![]() ![]() There are a couple of things you’ll want to look out for in a term deposit. What features do the big banks term deposits have? The ANZ Advance Notice Term Deposit: 5.05% (1 year) to 4.00% (5 years).The NAB Term Deposit 5.00% (1 year) to 4.00% (5 years).The Commonwealth Bank Term Deposit 4.25% (1 year) to 3.95% (5 years).The Westpac Term Deposit: 4.25% (1 year) to 4.00% (5 years).But, if you’d rather stick with one of the major banks, you’ll still find some fairly good options.Ĭheck out where the best rates from the big four sit now: You may have noticed some pretty competitive rates as high as 5% or more from smaller providers. Even if official rates were to stay where they are, term deposits are already at a much higher rate than at the same time last year. With the RBA raising the cash rate to 4.35% in November, term deposits have seen yet another bump in rates before the years end. However, you might be wondering if now is the right time. ![]() If the current state of the Aussie economy along with the rising cost of living has you wanting to lock up your savings and throw away the key, then a term deposit might be the way to do it.
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