The Switzer Super Report keeps a record of the best term deposit rates over six time frames, from three months to five years.
Our latest information shows that ME Bank offers some of the best rates with 4.15% for a 5-year term, 3.65% for a 3-months and 12 months as well. Its three-year rate is 3.8%.
The big four don’t do that poorly in comparison, with Westpac offering a 5-year rate of 3.9%. Don’t forget you’ll always get a better rate the longer you’re prepared to lock your capital away.