Long Term Deposits

A long term deposit fixes your rate for more than a year, up to five years, so the return is known in advance whichever way market rates move. Longer does not always pay more, since banks price each term on where they expect rates to go, and breaking early usually costs notice and part of the interest. Rates here reach up to 5.65% with Judo Bank's Personal Term Deposits.

Rates checked against every provider’s own published data on 30 Oct 2026

Last updated 30 Oct 2026 · Who wrote this

Written by Joshua PevyReviewed by Jordan PearceLast updated 30 Oct 2026How We Rank This PageEditorial StandardsOur Writers

Comparing 181 products

Depositing $10,000 over 2 years at the highest shown:

Top rate: 5.65% p.a.
Interest earned: $1,151
Balance after 2 years: $11,151

Estimate only, based on Judo Bank’s highest advertised rate. Each product is priced at its own rate for this term and its own interest-payment schedule, so a deposit paying at maturity earns simple interest.

		Term length	Interest paid		Actions
Bank Australia	Max rate5.30%	Term length3 yr	Interest paidMonthly	Interest earnings$1,116	Compare Bank Australia Monthly Term Deposit 36 months	The fixed term deposit making a positive difference to more than just your bank balance.
Community First Bank	Max rate5.30%	Term length23 mo	Interest paidMonthly	Interest earnings$1,116	Compare Community First Bank Term Deposits - 12 Months Interest Monthly	Lock in a fixed return for your savings at a competitive interest rate for 12 months. A Community First term deposit is a safe and secure way to invest your money when you want certainty.
Community First Bank	Max rate5.30%	Term length35 mo	Interest paidAnnually	Interest earnings$1,088	Compare Community First Bank Term Deposits - 24 Months Interest on Maturity	Lock in a fixed return for your savings at a competitive interest rate for 2 years. A Community First term deposit is a safe and secure way to invest your money when you want certainty.
Rabobank	Max rate5.30%	Term length2 yr–5 yr	Interest paidAt maturity	Interest earnings$1,020	Compare Rabobank Rural Term Deposit	With a Term Deposit, you can make the most of your money with fixed returns to maximise your savings.
Great Southern Bank	Max rate5.25%	Term length13 mo–5 yr	Interest paidMonthly	Interest earnings$864	Compare Great Southern Bank Standard Rate Term Deposit 13-60 months (M)	Term Deposit between 13 to 60 months with interest paid monthly.
ING	Max rate5.25%	Term length2 yr	Interest paid—	Interest earnings$1,050	Compare ING Personal Term Deposits	A high interest rate guaranteed for the term. You choose the timeframe.
MOVE Bank	Max rate5.25%	Term length2 yr	Interest paidAt maturity	Interest earnings$1,050	Compare MOVE Bank Term Deposit
People First and Heritage Bank	Max rate5.25%	Term length2 yr–5 yr	Interest paidAt maturity	Interest earnings$1,050	Compare People First and Heritage Bank Term Deposit	Let us help you reach your investment goals sooner with a high interest term deposit.
Bank of Queensland	Max rate5.20%	Term length2 yr–4 yr	Interest paidMonthly	Interest earnings$1,094	Compare Bank of Queensland Premier Investment Term Deposit	Rewarding you with higher interest on balances over $5,000. Enjoy the security of a fixed rate for your nominated term
bankWAW	Max rate5.20%	Term length2 yr	Interest paidQuarterly	Interest earnings$1,089	Compare bankWAW Farm Management Deposit 12-24 months interest quarterly
bankWAW	Max rate5.20%	Term length18 mo	Interest paidAnnually	Interest earnings$1,067	Compare bankWAW Limited Offer 18 months
Community First Bank	Max rate5.20%	Term length35 mo	Interest paidMonthly	Interest earnings$1,094	Compare Community First Bank Term Deposits - 24 Months Interest Monthly	Lock in a fixed return for your savings at a competitive interest rate for 2 years. A Community First term deposit is a safe and secure way to invest your money when you want certainty.
Community First Bank	Max rate5.20%	Term length3 yr	Interest paidAnnually	Interest earnings$1,067	Compare Community First Bank Term Deposits - 36 Months Interest on Maturity	Lock in a fixed return for your savings at a competitive interest rate for 3 years. A Community First term deposit is a safe and secure way to invest your money when you want certainty.
Commonwealth Bank	Max rate5.20%	Term length13 mo–5 yr	Interest paidAt maturity	Interest earnings$1,040	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.
Dnister	Max rate5.20%	Term length18 mo	Interest paidAt maturity	Interest earnings$1,040	Compare Dnister Term Deposit - 18 Months	Make the most of your savings and invest with our 18 month Term Deposit.
The Mutual Bank	Max rate5.20%	Term length2 yr–3 yr	Interest paidHalf-yearly	Interest earnings$1,081	Compare The Mutual Bank Term Deposit	A Term Deposit which offers a fixed rate for terms up to 36 months.
Suncorp Bank	Max rate5.20%	Term length2 yr	Interest paidAt maturity	Interest earnings$1,040	Compare Suncorp Bank Farm Management Term Deposit	A Farm Management Deposit Account (FMDA) Term Deposit is for primary producers who can take advantage of the tax benefits available under the Farm Management Deposits (FMD) scheme. The FMDA Term…
Auswide Bank	Max rate5.15%	Term length13 mo–61 mo	Interest paid—	Interest earnings$1,030	Compare Auswide Bank Maturity Term Deposit	A term deposit that pays interest on maturity
MyState Bank	Max rate5.15%	Term length2 yr	Interest paidAt maturity	Interest earnings$1,030	Compare MyState Bank Online Term Deposit	If you have money to invest, and you want reliable investment returns, a term deposit from MyState Bank may be just what you need.
MyState Bank	Max rate5.15%	Term length15 mo–3 yr	Interest paidAt maturity	Interest earnings$1,030	Compare MyState Bank Regular Term Deposit	If you have money to invest, and you want reliable investment returns, a term deposit from MyState Bank may be just what you need.

