Who are the big four banks in Australia?

Commonwealth Bank, Westpac, NAB and ANZ, the country's four largest banks. Several also own other brands, such as Bankwest, St.George Bank and Suncorp Bank, that offer term deposits under their own names.

Do the big four banks pay good term deposit rates?

Their best rates can be competitive at the terms they are promoting, but they are often a little below smaller and online banks, and their rates at other terms can be noticeably lower. The rate at the exact term is the one that matters.

What happens when my term deposit matures?

You usually get a short grace period to withdraw the money or change the term. With no instructions, many banks reinvest it for the same term at the rate on offer that day, while Commonwealth Bank moves it to a holding facility. Either can pay less than the rate you started on.

Can I take my money out early?

Usually, but most banks ask for 31 days' notice and reduce the interest they pay you. Banks can waive the notice period in cases of hardship. That is why term deposits are commonly used for money that will not be needed for the term.

Is my money safer with a big four bank?

For deposits up to $250,000, no. The Financial Claims Scheme guarantees deposits up to that amount per account holder at every bank, building society and credit union authorised by APRA, large or small.

Do the brands the big four own share the $250,000 guarantee?

Brands that operate under the same banking licence do. Bankwest shares Commonwealth Bank's, and St.George Bank, Bank of Melbourne and BankSA share Westpac's. Money held across those brands counts towards one $250,000 cap.

Does interest paid monthly or at maturity pay more?

Interest at maturity usually comes with the highest rate. Monthly, quarterly or annual payments provide an income from the interest, but they often come with a slightly lower rate.

Big 4 Term Deposits

The big four are Commonwealth Bank, Westpac, NAB and ANZ, and each prices its term deposits term by term, so the bank with the best 6-month rate is often not the one with the best 12-month rate. Their sharpest rates usually sit at a few terms they are promoting, with lower standard rates in between, and a deposit left to roll over at maturity can land on one of those lower rates. Rates here reach up to 5.30% with ANZ's ANZ Advance Notice Term Deposit.

Rates checked against every provider’s own published data on 19 Oct 2026

	Term length	Interest paid		Actions
ANZ	Max rate5.30%	Term length1 mo–4 yr	Interest paidAt maturity	Interest earnings$530	Compare ANZ ANZ Advance Notice Term Deposit	Enjoy the certainty of fixed returns over the investment term of your choice
Commonwealth Bank	Max rate5.30%	Term length1 mo–5 yr	Interest paidAt maturity	Interest earnings$530	Compare Commonwealth Bank Standard Term Deposit	Feel confident knowing exactly how much your money will earn. Lock-in a competitive interest rate from as short as 1 month to as long as 5 years.
NAB	Max rate5.30%	Term length4 mo–5 yr	Interest paidAt maturity	Interest earnings$530	Compare NAB NAB Term Deposit	Enjoy a competitive interest rate and the ability to choose a term that suits your needs
Westpac	Max rate5.20%	Term length1 mo–5 yr	Interest paidMonthly	Interest earnings$533	Compare Westpac Term Deposit	Term Deposit Fixed Rate Savings. After a fixed return on your investment? Open or renew a Term Deposit now online or in-branch.
Commonwealth Bank	Max rate5.10%	Term length3 mo–2 yr	Interest paidAt maturity	Interest earnings$510	Compare Commonwealth Bank Farm Management Deposit account (Fixed Term)	A tax-effective investment that allows primary producers to set aside pre-tax income as a cash reserve for later years.
Commonwealth Bank	Max rate5.10%	Term length30 mo–4 yr	Interest paidHalf-yearly	Interest earnings$517	Compare Commonwealth Bank TD Immigration (DIMIA) Bank Guarantee	A Term Deposit opened for the specific purpose of providing security for a bank guarantee required by the Commonwealth Government in relation to their requirement for an assurance of support.
NAB	Max rate5.10%	Term length6 mo–2 yr	Interest paidAt maturity	Interest earnings$510	Compare NAB NAB Farm Management Deposit	Our Farm Management Deposit can help you manage risks in these tough times. We’re now also offering an interest rate concession on eligible business loans to customers with a FMD.
Westpac	Max rate4.75%	Term length1 mo–5 yr	Interest paidMonthly	Interest earnings$485	Compare Westpac Farm Management Deposit account	The FMD scheme is a government initiative that helps farmers save money during good years. This money can be used later in tough times to help keep their income.
Commonwealth Bank	Max rate3.90%	Term length5 yr	Interest paidHalf-yearly	Interest earnings$394	Compare Commonwealth Bank TD Parent Visa Bank Guarantee	A Term Deposit opened for the specific purpose of providing security for a bank guarantee required by the Commonwealth Government in relation to their requirement for an assurance of support.
ANZ	Max rate0.15%	Term length1 mo–4 yr	Interest paidMonthly	Interest earnings$15	Compare ANZ ANZ Term Deposit	Enjoy the security of a fixed rate of interest over the investment term of your choice.
Westpac	Max rate—	Term length—	Interest paid—	Interest earnings—	Compare Westpac Foreign Currency Term Deposit	A Foreign Currency Term Deposit (FCTD) is a type of term deposit product that allows you to invest foreign currency with Westpac for a fixed term. Westpac pays you interest at a fixed interest rate…

Who the big four are

The big four are Australia's four largest banks: Commonwealth Bank, Westpac, NAB and ANZ. Several of them also own other brands that offer term deposits under their own name:

Commonwealth Bank owns Bankwest.
Westpac owns St.George Bank, Bank of Melbourne and BankSA.
ANZ owns Suncorp Bank, which it acquired in 2024.

