How often are rates updated?

We update rates from leading sources like Canstar, Finder, and bank feeds at least weekly. Always confirm rates on the bank’s official product page before applying.

Are all banks covered by the $250,000 guarantee?

Most Australian banks and ADIs (Authorised Deposit-taking Institutions) are covered up to $250,000 per person, per institution, by the government’s Financial Claims Scheme. Always check before depositing large sums.

Do I have to pay tax on my term deposit interest?

Yes, interest from term deposits counts as taxable income in the financial year it’s paid. Enter your marginal tax rate to see after-tax returns.

Term Deposit Rate Comparator

Calculator

Compare current Australian term deposit rates across major banks and credit unions. See which provider offers the best return for your savings term and amount.

Free to useNo data storedReal-time dataAI insightsUpdated: February 2026

Finding the best term deposit rate can make a real difference to your savings. With rates above 4% in 2026, a small difference in rate can mean hundreds of extra dollars earned over 1-2 years. This tool lets you quickly compare advertised term deposit rates across major Australian banks and credit unions for your chosen amount, term, and payment frequency — and see the real after-tax return.

Enter Your Details

Real-World Examples

Comparing 12-month term deposit rates

Alex wants to invest $50,000 for 1 year. He uses the comparator and finds Bank A offers 4.75%, Bank B 4.60%, and Credit Union X 4.85% (at maturity; no fees).

By choosing the 4.85% rate, Alex earns $2,425 in gross interest vs $2,300 at 4.60%. After-tax, the difference is $86 more per year. Over several years or larger deposits, this difference compounds further.

Using a ladder strategy

Priya splits $100,000 into four 25k term deposits (3, 6, 12, and 24 months) after comparing rates. She always has one maturing within the next 6 months, giving both flexibility and access to sharper new rates.

Priya earns more and reduces the risk of missing out on future rate hikes, while preserving liquidity for emergencies.

Frequently Asked Questions

Glossary

Term Deposit Rate

The annual percentage return paid by a bank or credit union for locking away your savings for a fixed term. Rates are set at the start and guaranteed for the term.

Comparison Rate

A rate factoring in all compulsory fees and charges, reflecting the true cost/return for comparison. Most term deposits have no account fees but check the fine print.

Interest Payment Frequency

How often interest is paid (monthly, quarterly, at maturity) — this can impact the effective return due to compounding.

Authorised Deposit-taking Institution (ADI)

Australian government-regulated banks, credit unions, and building societies — only ADIs are covered under the government deposit guarantee.

Related Tools

Term Deposit Calculator

Work out your exact returns for any single term deposit product.

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Build a personalised savings plan to meet your goals.

Compound Interest Calculator

See what your money could earn if invested in growth assets or higher-yielding accounts.

How to Use

1Enter your total deposit amount (AUD)
2Select the term length you want to compare (e.g. 6, 12, 24 months)
3Choose your preferred interest payment frequency
4Optionally enter your tax rate to see after-tax returns
5Review the comparison table — see which provider offers the best return
6Click through to visit the bank’s site or product page for details

Key Information

Rates are updated regularly from bank and aggregator sources (e.g. Canstar, Finder)
All major Australian ADIs are covered, plus select leading credit unions
Interest rates vary based on term, payment frequency, and deposit size
Government guarantee: up to $250,000 per person per ADI is protected via the Financial Claims Scheme

Pro Tips

Compare at least 4-5 banks — rates can differ by 0.5%+ for the same term/deposit amount
Use the tax rate field to understand your net return — not just the advertised rate
Don’t automatically renew at maturity without checking market rates — loyalty rarely pays!
Check for new customer and online bonus rates before committing — these are often the sharpest deals

Avoid These Mistakes

Assuming your bank’s rate is competitive — always check the market before locking in
Not factoring in tax on your interest when comparing savings products
Locking all funds in one term without a ladder strategy; breaks in cash flow can hurt if rates rise
Not checking if the institution is covered by the $250k government guarantee (all ADIs are, but some fintechs/promos are not)
Allowing a term deposit to auto-renew at a lower rate when better is available

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026