Looking for more products?

This table is a starting selection. Use the filters to see more Term Deposits.

Rates and fees are sourced from each provider’s CDR Product Reference Data where the provider publishes it.

Important information

About this table: using the data available to us, we have tried to show products that match this table’s title. This table does not compare all products, and there may be products with a higher rate in the market that are not shown here. Do your own research to find a product that suits your needs and financial goals. See how we choose products for tables like this.

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Rates, fees and charges are subject to change without notice. Before acting on any information shown here, you should confirm the rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best”, these relate solely to the rates of interest offered by the provider and not to any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

This table does not compare every feature that may be relevant to you. Products are selected for relevance to the table and to the filters applied. They are not suggestions or recommendations, and the order they appear in is not a ranking of suitability. Changing the filters will surface further relevant products. See how we sort and rank products.

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This information is general in nature. It does not take into account your objectives, financial situation or needs, and it is not a recommendation to apply for or hold any particular product. You should read the provider’s Key Facts Sheet, Target Market Determination and terms and conditions before deciding. CompareThat compares products. We do not arrange, approve or process applications.

What is a long term deposit?

A long term deposit holds your money for more than a year, most often two, three or five years, at a rate fixed for the whole term. It suits money you are confident you will not need in that time, and savers who want a known return rather than one that moves with the market.

Locking in for years: the trade-off

A long term fixes today's rate for longer. If rates fall, you keep earning the rate you locked in. If they rise, you stay on it while new deposits pay more. A longer term does not always pay a higher rate either: banks price each term on where they expect rates to go, so rates can flatten or even fall at the long end. Average term deposit rates shows today's rates across terms from the banks we compare.

2 year, 3 year or 5 year?

