ANZ Term Deposit Rates: Compare Current Rates vs NAB & Westpac

Last rate update: August 2026 ·
Best 12-month rate (as of Aug 2026): 5.25% p.a. ·
Best 5-month rate (as of Aug 2026): 5.00% p.a. ·
Number of term lengths offered: 5+

Of the five quick facts that matter most, one stands out: ANZ’s 5.25% best rate trails Westpac’s 5.30% online special by a hair, but deposit guarantee schemes differ by region.

What are ANZ Term Deposits?

Types of ANZ term deposits

• Standard fixed-rate term deposits — the core product, where you lock a sum for a set period in exchange for a fixed interest rate
• Interest payment at maturity — interest is added to the principal and paid out when the term ends
• Recurring interest payments — monthly, quarterly, half-yearly or annually, depending on the term chosen

How term deposit interest works

• Rate is locked in at account opening and does not change for the full term
• Quoted rates are per annum (p.a.) — a 5.25% 12-month deposit of NZD 10,000 earns NZD 525 in interest before tax
• The effective yield can vary slightly depending on whether interest is paid at maturity or reinvested into the principal

The implication: locking in a rate is a bet on future central bank decisions. If the RBNZ cuts the OCR, your fixed rate wins. If rates rise, you lose the upside.

The implication: choosing the right bank depends on your deposit size and commitment horizon.

How do I open an ANZ term deposit?

Eligibility requirements

• You must be 18 years or older
• Valid government-issued identification (driver’s licence, passport)
• You can apply as a new customer or use an existing ANZ account

Steps to open online

1. Log into ANZ Internet Banking or the ANZ App
2. Navigate to the Term Deposit section under account products
3. Choose your term length (1 to 12 months) and deposit amount
4. Review the quoted rate and interest-payment preference
5. Confirm the application — funds are debited from your nominated account

Required documents

• Proof of identity (PASSPORT or driver’s licence)
• Proof of address (utility bill or bank statement less than 3 months old)

The pattern: online is the fastest path for existing customers, but new applicants need identification ready.

What is the current interest rate for ANZ savings accounts?

Current ANZ term deposit rates

As of August 2026, ANZ’s best publicly available term deposit rate is 5.25% p.a. for a 12-month term. Shorter terms attract lower rates — the 5-month term, for instance, sits at 5.00% p.a., according to rate data sourced by rate aggregators.

NAB’s displayed 12-month rate for deposits of AUD 5,000 to AUD 1,999,999 is 5.30% p.a. when interest is paid annually. Westpac’s online special matches that at 5.30% p.a.

Comparison with savings rates

ANZ’s standard savings account rate is significantly lower than its term deposit rates. The gap between the best savings rate and the 12-month term deposit rate is a direct measure of the liquidity premium banks pay you for locking your money away.

The trade-off: term deposits eliminate the risk of rate drops but lock you out of better offers that might appear later. For savers who can afford to wait, the flexibility of a high-interest savings account might make sense. For those with a clear 6- or 12-month horizon, the term deposit premium is hard to beat.

What are the fees for an ANZ Everyday account?

Monthly account fees

• Standard account fees may apply depending on the product variant
• Some everyday accounts waive the monthly fee if a minimum deposit is met

Transaction fees

• Most ANZ everyday accounts include a set number of free transactions per month
• Excess transaction fees or international transfer fees apply beyond the limit

Early withdrawal penalties for term deposits

• The most material fee for term deposit holders isn’t monthly — it’s the early withdrawal penalty
• ANZ, like NAB and Westpac, reserves the right to reduce or forfeit interest if you close the deposit before maturity

The catch: the early withdrawal penalty can cost you several months of interest, wiping out the yield advantage. On a 12-month deposit earning 5.25%, withdrawing after 6 months could cut your earned interest significantly.

The catch: knowing your early exit options is just as important as chasing the highest rate.

How do I set up online banking with ANZ?

Register for ANZ Internet Banking

1. Visit the ANZ website and click ‘Register’ for Internet Banking
2. Provide your Customer Registration Number (CRN) or ANZ account number
3. Verify your identity with a one-time code sent to your mobile or email
4. Set your username and password — you’re now ready to manage your term deposit

Using ANZ App to manage term deposits

• The ANZ App provides a full dashboard for all your term deposits
• You can view current rates, roll over deposits at maturity, and check interest earned
• No branch visit needed for renewals — the app handles it

The implication: digital-first management is the norm now. The ANZ App gives you a complete view of your fixed deposits and allows instant renewals.

What are the key differences between the ANZ app and ANZ Plus?

Features comparison

ANZ’s two digital platforms serve distinct banking needs, as the feature breakdown below shows.

Which is better for term deposit management

The ANZ App is clearly the better tool if you actively manage term deposits. ANZ Plus is a newer digital platform designed for everyday banking and budgeting, but it lacks the specific term deposit controls that the main app provides.

ANZ Plus is excellent for daily banking but is not a replacement for the main app if you manage term deposits.

How ANZ stacks up against NAB and Westpac

Three major banks, three different rate structures for roughly the same 12-month lock-up period. Here’s how they line up.

The trade-off: Westpac and NAB offer a slightly higher headline rate for the 12-month term, but ANZ’s flexibility across shorter terms and its competitive 5-month rate make it a solid choice for savers who aren’t ready to commit for a full year.

ANZ term deposit specification sheet

ANZ’s term deposit product has a relatively straightforward spec sheet, but two line items — the interest-payment options and the early-withdrawal clause — deserve the most attention.

The catch: the minimum deposit and early withdrawal terms are the details that will define your actual net return.

Timeline

The most recent signal in the ANZ rate timeline is the August 2026 peak.

• August 2026 — ANZ term deposit rates peak at 5.25% for 12-month term (per Savingsflow)

The catch: this peak may be cyclical. Savers locking in today might be buying the top of the cycle, or they could be locking in before rates move higher.

What we know and what remains unclear

The catch: the lack of clarity on exact penalties means any decision requires direct confirmation from ANZ.

Expert perspectives

“NAB states that its term deposits have no application, setup or monthly account fees.”

— NAB (Australia’s largest business bank)

“Westpac’s online special offer applies to existing Westpac customers opening or renewing online.”

— Westpac (one of Australia’s big four banks)

“Westpac’s displayed 12-month special-offer rate is 5.30% p.a. online and 5.20% p.a. in branch.”

— Westpac

The catch: standard bank policies don’t cover every scenario, so reading the fine print is critical.

For Australian and New Zealand savers weighing their fixed-deposit options, the decision hinges on timing and access. Lock in a 12-month rate above 5% now, and you secure the top of the current cycle — but miss the flexibility to chase any further rate rises before maturity. The banks are betting you’ll take the safe money.

Frequently asked questions

Related reading: Westpac Home Loan Rate 2025: Current Rates & Forecast · Compare Travel Insurance NZ 2025: Best Rates & Pre-Existing Conditions