Fact checked
The Commonwealth Bank of Australia (CBA or CommBank, as it is most commonly known), was founded by the Australian Government more than a century ago. It was listed on the stock exchange in 1991 and fully privatised by 1996.
Over the past century, it has grown to become the largest of Australia’s big four banks, with almost 875 branches across the country, 49,000 employees, 800,000 shareholders and about 16 million customers. CBA now also owns Bankwest, Colonial First State Investment and the ASB Bank in New Zealand.
Find out if a CBA term deposit is the best place to invest your savings. Compare interest rates and terms with other banks, and then start your investment journey today here with Savvy.
*Please note that Savvy does not represent Commonwealth Bank for its term deposit products.
CBA offers just about every term deposit you could imagine, having a wide range of term deposits available. It also offers a tiered interest system, with higher interest rates on offer for larger sums deposited.
CommBank: common interest rates on offer
| Term length offered | Interest Rate $5,000 to $49,999 | Interest rate $50,000 to $2 million |
|---|---|---|
|
1 month |
0.45% p.a. |
0.50% p.a. |
|
2 months |
0.55% p.a. |
0.60% p.a. |
|
3 months |
0.70% p.a. |
0.75% p.a. |
|
6 months |
1.20% p.a. |
1.25% p.a. |
|
9 months |
1.45% p.a. |
1.50% p.a. |
|
12 to 17 months |
1.95% p.a. |
2.00% p.a. |
|
18 to 23 months |
2.05% p.a. |
2.05% p.a. |
|
24 to 47 months |
2.20% p.a. |
2.25% p.a. |
|
48 to 60 months |
2.45% p.a. |
2.50% p.a. |
|
Special offer: 18 months |
3.00% p.a. |
3.00% p.a. |
(Effective 23 September 2022)
All interest rates are quoted for deposits with interest paid either at maturity or annually. Lower interest rates are paid if interest is paid monthly or half-yearly.
Minimum and maximum deposit amounts
The minimum deposit required is $5,000 and the maximum permitted is $2 million. Larger investments are available by personal negotiation.
Early withdrawal penalties
If you wish to withdraw your term deposit funds early, the amount of interest you’ll earn will be reduced on a sliding scale, depending on how much of your original term there is remaining. You will also be charged a prepayment administration fee of $30 if you choose to withdraw your funds early.
Early withdrawal notice period
You’ll need to give 31 days’ notice for early withdrawal of your term deposit funds.
Fund holding facility
Unlike other banks which automatically renew your term deposit for an identical term if no other instructions are received upon maturity, CommBank places those funds into a holding account earning an interest rate of 0.15% p.a. Funds are reinvested every seven days until instructions are received as to what to do with them.
You can opt to receive an email, SMS or NetBank notification prior to the maturity of your deposit.
Business and SMSF term deposit accounts
A full range of term deposits is available for self-managed super funds, trusts and business customers, with interest rates very similar to those offered for private investments.
Farm management deposits
CommBank also offers the option of farm management deposits. Eligible primary producers can set aside pre-tax income in good years and use it as a cash reserve when times get tough. Income tax is only payable when the funds are withdrawn from the management deposit. Conditions include:
Interest rates vary according to the term length, but are generally lower than the rates quoted above
If you’re an existing CBA customer, you will be able to open a term deposit through your existing Netbank account number and online banking. Just use your usual login details.
If you are new to CBA, you can open a term deposit once you’ve opened a transaction or savings account with the bank. You can either do this at a branch, over the phone or by following the online prompts to open an account. You will need to provide proof of your ID, so make sure you have your passport and driver’s licence handy when opening your initial account.
The requirements for opening a term deposit with Commonwealth Bank are as follows:
CommBank offers a wide range of deposit options including options for businesses, trusts, SMSFs and farm management deposits for farmers.
CBA offers term deposits from one month right up to five years, so whatever your investment needs, you should be able to find a term to match perfectly.
If you haven’t given CommBank instructions on what to do with your funds at the end of your term deposit, they will be placed in a holding facility earning some interest until instructions are received.
Australia’s largest bank does not offer the highest interest rates in the country and, in general, their rates are lower than many other online banks and building societies.
A $30 early withdrawal administration fee is charged if you do choose to withdraw your funds prior to the expected maturation date of your term deposit.
The interest you earn can either be paid into your term deposit or another CommBank account, but can’t be paid to another bank account with a different financial institution.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.