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Banking / Term Deposits

Special offers

  • 4.75% p.a. for 9 months

    Special offer available from 25 September 2024 for a limited time only. Conditions apply.*

Features & benefits

  • Fixed return on your investment

    With our Term Deposit, if you don’t need immediate access to these funds you have the security of locking in a fixed rate of return, giving you greater peace of mind.

  • Choose from a range of terms

    You can choose from a range of terms to suit your needs. Anything from 1 month to 5 years. 

  • Safe and secure

    Combined balances of up to $250,000 per account holder are guaranteed and secured by the Australian Government.

  • Keep track of your investment

    View, track and manage your Term Deposit alongside your other accounts in NetBank, CommBiz and the CommBank app.

  • Help when you need it

    We’re Australia’s largest bank, with an extensive branch network across the country, and all phone-based specialists in Australia. We’re here to help you with your investment and your future plans.

  • Flexible

    Once your Term Deposit matures, if you forget to let us know what to do with your investment or you haven’t decided yet, we’ll keep your funds secure in our holding facility for up to six months.

Rates & fees

Some of our most popular rates

Term
Interest rate for $5,000 to $49,999
Interest rate for $50,000 to $1,999,999
Interest paid
3 months 
3.10% p.a.
3.15% p.a.
At the end of the term
6 months 
3.35% p.a.
3.40% p.a.
At the end of the term
12 months
4.35% p.a.
4.40% p.a.
Annually
24 - 33 months
3.70% p.a.
3.75% p.a.
Annually
60 months
3.45% p.a.
3.50% p.a.
Annually

The above Term Deposit rates are available online and in branch for customers with a maximum limit of $1,999,999 per customer. For amounts greater than $1,999,999 or to open Business Term Deposits, please contact any CommBank branch or your relationship manager.

See more Term Deposit rates

If you don't provide instructions, funds will automatically be placed in the Term Deposit holding facility as a default. Holding facility earns a fixed interest rate, which may be lower than the rate offered for a fixed term. 

Latest rates as of 25 September 2024. Interest rates on offer may vary at any time without notice.

Fees & Charges

There are no set up or establishment fees.

If you want to withdraw your Term Deposit before it matures you’ll need to give us 31 days' notice. You may incur a prepayment interest adjustment and administration fee.

How to apply online

  • You can open a Term Deposit online under a personal or Self-Managed Super Fund (SMSF) name. To do so, you need to be 18 years or over and have: 

    • A minimum deposit of $5,000 (call or visit your nearest branch for investments $2,000,000 and over)
    • An Australian residential address
    • An existing NetBank ID and CommBank account in your name. You’ll use this account to transfer money across to open your Term Deposit
    • Your Tax File Number (TFN) or TFN exemption handy. You don’t have to provide your TFN or exemption to your Term Deposit but, by law, we have to withhold tax if you choose not to
    • If you're an SMSF customer, you’ll need your ABN. To get an exemption from withholding tax, you’ll need to provide your TFN or TFN exemption separately by contacting us

  • For joint accounts:

    • To open a joint account, please visit your nearest branch together

    Open online

  • If you're a new customer or you'd like to invest more, contact us or visit a branch

Easy to keep track

Manage online and on the go

See, track and manage your Term Deposit alongside your other accounts in NetBank, CommBiz and the CommBank app.

Provide maturity instructions

Know what you’re earning

The fixed rate of return means you’ll always know what your investment’s worth and can plan how to use the interest earned.

Opt-in for free maturity alerts and e-notices

Opt in for alerts and we’ll send you an email or SMS a week before your Term Deposit matures – so you never miss your maturity date. 

Opt in for e-notices and replace the clutter of paper notices. Look back at old notices in NetBank and we’ll email you when a new one is available.

Track your investment

Options at maturity

  • Renewal

    Proactively renew your Term Deposit for another term to immediately lock in a new interest rate. You can also top it up with additional funds or withdraw a portion of your Term Deposit. 

  • Full withdrawal

    Withdraw all of your investment including the interest you’ve earned.

  • Place in Holding Facility

    Place your money in our Holding Facility while you decide what to do.

    If you don’t provide instructions to us, your money will be placed in our Holding Facility until you let us know what you want to do.

    Your money will continue to earn a variable interest rate that’s paid weekly.

  • Let us know your maturity instructions

    You don’t need to visit us at a branch or call us to let us know what you’d like to do when your Term Deposit matures. Simply let us know your maturity instructions through NetBank.

    Watch how to manage your Term Deposit maturity in NetBank (opens in YouTube).

    Discover more

Not sure if this is the right account for you?

See all savings accounts

We're here to help

Things you should know

  • * Available on balances from $5,000 to $1,999,999 with interest paid annually.

    Special Offers are available on Term Deposits opened or renewed by personal or Self-Managed Super Fund (SMSF) customers only. The offer is not available to all other Business customers (including Financial Institutions). Personal and SMSF customers can access this special offer online via NetBank and the CommBank App, or visit their nearest branch. Renewing Personal and SMSF Term Deposit customers can also call 13 2221.

    The target market for this product will be found within the product’s Target Market Determination, available here.

    This information has been prepared without considering your objectives, financial situation or needs.  You should, before acting on this, consider the appropriateness of the product to your circumstances.

    General Information and Terms and Conditions for Term Deposits and Electronic Banking are available here or from any branch of the Commonwealth Bank. Please view our Financial Services Guide (PDF68KB).

    Interest rates on offer may vary at any time without notice.