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We provide links to some financial institutions. If you click through to a financial institution, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

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$1,000

4.90%

for 12 months

4.90%

for 12 months

  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

$5,000

3.45%

for 12 months

3.78%

for 24 months

  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

$1,000

4.95%

for 12 months

4.95%

for 12 months

    2024 Award Winner

  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

$5,000

4.25%

for 12 months

4.25%

for 12 months

Term Deposit
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

$5,000

4.90%

for 12 months

4.90%

for 12 months

Term Deposit - Special
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

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Compare other savings options

Promoted

ING

Savings Maximiser

Real Time Rating™
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

2024 Award Winner

*Customers must complete the following each month: 1. Deposit at least $1,000 from an external source; 2. Make 5+ settled card purchases; and 3. Grow the balance on the nominated Savings Maximiser account – i.e. make sure there’s more in the account at the end of the month (excluding interest) than there was at the end of the previous month. The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.

Maximum rate

5.50%*

p.a

Base rate

0.55%

p.a

Promoted

Westpac Banking Corporation Ltd

Westpac Life - 18 to 29 years old

Real Time Rating™
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

2024 Award Winner

*Make 5+ eligible debit card purchases on your Westpac Choice account and make at least 1 deposit into your Westpac Life Account so that your balance is higher than at the beginning of the month in your Westpac Life Account

Maximum rate

5.20%*

p.a

Base rate

2.00%

p.a

Promoted

ubank

High Interest Save Account

Real Time Rating™
  • Bonus interest with conditions
  • Online banking
  • Linked account required

*To earn bonus interest, you’ll just need to have a Spend account and deposit $200+ per month (not including internal transfers) into any of your Spend and Save accounts. Get the app and sign up in just minutes

Maximum rate

5.10%*

p.a

Base rate

0.10%

p.a

Promoted

First Option Credit Union Limited

Kids Bonus Saver < 18

Real Time Rating™
  • Bonus interest with conditions
  • App banking
  • Online banking

*Deposit at least $5 per month without making a withdrawal

Maximum rate

0.85%*

p.a

Base rate

0.05%

p.a

Term deposit providers we compare at RateCity

Who are 12-month term deposits good for?

If you have long-term saving goals, such as saving for a home loan deposit or an overseas holiday, a 12-month term deposit could help you achieve those goals.

Longer term deposits of 12 months or more often have higher interest rates than shorter term deposits of three or six months. Some financial institutions will offer an even better term deposit interest rate if you are willing to invest a larger sum. 

It's important to compare different options before making an application, and work out if a 12-month term deposit would suit your financial goals.

What should I know about 12-month term deposits?

In banking circles, a 12-month term is considered a short term deposit, and anything longer is considered a long term deposit. In most cases, you won’t be able to easily access the money you deposit during the 12-month term without incurring penalties such as fees. Keep this in mind when you’re planning your budget. 

Some 12-month special term deposits feature higher interest rates or other introductory offers to attract new customers. While these specials can be rewarding in the right circumstances, keep in mind that these special offers likely won’t last forever. For example, if you received a special high interest rate as an introductory bonus on a term deposit, if you were to roll over your savings at the end of the term, you may revert to a lower interest rate for the next term.

When the 12-month special term deposit reaches the end of its term and matures, you’ll have some choices to make. You could withdraw the money to use elsewhere, exercise the rollover option to automatically reinvest the money with the same bank, or place the money in a different term deposit, perhaps with a different bank. It’s important to compare the different options before making a decision to you can be confident that you’re making the best choice for your situation. 

What are the costs and benefits of 12-month term deposits?

Many term deposits can be opened for free, with just a few online clicks. However, some banks may insist on a personal approach and require that you visit a branch to apply. There is usually no limit to the number of term deposits you can open. 

You may need to deposit more than a minimum amount (e.g. $1000 or more) to open a 12-month term deposit. This interest you earn on this amount may be paid monthly, quarterly, biannually, annually or on maturity (at the end of the term). In some cases this interest may be paid back into your term deposit, where it can earn compound interest, or it may be paid into a bank account of your choice to help support your household budget. Term deposits that pay interest more frequently or offer compound interest may have lower interest rates than term deposits that pay interest on maturity. It’s important to compare the available options to make sure you choose a term deposit that should suit your needs. 

In many cases, you won’t be able to take money out of your term deposit before the 12-month term ends. Some term deposits do allow early withdrawals, but these may mean paying penalty fees or receiving lower interest rates. If possible, budgeting to avoid an early withdrawal penalty may be able to help you get the most out of a 12-month term deposit. 

Are 12-month term deposits safe?

If you’re worried about the safety of your term deposit, in the unlikely event that your bank collapses, the Australian government guarantees deposits of up to $250,000 in authorised deposit-taking institutions (ADIs).

Promoted term deposits

Promoted

Judo Bank Pty Ltd

Personal Term Deposit

Real Time Rating™
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

2024 Award Winner

Interest rate

4.95%

p.a

for 12 months

Min deposit

$1,000

Next rate increased

5.00%

p.a

for 6 months

Max rate

4.95%

p.a

for 12 months

Promoted

Unity Bank Limited

Term Deposit

Real Time Rating™
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email
Interest rate

4.90%

p.a

for 12 months

Min deposit

$1,000

Next rate increased
Max rate

4.90%

p.a

for 12 months

Promoted

Adelaide Bank

Term Deposits

Real Time Rating™
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email
Interest rate

3.45%

p.a

for 12 months

Min deposit

$5,000

Next rate increased

3.47%

p.a

for 12 months

Max rate

3.78%

p.a

for 24 months