Summary:
The movements in term deposit rates by major and non-major banks continue to show stability this week. Over the past week, ending January 9, 2026, there were minimal adjustments, with notable consistency across most terms despite some isolated tweaks. Our survey across 42 institutions indicates that the most contested term deposit term being 1 year, followed by 6 months and 3 months, with sample sizes of 42 each.
This week the best rate with a 3-month term was 4.38%, steady from the week before, with in1bank offering the top rate. The median rate of 3.83% reflects a broad range from 2.25% to 4.38%.
This week the best rate within 6 months term was 4.40%, unchanged from last week, offered by Military Bank. The median rate of 4.03% shows a tight quartile spread of 0.45%, indicating consistency.
Interestingly, the best 5-year rate was 4.60%, led by Rabobank Australia. The median rate held at 3.30%, with a range from 2.00% to 4.60%.
Our analysis shows term deposits with rates above 4% are holding strong. In the 3-month category, 12 institutions now offer over 4%. In the 6-month category, 21 institutions exceed 4%, and in the 1-year category, 22 institutions exceed 4%, reinforcing the 1-year term’s competitiveness.
For the 3-month term, the top rates are led by in1bank at 4.38%, followed closely by Bank Australia and P&N Bank at 4.20% and Macquarie Bank and ING Direct at 4.15%. In the 6-month category, Military Bank tops the list with 4.40%, followed by Macquarie Bank, P&N Bank and Bank Australia at 4.35%, and Arab Bank Australia, ING Direct, Judo Bank and Suncorp Bank at 4.30%. For the 1-year term, Judo Bank leads with 4.45%, followed by Bank of Sydney at 4.40% and Suncorp Bank, Bank First, and Rabobank Australia, Macquarie Bank and Bank Australia at 4.35%. For the 5-year term, Rabobank Australia stands at the top with 4.60%, followed by Judo Bank at 4.40%.
Defensive Income- Term Deposits
Term deposit rates by Institution 9-01-2026
| Institution | 1 month | 3 month | 6 month | 9 month | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year |
|---|---|---|---|---|---|---|---|---|---|
| ANZ | 1.20 | 2.90 | 3.00 | 3.30 | 3.75 | 3.40 | 2.90 | 2.90 | 2.90 |
| Commonwealth Bank | 1.20 | 3.00 | 3.15 | 3.30 | 3.80 | 4.20 | 3.50 | 3.50 | 3.50 |
| NAB | 1.20 | 3.00 | 3.15 | 3.30 | 4.10 | 3.40 | 2.90 | 2.90 | 2.90 |
| Westpac | 1.20 | 2.65 | 2.90 | 3.15 | 3.55 | 3.35 | 2.85 | 2.85 | 2.85 |
| Military Bank | 3.15 | 4.40 | 4.25 | 4.20 | 3.55 | 3.55 | |||
| AMP Bank | 0.10 | 4.10 | 4.25 | 4.30 | 4.30 | 3.60 | 3.00 | 3.00 | 3.00 |
| Arab Bank Australia | 1.25 | 3.95 | 4.30 | 3.85 | 3.75 | 3.40 | 3.30 | 3.30 | 3.20 |
