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Grow your wealth: top term deposits for September 2023
The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in September. Given this decision, many banks will also likely leave interest rates unchanged. This may be a strategic moment to consider stashing some of your savings in a term deposit.
This is the fourth time in six months that the central bank has paused its more than year-long rate hike cycle. While there may be another rate rise this year, it’s likely we’re close to the peak.
Analysts at three of the big four banks don’t anticipate any further increases to the cash rate this year. However, NAB still maintains its prediction that one more hike could occur in late 2023. We could now see cash rate cuts as soon as March 2024.
If you’re considering putting away some of your hard-earned savings, you may want to compare several term deposit accounts to discover those offering the most attractive rates and features that fit your savings goals.
It’s important to be aware that not all banks have increased their term deposit rates in line with the RBA’s cash rate rises. However, a few banks are offering rates above 4.75%, with the highest at 5.25%.
Consider short term deposits
Term deposits are considered a relatively safe and practical option compared to other investments, such as property and shares. If you are considering investing your savings but don’t want to tie up all your funds for a long period of time, consider a short-term deposit. These can be an attractive option for investors seeking to grow their money for up to a year.
Common short-term deposits are 30 days, 60 days, 90 days, 120 days, 180 days and 12 months. Typically, the longer the term the higher the interest rate, but this may differ between financial institutions.
High interest 1-year term deposits
A year could be the time it takes to grow your wealth using a term deposit. Compare interest rates, returns, fees and more, and find a term deposit ideal for your financial situation.
Personal Term Deposit (At Maturity)
- 3 months
- Automatic maturity rollover
- Joint application available
Be rewarded for your saving, thanks to a bonus 0.10% loyalty bonus when you roll over your term deposit.
4.85%
for 3 months
$1,000
Personal Term Deposit (At Maturity)
- 3 months
- Automatic maturity rollover
- Joint application available
Be rewarded for your saving, thanks to a bonus 0.10% loyalty bonus when you roll over your term deposit.
4.85%
for 3 months
$1,000
High interest 3-year term deposits
Three year term deposits can be an excellent choice if you’re seeking a secure and stable place to park your cash. You may also enjoy a higher overall yield than a traditional savings account.
Term Deposits
- 3 months
- Automatic maturity rollover
- Joint application available
Watch your savings grow by locking in a competitive term deposit rate over one of Unity Bank's wide range of term deposit periods.
4.60%
for 3 months
$1,000
Term Deposit
- 1 month
- Automatic maturity rollover
- Joint application available
1.25%
for 1 month
$5,000
High interest 5-year term deposits
Five year term deposits can be a smart option for those willing to commit their funds for a longer period, as they typically offer higher interest rates and can provide a reliable source of passive income.
Term Deposit (12 months and less)
- 3 months
- Automatic maturity rollover
- Joint application available
4.60%
for 3 months
$1,000
Term Deposit
- 1 month
- Automatic maturity rollover
- Joint application available
1.00%
for 1 month
$50,000
Compare term deposits
$1,000
4.50%
for 48 months
4.85%
for 6 months
- Promoted
- 2024 Award Winner
- 48 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
$5,000
4.60%
for 10 months
4.60%
for 10 months
Special Term Deposit
- 10 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
$5,000
4.70%
for 11 months
4.70%
for 11 months
Term Deposit Special 11 months
- 11 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
$5,000
1.25%
for 1 month
4.60%
for 8 months
Advance Notice Term Deposit
- 1 month
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
$5,000
0.10%
for 6 months
0.15%
for 12 months
Term Deposit
- 6 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
$5,000
1.20%
for 1 month
4.20%
for 10 months
Term Deposit
- 1 month
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
Product database updated 01 Mar, 2025
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Promoted term deposits
Personal Term Deposit (At Maturity)
Real Time Rating™
- 2024 Award Winner
- 48 months
- Automatic maturity rollover
- Joint application available
Interest rate
4.50%
for 48 months
Min deposit
$1,000
Maximum rate
4.85%
for 6 months
Special Term Deposit
Real Time Rating™
- 10 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by email
Interest rate
4.60%
for 10 months
Min deposit
$5,000
Maximum rate
4.60%
for 10 months
Term Deposit Special 11 months
Real Time Rating™
- 11 months
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
Interest rate
4.70%
for 11 months
Min deposit
$5,000
Maximum rate
4.70%
for 11 months
Advance Notice Term Deposit
Real Time Rating™
- 1 month
- Automatic maturity rollover
- Joint application available
- Maturity alert by phone
Interest rate
1.25%
for 1 month
Min deposit
$5,000
Maximum rate
4.60%
for 8 months
Product data updated on 1 Mar 2025
