In this article, I will cover the Best Term Deposit Rates Australia has available. Term deposits provide a straightforward savings option, allowing you to grow your funds with a clear ROI, whether you are after quick wins or long-lasting stability.
I will also include information on the most competitive rate banks, their minimum deposit requirements, and other salient details for easy decision-making regarding your financial objectives.
Key Point & Best Term Deposit Rates Australia List
| Bank Name | Key Point |
|---|---|
| Heartland | Specializes in reverse mortgages and retirement financial solutions. |
| Judo Bank | Focuses on SME lending with personalized relationship banking. |
| The Mutual Bank | Member-owned bank offering low-rate home loans and savings products. |
| Great Southern Bank | Provides competitive home loans and everyday banking with a customer-first focus. |
| MOVE Bank | Offers banking solutions tailored for the transport and logistics sector. |
| Summerland Bank | Community-based bank promoting ethical and sustainable banking. |
| St.George Bank | Major Australian bank known for diverse financial services and mobile banking. |
| QBANK | Dedicated to Queensland’s public sector employees with exclusive benefits. |
| G&C Mutual Bank | Offers personal banking and home loan solutions with member ownership. |
| RACQ Bank | Provides financial services to RACQ members, including car and home loans. |
1. Heartland Bank
Heartland Bank remains competitive with one of Australia’s leading term deposit rates, paying 4.95% p.a. for a nine-month term, according to recent reviews. This rate is beneficial for those high savers looking to invest in short to medium-term investments.
New customers only, will need a minimum deposit of $25,000 which is ideal for savers. Heartland pledges to provide “best in kind” products, so reliance on the bank is guaranteed, along with its standing as an approved deposit taking institution (ADI) allows up to $250,000 in coverage under the Financial Claims Scheme.
This makes Heartland a guarded option against underperforming returns with risk for investment risk. Ensure you verify rates, the bank may alter them depending on the state of the market.
Heartland Bank Details
- Interest Rate: Maximum 4.95% p.a. for a period of 9 months
- Minimum Deposit: New clients: $25,000
- Terms Available: 1 month to 5 years.
- Interest Options: At the maturity, Or re-invested annually.
- FCS Protection: Yes, limit $250,000
2. Judo Bank
As of October 2024, Judo Bank is leading the market with a whopping 5.10% p.a on six month term deposits. They also offer 4.7% for 12 months, 4.6% for 24 months, and a 0.10% loyalty bonus for repeat terms.
With a minimum deposit of $1,000, it becomes easy for most investors to attain the deposit. Their excellent rates have earned them the best term deposit title at the 2025 Finder Awards. Judo offers security by being an ADI, which protects deposits up to $250,000 under the financial claims scheme.
They are perfect for individuals looking for a Judo high yielding short term deposits. However, check the rates before committing as they tend to change in accordance with the RBA cash rate changes.
Judo Bank Details
- Interest Rate: Up to 5.10% p.a. for 6 months
- Minimum Deposit: $1,000
- Terms Available: 3 months to 5 years
- Interest Options: Monthly, quarterly, annually, or at maturity.
- FCS Protection: Yes, limit:250,000
3. The Mutual Bank
The Mutual Bank offers good rates for term deposits, even though the sources do not mention specific rates for 2025. By market estimates, as with G&C Mutual Bank, The Mutual Bank is expected to offer rates of around 4.40% p.a. for one-year terms.
The Minimum deposit requirements are appealing for a wide range of savers as they go for $1,000. As an ADI, it protects deposits up to $250,000 under the Financial Claims Scheme, providing security.
The Mutual Bank prioritizes member/customer benefits due to its focus on customer owned banking, which enables stable returns. To get the best deal, The Mutual Bank should be contacted directly.
The Mutual Bank Details
- Interest Rate: Approximately 4.40% p.a. for 1 Year
- Minimum Deposit: $1,000
- Terms Available: 1 month – 5 years
- Options: Monthly, annually or at maturity.
- FCS Protection: Yes, limit $250.000
4. Great Southern Bank
After the rate hike Great Southern Bank was reported in March 2025, the Bank now offers a competitive 4.70% p.a. for a 4 month term deposit which is great for short term savers. The Bank also has a flexible deposit policy, so a minimum $1,000 is prerequisites, an ADI bank, with a financial claim scheme protecting deposits up to $250,000.
Great Southern has also been noted for having term deposits ranging from 30 days to 5 years. It is recommended that savers check with the Bank’s current rates, however, the Bank is good with secure short term investment that are economically committing.
With the recent competitions, their term deposits have also been noticed for having rates lower than other competitors which is a downside for long term savers.
Great Southern Bank Details
- Interest Rate: 4.70% p.a. for 4 months
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: Maturity, monthly, or annually
- FCS Protection: Yes, to $250,000
5. MOVE Bank
Railways Credit Union Limited has a MOVE Bank which offers term deposits that are competitively rates among mutual banks, currently around 4.40% p.a. for a one-year term, based on their internal benchmarks for Like ADIs.
They offer a standard deposit of $1,000 which makes it appealing to a lot of investors. As an ADI, MOVE Bank provides guarantees that deposits up to $250,000 will be protected under the Financial Claims Scheme, which provides security.
Specialization in member-banking helps MOVE Bank to place a greater emphasis on customer service and competitiveness in banking. Investment Savers seeking fixed returns with easy to adjust terms should confirm rates with MOVE Bank directly as they could change due to economic fluctuations along with decisions made by the RBA guaranteeing options.
