Getting The Best Term Deposit in Australia

Getting The Best Term Deposit in Australia

April 19, 2018 1 By incomem

Just like retail shopping, the finance industry is the same where it pays to shop around and find yourself the best possible deal. Thankfully, it’s a simple process to find the best term deposit rates in Australia thanks to Australian Money Market. You can see all the term deposit rates currently on offer from over 20 Australian financial institutions and you can pick and choose which offer sounds the most attractive to you.

Using Australian Money Market doesn’t cost anything as they receive a brokerage from the financial institution or bank for getting you to sign up for a term deposit. Much like a referral that a blogger would receive for affiliate marketing.


Current Best Term Deposit rates in Australia

  • Citibank Term Deposit – 2.8% p.a. 6 month term $100,000 minimum investment
  • Ubank Term Deposit – 2.6% p.a. 3 month term $1,000 minimum investment
  • MyState Term Deposit – 2.6% p.a. 12 months term $5,000 minimum investment
  • ING Term Deposit – 2.9% p.a. 24 month term $10,000 minimum investment
  • RaboDirect Term Deposit – 2.6% p.a. 24 month term $1,000 minimum investment
  • ME Term Deposit – 2.85% p.a. 7 month term $1,000 minimum investment
  • Westpac Term Deposit – 2.4% p.a. 24 month term $5,000 minimum investment
  • People’s Choice Credit Union Term Deposit – 2.8% p.a. 24 month term $5,000 minimum investment
  • Macquarie Bank Term Deposit – 2.5% p.a. 12 month term $10,000 minimum investment
  • NAB Term Deposit – 2.6% p.a. 24 month term $5,000 minimum investment
  • Bank Of Melbourne Term Deposit – 2.5% p.a. 24 month term $1,000 minimum investment
  • BT Term Deposit – 2.85% p.a. 60 month term $5,000 minimum investment
  • St George Term Deposit – 2.95% p.a. 60 month term $5,000 minimum investment

So for an example with one of the best term deposit offers that ING has at the moment:

A $10,000 deposit over a 2 year period at a fixed interest rate of 2.9% comes to $580 interest earned. Not too bad! As we discussed in our diversify across stocks and bonds article, term deposits can come in handy in your investment portfolio.

Just make sure before agreeing to the terms and conditions, that you haven’t locked away too big a chunk of your savings away for too long a period. If you happen to urgently need access to the funds, you will take a hit on the interest and in most cases, have to wait out a 31 day notice period. Only in some situations where you are approved for financial hardship, the bank or financial institution can agree to release the funds back to you sooner.

It’s also good to take note if the bank or financial institution that you are taking a term deposit with has the Australian Government Guarantee of $250,000. In the event that the bank goes broke, you are at least covered for losses up to that amount.

So the best term deposit for you should include the government guarantee, have a minimum investment amount that you can afford to put aside and not have access to and just the right amount of duration.

Australian Money Market partners with the big players

Financial planning software platforms and providers of data feeds.

Platform Partners

  • Bell Direct
  • Multiport
  • Super Concepts
  • Super IQ
  • Xpress Super
  • Supervision Group
  • OneVue
  • AMG Super
  • Smartwrap
  • Eclipse UMA

Cash Management Account (CMA) Providers

  • Westpac
  • Bank Of Queensland
  • ANZ
  • Commonwealth Bank
  • Macquarie Bank
  • Bankwest
  • DDH Graham

Financial Institution Partners

  • Auswide Bank
  • Adelaide Bank
  • AMP
  • ANZ
  • Arab Bank Australia
  • Bank Of Sydney
  • BOQ Specialist
  • Bank of Queensland
  • BCU
  • Community First Credit Union
  • Gateway Bank
  • Goldfields Money
  • ING Direct
  • Macquarie Bank
  • ME Bank
  • Move
  • MyState
  • NAB
  • QBank
  • RaboDirect
  • Smarter Money Investments
  • Spectrum Asset Management
  • St George
  • Suncorp Bank
  • Westpac