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Guide
How to read savings account and term deposit rates
Base rate, bonus rate and its conditions, introductory periods, balance tiers, term and interest frequency: what a savings account or term deposit rate table means and which figure is the one you will earn.
The headline is often conditional
The highest rate on a savings account is usually a bonus rate: a base rate plus a bonus paid only in months where a condition is met, such as depositing a set amount, making no withdrawals, or growing the balance. Miss the condition and the account pays the base rate, which can be close to zero. Every savings row on this site that carries a bonus is marked 'bonus conditions apply', and the product page lists the base and bonus tiers separately with the lender's wording of the condition.
Introductory rates
An introductory rate applies for a set period after opening, commonly three to five months, and then falls to the ongoing rate. The ongoing rate is the one to compare for money that will stay longer than the period. Rows carrying an introductory rate are marked 'introductory rate', and the product page shows the period.
Balance tiers
Many accounts pay different rates on different balance bands, for example one rate up to $250,000 and a lower rate above it, or a bonus that applies only up to a cap. The rate that applies to a balance is the rate of its band, not the highest band the lender publishes. Product pages here list each band in words.
Term deposits
A term deposit pays a fixed rate for a fixed term, from one month to five years, on a minimum deposit. The rate is quoted per annum regardless of the term. Lenders publish a different rate for each term, and often for each balance band and for each interest payment frequency: interest paid at maturity is typically a little higher than interest paid monthly. Withdrawing before maturity usually needs 31 days' notice and costs a rate reduction.
The term deposit market page on this site is split by term, and each row shows the balance band the rate applies to, so a three-month rate is compared with other three-month rates.
Comparing across lenders
Compare the rate you will actually earn: the ongoing rate on a balance that meets the conditions you will reliably meet, in your balance band, for the term you will hold. Deposit products have no comparison rate, and fees on savings accounts are rare but are listed on the product page where published.
Deposits with an Australian authorised deposit-taking institution are covered by the Financial Claims Scheme up to $250,000 per account holder per institution. Every lender on this site is identified by its licence holder, so two brands of one bank share one cap.
Savings account rates · Term deposit rates by term · Glossary