What are the Current Term Deposit Rates for Commonwealth Bank?

Are you looking for a secure and reliable way to save your money? Commonwealth Bank (CBA) offers a variety of term deposit options with competitive interest rates. With a term deposit, you can set a fixed rate of return for as little as one month to five years. You can also access your funds through NetBank, CommBiz, and the CommBank app. In this article, we'll discuss the current term deposit rates offered by CBA and how to manage your term deposit.At CBA, you can choose from a range of terms to suit your needs.

From one month to five years, you can set a fixed rate of return that gives you peace of mind. There are no setup or establishment fees. However, if you withdraw your term deposit before it expires, you may incur an advance interest payment, an adjustment fee, and an administrative fee.You can view, control, and manage your term deposit together with your other accounts in NetBank, CommBiz, and the CommBank app. Sign up for alerts and we'll send you an email or SMS one week before your term deposit is due so you never miss your due date.

You can also sign up for electronic announcements and replace the clutter of paper announcements.If you don't provide instructions when your term deposit expires, the funds will automatically be placed in the default term deposit retention mechanism. This portfolio system obtains a fixed interest rate which may be lower than the rate offered for a fixed term. If you don't give us instructions, your money will be deposited in our holding center until you tell us what you want to do.Your money will continue to generate a variable interest rate that is paid weekly. You can withdraw all your investment including the interest you've earned or place your money in our holding center while you decide what to do.

What are the Current Term Deposit Rates for Commonwealth Bank?

The current term deposit rates offered by CBA vary depending on the length of the term.

For example, if you open a 1-month term deposit with CBA, you will receive an interest rate of 0.10%. For a 3-month term deposit, the interest rate is 0.20%. For 6-month and 12-month terms, the interest rate is 0.30% and 0.50%, respectively.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.CBA responds to the Reserve Bank of Australia's cash rate decision.

Following the Reserve Bank of Australia (RBA) decision on the cash rate, CBA will increase variable interest rates on mortgage loans by 0.50% per annum (pa). The CBA will also increase interest rates for the following deposit products:

• Personal Term Deposits
• SMSF Term Deposits
• Renovation Company Term Deposits

Customers can estimate how much their home loan repayments can increase using the home loan repayment calculator.We have a variety of support materials available to customers including tips for customers to manage their home loans in an environment of rising rates. Customers who are falling behind schedule or think they might be late paying off their home loans can send us a message to contact our financial assistance solutions team.We also encourage customers to talk to us about how we can support them through our extensive network of lending specialists.

Conclusion

CBA offers competitive term deposit rates with no setup or establishment fees. You can choose from a variety of terms ranging from one month to five years and view, control, and manage your term deposit together with your other accounts in NetBank, CommBiz, and the CommBank app.If you don't provide instructions when your term deposit expires, the funds will automatically be placed in the default term deposit retention mechanism which obtains a fixed interest rate which may be lower than the rate offered for a fixed term.CBA also responds to RBA's cash rate decision by increasing variable interest rates on mortgage loans by 0.50% pa and increasing interest rates for personal, SMSF and renovation company term deposits.Customers who are falling behind schedule or think they might be late paying off their home loans can send us a message to contact our financial assistance solutions team.