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It depends on the term, and banks re-price often. The term deposit leaderboard ranks the deposits BankMate lists from 60+ banks by rate, with boards for six months or less, one year, two years or more and interest paid monthly. The monthly Term deposit report shows the top and average 1-year rate month by month. Rates are read from the banks' Open Banking feeds each night.

A lump sum is held for a set term, from 1 month to 5 years among the deposits BankMate lists, at a rate fixed on the day it starts. The rate holds for the whole term even if the RBA moves the cash rate. At the end, the money comes back with its interest, or the deposit starts a new term.

The rate is quoted for a year, even on a shorter term. $10,000 at 4.50% a year for 6 months earns $225, half a year's interest; for 12 months it earns $450. Interest is worked out on the amount deposited and paid at maturity or along the way, depending on the deposit.

Not always the longest. Each bank sets a rate for each term, and a longer term can pay less than a shorter one when banks expect rates to fall. The compare page shows every term a deposit offers, and the leaderboard ranks short, 1-year and longer terms separately.

Usually a little. On 28 October 2026, across 173 deposit terms BankMate lists that a bank offers both ways, the monthly rate was lower on 151 and the same on 22, and never higher; the gap averaged 0.14 percentage points. The compare page shows the rate for each way interest can be paid.

Often, yes. Most banks write before maturity asking what to do, and if nothing is said many start a new term of the same length at the bank's rate on that day, which can be lower than the rate before. Many then allow a short grace period, often a week or two, to withdraw or change the term at no cost.

Yes, but most banks ask for 31 days' notice, and a few ask less. Most also take back part of the interest earned, often called an interest adjustment, and the earlier the withdrawal the more they take. Many banks waive the notice in financial hardship. BankMate shows each bank's own terms for breaking a deposit early.

At most of the banks BankMate lists, the smallest deposit accepted is $1,000 or less, and at almost all it is $5,000 or less. Some specials ask for more, such as $10,000. The compare page checks each deposit's smallest and largest amount against the amount you enter.

Yes, at a bank, credit union or building society licensed by APRA. The Financial Claims Scheme covers deposits up to $250,000 per person per institution, and a term deposit counts together with savings and everyday accounts at the same one. Brands that share one banking licence count as one institution.

Fixed term deposits a person can open directly with the bank. Business, SMSF, broker, adviser and wholesale deposits are left out, as are deposits only for some ages, such as over-55s or over-65s, and banks open only to one occupation or group. A rate that needs an account with the bank first is listed and says so.