising living costs, it’s essential to explore the current offerings and compare them to smaller providers.
Big Four Term Deposit Rates:
- Westpac: 4.25% (1 year) to 4.00% (5 years)
- CommBank: 4.25% (1 year) to 3.95% (5 years)
- NAB: 4.90% (1 year) to 4.00% (5 years)
- ANZ: 5.00% (1 year) to 4.00% (5 years)
Note: Rates are subject to change based on the RBA’s decisions.
Key Features and Conditions:
Check out the term deposit features and conditions offered by each of the big four banks, including interest rates, deposit limits, and frequency of interest payments.
| Feature | Westpac (Term Deposit Special) | CommBank (New deposit special) | NAB | ANZ Advanced Notice Term Deposit |
| Highest rate on offer | 5.10% (1 year and 18 month terms) (existing Westpac customers that open or renew online get extra 0.10% p.a.) | 4.90% (1-year term) | 4.90% (1-year term) | 5.05% (1 year term) |
| Interest paid to another bank | Yes | Yes | Yes | No |
| Deposit limits | $5,000 to $5,000,000 | $5,000 to $1,999,999 | $5,000 to $499,999 | $5,000 to $99,999 |
| Automatic rollover | Yes | Yes | Yes | Yes |
| Early withdrawal conditions | Must give 31 days notice and an interest rate adjustment will normally apply. | Must give 31 days notice, plus, there will be a prepayment adjustment. | Must give 31 days notice for full or partial release of funds. | Must give 31 days notice and you will incur an interest reduction. |
Comparison with Smaller Providers:
While the big four banks offer competitive rates, it’s worthwhile to explore options beyond their walls. Smaller providers like Judo Bank may surprise you with higher rates. For example, Judo Bank’s 5.20% p.a. 1-year term deposit surpasses Westpac’s 5.10% p.a. 1-year term. Additionally, Judo Bank’s 5.10% p.a. 5-year term deposit outshines CBA’s 3.95% p.a. 5-year term.
Judo Bank | ING Bank | G&C Mutual Bank | |
| 1-year | 5.20% p.a. | 5.30% p.a. | 5.00% p.a. |
| 2-year | 5.15% p.a. | 4.80% p.a. | 5.00% p.a. |
| 3-year | 5.10% p.a. | – | 5.30% p.a. |
| 4-year | 5.10% p.a. | – | 4.25% p.a. |
| 5-year | 5.10% p.a. | – | 4.25% p.a. |
Explore Your Options Today!
As the financial landscape evolves, it’s crucial to ensure you’re maximizing your returns. Smaller providers often offer higher rates and more flexible terms. To see how the big four banks’ term deposits stack up against other providers and discover the best options for your savings, call us now at 1800 595 500. Empower your financial future by making informed decisions.
