High Term Deposit Rates in Australia: What You Need to Know

Are you looking for the best term deposit rates in Australia? With the recent cash rate, you can find term deposits with rates above 4%. You can save time by using your NetBank data, or you can call or visit your nearest branch. Personal, SMSF and renovation company customers can access this special offer online through NetBank and the CommBank app, or visit the nearest branch. Business customers should contact their relationship manager or visit the nearest branch to open a new term deposit with the special offer.A term deposit is a type of savings account that you can open for a certain period of time, from 1 month to 5 years.

It allows you to keep your money for a certain period of time at a guaranteed interest rate, while a savings account gives you access to your money at any time, but has an interest rate that can change. Because of the government guarantee, term deposits are generally considered a very low-risk investment, albeit with low returns.When opening or renewing a term deposit online, the online bonus rate will automatically be applied to your term deposit rate. There are no establishment or establishment fees. If you want to withdraw your term deposit before it expires, you must notify us 31 days in advance.

You may incur an advance interest payment, an adjustment and an administrative fee.The following rates apply to funds in the term deposit holding line. When your funds are in the withholding mechanism, they are renewed at a fixed interest rate every seven days until we receive your withdrawal or reinvestment instructions for an agreed fixed term of one month or more. You can give us instructions at any time, once you decide what you want to do. If you reinvest on a day that is not an interest payment date, the new term will start from the last interest payment date.If funds are withdrawn before the next interest payment date, no interest is paid on funds deposited in the withholding system during the current seven-day interest period.

If your fixed-term deposit remains in the holding center for more than 26 weeks, we will automatically renew it as a 1-month rolling term deposit at the then-announced exchange rate. The fixed rate of return means that you'll always know how much your investment is worth and you can plan how to use your profits.You can view, control and manage your term deposit, along with your other accounts, on NetBank. Sign up and we'll send you an email, SMS, or a notification at NetBank before your term deposit expires. So you can let us know if you want to flip it, remove it or make a combination of both.

Send us a message on the CommBank app or call us to connect to the right help. Get instant help from our virtual assistant or contact a specialist.Look for support and our most frequently asked questions. Find a branch, ATM or specialist near you. The target market for this product can be found in the Determination of the target market for the product, available here.

The interest rates offered may change at any time without notice.CommBank recognizes traditional land owners across Australia as the continuous guardians of the country and culture. We pay our respect to First Nations peoples and their elders, past and present.Given Australia's record cash rate, you'll struggle to find a term deposit that pays more than 2.00% p. While interest rates on term deposits are fixed over the term, banks can still change the rates they offer for new deposits and renewals. Term deposits have interest rates that are very similar to savings accounts and are strongly linked to the cash rate.If you think you'll need access to your term deposit funds immediately or regularly, another deposit product may be more appropriate.

Each ADI (authorized deposit-receiving institution) that offers term deposits will have different offer terms. Mutual banks highlighted a week of movement in term deposits, and G%26C Mutual Bank now offers one of the highest 12-month deposit rates in the market. The quoted rates for term deposits of less than 1 month apply to both end-of-term and monthly interest payment options.You must give 31 days' notice to withdraw or early cancel your fixed-term deposit account before the expiration of your deposit account. Another cash rate hike in September has made Australians watch to see if banks transfer the rate hike to savings accounts and term deposits; see this space.To sum up, if you're looking for high-yield investments with low risk in Australia, then consider opening a term deposit account with one of Australia's authorized deposit-receiving institutions (ADIs).

Make sure to read all terms and conditions carefully before opening an account and be aware that banks can change their rates without notice.

Liam Anderson
Liam Anderson

Extreme internet aficionado. Hipster-friendly twitter scholar. Proud music evangelist. Lifelong social media maven. Subtly charming music geek.