Who offers the best term deposit rates in Australia?
You can find the deposit interest rates comparison on this webpage. Our analysts have researched the interest rates of Australian banks and selected the most competitive offers for your consideration.
From what age can I open a term deposit?
Individuals typically need to be at least 18 years old to open a term deposit account independently. Minors may open term deposit accounts under specific conditions. This often requires a parent or legal guardian to act as a joint account holder or trustee.
Calculate future income on a 1-year term deposit (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 4.30% | 1,075 |
| 25,000 | 4.35% | 1,088 |
| 25,000 | 4.40% | 1,100 |
| 50,000 | 4.45% | 2,225 |
| 50,000 | 4.50% | 2,250 |
| 50,000 | 4.55% | 2,275 |
| 90,000 | 4.60% | 4,140 |
| 90,000 | 4.65% | 4,185 |
| 90,000 | 4.70% | 4,230 |
| 200,000 | 4.75% | 9,500 |
| 200,000 | 4.80% | 9,600 |
| 200,000 | 4.85% | 9,700 |
Can I withdraw money earlier from a term deposit?
Yes, but it typically incurs penalties or fees. The penalties can include a reduction in the interest earned on the deposit, forfeiting a portion of the interest, or paying a flat fee.