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.