Term deposit rates
Finding the best term deposit rates can be challenging with over 40 Australian banks offering a range of term deposits to choose from.
There are also many comparison sites that enable you to compare term deposit rates across multiple providers.
Factors to consider
When choosing a term deposit there are a number of factors to consider including:
- The size of bank you choose to deposit your capital with and the amount of deposits they hold (download our eBook to find out why this is a relevant consideration)
- What interest rate you are seeking, and whether a term deposit will provide the desired rate of return (or whether you need to consider alternatives to earn a higher return)
- The term that suits your requirements best, in case you need the money at a later date Break fees in case your need your money early and the cost of those fees relative to your return
Term deposit rates can vary
There can be a wide variance between term deposit rates available from different banks. Those banks that are seeking to raise capital for their investment activities will often offer higher rates to attract more capital, whereas those less focused on growth tend to offer lower rates.
Term deposit rates can vary sometimes up to 1.5% per annum or more between the banks. It pays to shop around for the best rate.
Finding the best term deposit rates
Each month TermDeposits.com searches for the best term deposit rates from Australia's banks for 3, 6, 12, 24, 36, 60 and 120 months. We publish these on our website as a guide as to what is available in the term deposit market in Australia.
If you are on the look out for the best term deposit rates we suggest starting by downloading our FREE eBook to ensure you make an informed decision.