Best Term Deposit Rates

As with any other financial product, there is no term deposit which is better than another because the best term deposit is the one which is best for your specific needs at the time. So to help you choose the best term deposit account in Australia, we have compiled a comparison table of the top accounts with all their features and fine print listed to help with your decision. All you have to do is know the best account when you see it, and it can be as easy as knowing why you need a term deposit.

Featured Term Deposit Account

With a ME Bank Super Members Term Deposit Account you have a low minimum deposit of $1,000, no account keeping fees to pay and a bonus interest of up to 0.25% p.a. for members of eligible industry super funds and unions

• 1 Month: 4.00% p.a.
• 3 Months: 5.70% p.a.
• 4 Months: 5.50% p.a.
• 6 Months: 5.90% p.a.
• 12 Months: 5.55% p.a.
• 24 Months: 5.40% p.a.
• Minimum Deposit Amount: $1,000

Read the ME Bank Super Members Term Deposit Account terms and conditions

Comparison of the Best Term Deposit Accounts

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
UBank Term Deposit	3.36%	5.61%	5.71%	5.91%	5.41%				$1000
St.George Term Deposit	2.55%	3.25%	5.45%	5.20%	5.30%	5.40%	5.70%	6.05%	$5000
Heritage Bank Term Deposit	3.00%	5.60%	3.40%	5.60%	5.50%	5.55%	5.55%	5.80%	$1000

What Makes a Term Deposit the Best for You?

Of course you are looking at term deposits because you want to grow your investment amount without having to manage a complex portfolio or endless meeting with a financial planner. So you already have some of your basic term deposit needs clear, and here are the rest of the criteria you will need to decide on, before you can match up the best term deposit:

• What is your investment aim? Is your priority in opening a term deposit account to grow your investment as much as possible, or do you want to simply deposit your investment and leave it to develop over time? Perhaps you simply have a lump sum to deposit which you want to know is safe from being spent in an account you can access. If you have a specific goal in mind with your term deposit it is important to clarify this too, are you growing your investment to pay for a wedding or a house deposit or are you investing for your child’s future or your own retirement?
• How much can you invest? How much you want to invest and how much you can invest are two very different things but you need to base your term deposit comparisons on the amount you are able to invest, in order to find the best account. The amount of your investment often determines the interest rate you will earn, but there is no point in investing a higher amount to gain a higher interest rate when you find several months into your term deposit that you need part of your investment to cover your living expenses or an emergency. Instead, be clear about the amount you can afford to invest, and base your comparisons on this amount, and find the best interest rate for this amount.
• How long are you going to invest? This can be part of your‚ how much are you going to invest’ decision because the length of your term may depend on when you need access to your investment again. If you can spare your investment as it is separate from your living expenses and general savings then choose the longest term because you will qualify for the highest interest rate. Otherwise, decide on the term which would best suit your lifestyle.
• Shop around and compare the best term deposit accounts. There are many term deposits and term deposit providers in Australia and they are all competing for your business. Therefore to find the best term deposit account for your needs take the time to compare the accounts based on your options above. For example, not all six month term deposits offer the same interest rate and some banks will have a minimum investment amount while others will offer you high interest no matter what your investment.

To compare the best term deposits in Australia, use the Savings Account Finder™ comparison tables here, where you can sort the term deposit products based on their interest rates, the terms you can choose or the minimum balance required, this can help you narrow down your search for the best term deposit account. When you have chosen an account which suits you, you can follow our secure links and start an online application today.