| Bank of Melbourne | 1.20 | 2.65 | 2.90 | 3.15 | 3.25 | 2.80 | 2.75 | 2.75 | 2.75 |
| Bank Australia | 4.20 | 4.35 | 4.35 | 4.35 | 4.20 | 4.20 | |||
| BankSA | 1.20 | 2.65 | 2.90 | 3.15 | 3.50 | 2.80 | 2.75 | 2.75 | 2.75 |
| Bankwest | 2.00 | 3.75 | 3.80 | 3.70 | 4.15 | 3.50 | 3.50 | 3.55 | 3.55 |
| Bank of Sydney | 1.25 | 3.85 | 4.20 | 4.00 | 4.40 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 4.10 | 3.85 | 3.85 | 3.85 | 3.85 | |
| Beyond Bank | 3.65 | 3.80 | 3.65 | 3.90 | 3.35 | 3.25 | 3.25 | 3.25 | |
| Bendigo Bank | 1.20 | 2.75 | 3.00 | 3.20 | 3.60 | 2.95 | 3.00 | 3.00 | 3.00 |
| BOQ | 0.75 | 2.25 | 4.00 | 3.85 | 4.05 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 4.00 | 4.05 | 4.05 | 4.10 | 3.50 | 3.50 | 3.50 | 3.50 | |
| Great Southern Bank | 1.30 | 4.05 | 3.80 | 4.15 | 4.15 | 4.20 | 3.30 | 3.30 | 3.30 |
| Defence Bank | 3.35 | 3.75 | 3.75 | 3.75 | 3.75 | ||||
| Greater Bank | 1.00 | 3.75 | 4.15 | 3.60 | 4.25 | 3.30 | 3.50 | 3.30 | 3.30 |
| Heritage Bank | 1.05 | 3.65 | 4.05 | 3.85 | 3.85 | 3.40 | 3.40 | 3.40 | 3.40 |
| Horizon Credit Union | 1.25 | 3.90 | 4.00 | 4.00 | 4.00 | 3.60 | 3.60 | ||
| HSBC | 1.85 | 4.00 | 4.00 | 3.40 | 3.40 | 3.50 | 3.50 | 3.50 | 3.50 |
| IMB | 4.00 | 4.20 | 4.20 | 3.60 | 3.75 | 4.00 | 4.00 | ||
| ING Direct | 4.15 | 4.30 | 4.30 | 4.30 | 3.70 | ||||
| in1bank | 3.50 | 4.38 | 4.00 | 3.80 | 3.70 | 3.60 | |||
| Judo Bank | 4.05 | 4.30 | 4.20 | 4.45 | 4.00 | 4.10 | 4.30 | 4.40 | |
| Macquarie Bank | 2.10 | 4.15 | 4.35 | 4.35 | 4.35 | 3.60 | 3.65 | 3.80 | 3.80 |
| ME Bank | 0.75 | 4.00 | 4.10 | 4.10 | 4.15 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState Bank | 0.50 | 3.80 | 4.00 | 3.80 | 4.10 | 3.50 | |||
| Newcastle Permanent | 1.00 | 3.75 | 4.15 | 3.60 | 4.25 | 3.30 | 3.50 | 3.30 | 3.30 |
| People's Choice Credit Union | 3.65 | 4.05 | 3.85 | 3.85 | 3.40 | 3.40 | 3.40 | 3.40 | |
| Police Bank | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| P&N Bank | 4.20 | 4.35 | 3.80 | 4.25 | 3.95 | 3.35 | 3.35 | 3.35 | |
| RACQ Bank | 0.55 | 4.00 | 4.25 | 3.75 | 3.75 | 3.30 | 3.30 | 3.30 | 3.30 |
| Rabobank Australia | 2.00 | 4.10 | 4.25 | 4.20 | 4.35 | 4.10 | 4.20 | 4.45 | 4.60 |
| Bendigo Bank Agribusiness | 2.00 | 3.00 | 3.85 | 4.00 | 3.60 | ||||
| St.George Bank - Except VIC | 1.20 | 2.65 | 2.90 | 3.15 | 3.55 | 2.80 | 2.75 | 2.75 | 2.75 |
| Suncorp Bank | 1.30 | 4.05 | 4.30 | 3.70 | 4.35 | 3.80 | 3.30 | 3.30 | 3.30 |
| Teachers Mutual Bank | 4.05 | 4.05 | 3.95 | 3.85 | 3.25 | 3.25 | |||
| The Capricornian | 3.00 | 3.25 | 3.65 | 3.45 | |||||
| Bank First | 0.75 | 4.05 | 4.25 | 4.35 | 4.35 | 3.50 | 3.50 | 3.50 | 3.50 |