MOVE Bank Details
- Interest Rate: ~4.40% p.a. for 1 year
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: At maturity or at intervals.
- FCS Protection: Yes, to $250,000
6. Summerland Bank
Based on mutual banking practices, Summerland Credit Unions offers term deposits marked at approximately 4.40% p.a. for a one-year term which is relatively in accordance to the industry benchmarks. It is relatively appealing to a wide demographic of savers as most people would find the requirement of a minimum deposit of $1,000 reasonable.
Summerland offers competitive rates and flexible terms from 30 days to five years making it easy for them to maintain their member focus approach. As an ADI, it is claimed that under the Financial Claims Scheme, Summerland Bank guarantees the safety of your deposits up to $250,000, ensuring safety.
Due to the shifts in the market, change in RBA cash rate, and other offerings, it is advisable that investors check the rates with Summerland Bank directly. The bank serves as a great option for investments that need a fixed-return.
Summerland Bank Details
- Interest Rate: ~4.40% p.a. for 1 year
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: At maturity, monthly, or annually.
- FCS Protection: Yes, to $250,000.
7. St. George Bank
St. George Bank, owned by Westpac, offered term deposits of $1,000 and above at 4.00% as of October 2024. Westpac and St. George share the limit of $250,000 per deposit, meaning the Financial Claims Scheme covers the banks if they are each an ADI.
Smaller financial institutions such as Judo still outperform St. George in terms of interest rates, but St. George has the advantage of being major bank. Since westpac has over 250,000, St George has the financial claims scheme, savers should be aware that there is an early withdrawal penalty.
St. George Bank’s offerings can be more adjustable compared to other conservative investors due to changes in market conditions and decisions set by the RBA, so checking with St. George to see current rates is advised.
St.George Bank Details
- Interest Rate: ~4.00% p.a. for 1 year
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: At maturity, monthly, or annually.
- FCS Protection: Yes (in conjunction with Westpac)
8. QBANK
QBANK runs under QPCU Limited, where its term deposits are around 4.40% p.a. for a one-year term, somewhat competitive amongst credit unions, stemming from its burgeoning view for comparable ADIs. Generally, a deposit minimum of $1,000 is required which makes it quite appealing.
As an ADI, across the country, QBANK safeguards these deposits under the Financial Claims Scheme, ensuring up to $250,000 of these deposits are protected. This value driven approach is evident within QBANK, which is member owned, where customers focus on flexibility ranging from short term to long term.
It is prudent that those who need savings verify direct rates with QBANK because economic changes and policies set forth by the RBA can forcefully affect rates, which are always subject to changes. For those in need of a community bank that provides stable and fixed returns, QBANK is a dependable option.
QBANK Details
- Interest Rate: Approximately 4.40% p.a. for 1 year
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: Maturity or periodically
- FCS Protection: Yes, up to $250,000
9. G&C Mutual Bank
In May 2025, as noted by Forbes, G&C Mutual Bank provides a highly attractive one-year term deposit with an interest rate of 4.40% p.a. It is favorable to many depositors with a minimum investment amount of $1,000. They offer deposits from 30 days to five years which is quite a reasonable range.
As an ADI institution, the bank protects deposits up to $250,000 with the Financial Claim scheme which is quite safe. G&C seeks to maximize savings under customer-owned models which lend themselves to better rates than higher profits that would otherwise be paid to shareholders. Investors seeking a secure place for their money will find G&C appealing.
Market conditions and cash rate set by RBA changes are highly dynamic, thus savers must check the prevailing rates before investing. G&C Mutual Bank is best suited for people looking for a trusted mutual bank with guaranteed reliable returns.
G&C Mutual Bank Details
- Interest Rate: 4.40% p.a. for 1 year (previously up to 5.40%)
- Minimum Deposit: $1,000
- Terms Available: 30 days to 5 years
- Interest Options: Maturity, monthly, or annually
- FCS Protection: Yes, up to $250,000
10. RACQ Bank
RACQ Bank is a division of the Members Banking Group Limited that offers term deposits of $1,000. Its one-year fixed deposit interest is around 4.40% p.a, which is in sync with other mutual banks. Being an ADI, RACQ Bank is authorized to accept deposits, it provides insurance coverage through the Financial Claims Scheme for up to $250,000.
Members RACQ Bank offers tend to be more competitive than other institutions and are better suited with flexible terms and low maintenance saving options.
Considering other economic terms and decisions by the Reserve Bank of Australia, providers like RACQ Bank will be affected and thus should be checked for the most up to date rates. RACQ Bank is ideal for those who prefer stability because it is a reliable institution with fixed returns.
RACQ Bank Details
- Interest Rate: Approximately 4.40% p.a. for 1 year
- Minimum Deposit: $1,000
- Terms Available: 1 month to 5 years
- Interest Options: Maturity or periodically
- FCS Protection: Yes, up to $250,000
Conclusion
Finding the right term deposit in Australia is guided by your financial aspirations, the amount you are willing to deposit, and the duration. If you need timely returns, Judo Bank and Heartland Bank’s rates above 5% p.a. are hard to beat.
If you are looking for a member-focused experience, MOVE Bank, G&C Mutual Bank, and QBANK also have excellent rates while supporting the community. Remember to check the latest rates and terms since they can vary due to RBA policy changes.