Each row in the table shows the deposit's best rate between 13 months and five years, with its term. Compare the rate at the exact term you want, since the same bank can pay more at two years than at five. If a year is long enough, 12 month term deposits compares that term on its own.

How interest is paid

On terms longer than a year, many banks pay interest annually, and some offer monthly or quarterly payments at a slightly lower rate. Interest paid out to you does not earn interest itself unless you reinvest it, so the payment option changes what you end up with over several years. At maturity, many deposits roll over into a new term at whatever rate is on offer then unless you tell the bank otherwise.

Breaking a long deposit early

Breaking a long deposit early is deliberately unattractive. Most banks require 31 days' notice and reduce the interest earned on a sliding scale, by more the earlier you break, and on a long term that can cost more in dollars. Only lock away money you can leave alone for the whole term. Breaking a term deposit early shows how the reduction is worked out.

Your money is protected

Deposits with an Australian bank, building society or credit union are protected by the Financial Claims Scheme up to $250,000 per account holder, per authorised deposit-taking institution. Over several years interest adds to the balance, so a deposit near the cap can grow past it.

How long term deposits compare

Compare the rate for the exact term, the interest payment options, the break terms and what happens at maturity. The term deposits hub compares every term side by side, and the term deposit rate tracker shows how the market's rates have moved.

This is general information, not financial advice. We are a comparison service, not a bank.

Expert view

“A long term deposit is a view on where rates are heading, and the bank prices in the same view. Check the rate for each term before assuming five years pays more, and only commit money you will not need, because breaking early gives back much of what the extra years earned.”

Jordan Pearce

Senior finance writer, CompareThat

Glossary

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

Term	What it means
Term deposit	Money held for a fixed term at a fixed interest rate.
Fixed rate	A rate locked in for the whole term, unaffected by market movements during it.
Maturity	The date a term deposit ends and the money plus interest becomes available.
Rollover	Reinvesting a matured deposit into a new term, often automatically, at the rate on offer at the time.
Interest payment frequency	How often interest is paid: monthly, quarterly, annually or at maturity.
Notice period	The notice a bank requires before an early withdrawal, commonly 31 days.
Early withdrawal interest reduction	The cut to the interest earned when a term deposit is broken before maturity, usually larger the earlier it is broken.
Financial Claims Scheme (FCS)	The Australian Government guarantee covering deposits up to $250,000 per account holder, per authorised deposit-taking institution.

Common questions

Do 5 year term deposits pay more than 1 year deposits?

Not always. Each bank prices every term on where it expects rates to go, so a long term can pay less than a shorter one when rates are expected to fall. Compare the rate for each term rather than assuming a longer term pays more.

What happens if rates rise after I lock in?

You stay on the rate you locked in until the term ends, so you would miss out on higher rates in the meantime. That certainty is the point of a long term, and it cuts both ways.

Can I get my money out of a long term deposit early?

Usually only with notice, commonly 31 days, and an interest reduction that is larger the earlier you break. A long term is for money you can leave untouched.

How is interest paid on a long term deposit?

Usually annually, and on some deposits monthly or quarterly at a slightly lower rate. Interest paid out to you does not compound unless you reinvest it.

Is my money guaranteed?

Deposits with an Australian bank, building society or credit union are protected by the Financial Claims Scheme up to $250,000 per account holder, per authorised deposit-taking institution (ADI). Brands that share one banking licence share one $250,000 cap.

The Numbers Behind This Market

What this market is paying or charging on average right now, and the official figures behind it.

Why you can trust CompareThat

We are not a lender, broker or bank. Product data comes straight from each provider’s own Consumer Data Right feed (Australia’s official open banking system) and is refreshed daily, so what you see reflects published rates and fees, not a sales pitch.

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Sourced from each provider’s CDR Product Reference Data, refreshed daily.
Payment can change where a product appears, never which products we show.
General advice only, not personal advice. CompareThat compares; it does not recommend.

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.