The table above shows term deposits from the four parent brands only. The brands they own set their own rates, sometimes higher, and are listed as banks in their own right.

How big four term deposit rates work

A term deposit pays a fixed rate for a fixed term, anywhere from one month to five years. The majors set a separate rate for each term, and their best rates are usually at a handful of terms they are promoting at the time, with noticeably lower rates at the terms in between. The rate can also depend on the amount deposited and how often interest is paid, so each combination has its own rate.

The table can include specialist accounts, such as Farm Management Deposits for primary producers and business term deposits, which are only open to eligible customers.

The maturity date

What happens at the end of the term matters as much as the rate you start on. Without instructions, many banks reinvest the money for the same term at the rate on offer that day, which may be a standard rate rather than a special. Commonwealth Bank instead moves it to a holding facility that can pay a lower rate. There is usually a short window after maturity, often around a week, to withdraw or change the term without penalty.

Breaking a term deposit early

A term deposit is built to be left alone. If you need the money before maturity, most banks, the majors included, ask for 31 days' notice and reduce the interest they pay, sometimes sharply. That is why term deposits are commonly used for money that will not be needed for the term, with an emergency buffer held in a big four savings account or one from another bank.

What it can cost you

The majors' best term deposit rates are often a little below the top of the market, where smaller banks and online banks compete hardest. As a rough guide, on a $50,000 deposit for 12 months every 0.25% of rate difference is worth about $125 in interest. On a larger deposit, or a longer term, the gap grows.

Your money is protected the same way

Every bank in this table is an authorised deposit-taking institution (ADI) supervised by APRA, and the Financial Claims Scheme guarantees deposits up to $250,000 per account holder, per ADI. The same guarantee covers smaller banks, customer-owned banks and online banks, so for deposits under the cap the size of the bank does not change how safe your money is.

Brands that operate under the same banking licence share a single $250,000 cap. Bankwest is part of Commonwealth Bank, and St.George Bank, Bank of Melbourne and BankSA are part of Westpac. Suncorp Bank, although owned by ANZ, still holds its own banking licence and so has its own cap for now. Its customers are due to move to ANZ by June 2027, after which the two may share a single cap. APRA's register of ADIs shows which brands are separate institutions.

Big four or a smaller bank?

Smaller banks, customer-owned banks and online banks often pay more at the same term, partly because they run fewer branches and compete on rate to win deposits. The trade is an account with a bank that may be new. For deposits under $250,000, the guarantee is the same either way.

Where the majors sit against the rest of the market shows in short term deposits, 6 to 12-month term deposits, 1 to 3-year term deposits and 3 to 5-year term deposits across every bank, and in the full market on the term deposits hub.

How big four term deposits compare

The term comes first, since it follows when the money will be needed, and the rate at that term varies across all four banks. How interest is paid matters too: at maturity, or monthly, quarterly or annually for an income, since more frequent payments often come with a slightly lower rate. The minimum deposit and the bank's rollover rules complete the picture, and term deposits can be compared side by side.

Already with a major? The rollover

At maturity, a bank's current specials and other banks' rates at the same term are the comparison for the rollover rate. Moving the money during the grace period costs nothing, and on a larger deposit some banks will match a rate from elsewhere.

This is general advice only, not personal advice. We are a comparison service, not a bank.

Glossary

The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.

Term	What it means
Authorised deposit-taking institution (ADI)	A bank, building society or credit union licensed by APRA to take deposits.
APRA	The Australian Prudential Regulation Authority, which licenses and supervises banks and other deposit-takers.
Big four	Commonwealth Bank, Westpac, NAB and ANZ, Australia's four largest banks.
Farm Management Deposit	A deposit for eligible primary producers that lets them set aside pre-tax income in good years and draw on it in lean ones, with tax concessions.
Financial Claims Scheme (FCS)	A government guarantee protecting deposits up to $250,000 per account holder, per ADI.
Grace period	The short window after maturity when you can withdraw or change a term deposit without penalty.
Interest payment frequency	How often a term deposit pays interest: at maturity, or monthly, quarterly or annually.
Maturity	The date a term deposit reaches the end of its term and the money and interest become available.
Notice period	The notice a bank asks for before releasing a term deposit early, commonly 31 days.
Rollover	Reinvesting a matured term deposit for a new term, which many banks do automatically unless told otherwise.

Term

What it means

Authorised deposit-taking institution (ADI)

A bank, building society or credit union licensed by APRA to take deposits.

APRA

The Australian Prudential Regulation Authority, which licenses and supervises banks and other deposit-takers.

Big four

Commonwealth Bank, Westpac, NAB and ANZ, Australia's four largest banks.

Farm Management Deposit

A deposit for eligible primary producers that lets them set aside pre-tax income in good years and draw on it in lean ones, with tax concessions.

Financial Claims Scheme (FCS)

A government guarantee protecting deposits up to $250,000 per account holder, per ADI.

Grace period

The short window after maturity when you can withdraw or change a term deposit without penalty.

Interest payment frequency

How often a term deposit pays interest: at maturity, or monthly, quarterly or annually.

Maturity

The date a term deposit reaches the end of its term and the money and interest become available.

Notice period

The notice a bank asks for before releasing a term deposit early, commonly 31 days.

Rollover

Reinvesting a matured term deposit for a new term, which many banks do automatically unless told otherwise.

Common questions

Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. This page is general advice only, not personal advice. CompareThat is not a bank. Payment can change where a product appears, never which products we show.