If you’re chasing the best term deposit rate available right now, the honest answer is: it depends on the term you want, and it changes often. Rates move week to week as banks compete for deposits and react to the Reserve Bank of Australia’s cash rate decisions. This roundup is a checked snapshot, not a live feed — always confirm the current number on the bank’s own page (linked from each entry) before opening an account.

How to Read a “Best Rate” List

A single “best term deposit rate” headline is almost always for one specific term and deposit size — commonly 11 or 12 months, since that’s the term banks compete hardest on. The same bank might be mediocre at 6 months and excellent at 12 months, or vice versa. Rather than chasing one headline number, it pays to check the rate for the specific term you actually want.

It’s also worth knowing that many of the highest advertised rates are special or promotional offers, sometimes limited to new customers, a specific deposit range, or online applications only. Read the fine print before committing.

Where the Competitive Rates Tend to Sit

Across our research, challenger and mid-sized banks — names like Judo Bank, Suncorp, ING, Rabobank, AMP, and Heritage Bank — regularly matched or beat the big four on headline rates, particularly for 6-12 month terms. The big four (CBA, Westpac, NAB, ANZ) do run their own competitive special offers, especially on 12-month terms, but their everyday/standard rates for shorter terms tend to sit lower.

See our bank-by-bank rate pages for the current numbers:

Or browse the full bank directory and side-by-side comparison table.

Don’t Just Look at the Rate

The highest rate isn’t automatically the best deal for you. Also weigh:

  • Minimum deposit — some of the more competitive rates require $10,000-$25,000+ to qualify, while others start from $1,000.
  • Interest payment frequency — rates paid at maturity are usually a touch higher than monthly or quarterly payment options.
  • Early withdrawal terms — if there’s a real chance you’ll need the funds early, check the penalty before locking in a long term. See our guide on breaking a term deposit early.
  • Government guarantee coverage — the Financial Claims Scheme protects deposits up to $250,000 per person per institution. If you’re depositing more than that, see our explainer on Financial Claims Scheme protection.

A Simple Way to Compare

Rather than manually checking a dozen bank websites, use our comparison tool to see current rates across terms and providers side by side, filterable by minimum deposit. Then use the calculator on our homepage to see exactly how much a given rate would earn you in dollar terms.

Bottom Line

“Best” term deposit rates shift regularly, and the top of the table today may not be the top of the table in a month. Rather than fixating on a single headline number, compare rates for your specific term and deposit size, confirm the figure directly with the bank, and revisit the market again when your term matures.