Savings account vs term deposit
Bank Australia Online Saver vs term deposit
4.83% a year
5.60% a year for 1 year
Compare on
Interest over 1 year on $50,000
$2,415
4.83% a year
$2,800
5.60% a year · paid at maturity
Over 1 year on $50,000, Bank Australia Online Saver pays $2,415; Bank Australia's 12-month term deposit pays $2,800.
Worked out on $50,000 until you pick a balance
Bank AustraliaOnline Saver
Bank AustraliaTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,415
nothing to do each month
$2,800
paid at maturity
+$385 · More interest over the term
Rate over the term
a year, on $50,000
4.83%
with its announced rate of 4.85% from 19 Nov
5.60%
fixed for the term
+0.77 · Higher rate over the term
Asked of you each month
Nothing
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
4.85% announced, from 19 Nov
No
fixed for 1 year
Minimum to open
None
$500
up to $3,000,000
Who can open it
Anyone 13 or over
Anyone
How they differ
- A savings rate can change at any time. Bank Australia Online Saver's figure holds today's rate for 1 year, with its announced rate of 4.85% from 19 Nov.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Bank Australia shares that one $250,000.
Bank Australia Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
9 monthsPaid at maturity5.30%$1,988
1 yearPaid at maturity5.60%$2,800
3 yearsPaid annually5.40%$8,100
As of 9 November 2026, over 1 year on $50,000, Bank Australia Online Saver pays $2,415 with nothing to do each month; Bank Australia's 12-month term deposit pays $2,800 at 5.60%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.