What is CommBank's best term deposit rate?

CommBank's best term deposit rate is 5.30% p.a. for 12 months, available as a special offer on new and renewed deposits from 1 May 2026. A 24-month term also earns 5.20% p.a. The minimum deposit is $5,000.

What is the minimum deposit for a CommBank term deposit?

CommBank requires a minimum deposit of $5,000 for personal term deposits. The maximum is $2,000,000 for standard terms.

Can I withdraw a CommBank term deposit early?

Yes, but 31 days notice is required and a penalty rate applies to early withdrawals. The penalty reduces the interest earned. CommBank will contact you before your term deposit matures to confirm your instructions.

CommBank Term Deposit Review (2026)

Rates and details verified 3 October 2026

Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.

Best rate

5.30%

p.a. for 12 months (special)

Minimum deposit

$5,000

to open

Early withdrawal

31 days

notice required

About CommBank Term Deposits

Commonwealth Bank (CommBank) is Australia's largest bank and offers term deposits from 1 month to 5 years. The current standout offer is a 12-month term deposit at 5.30% p.a. — a special rate available on new and renewed deposits from 1 May 2026.

CommBank's short-term (3-month, 6-month) rates are significantly lower than challenger banks at comparable terms. If you need a short term, providers like Judo Bank or ING typically offer stronger rates. For a 12-month term, CommBank's current 5.30% is competitive.

Current Term Deposit Rates

Term	Rate (p.a.)	Notes
3 months	3.30%	At maturity, $5k–$49,999
6 months	3.45%	At maturity
12 months	5.30%	Special offer from 1 May 2026, at maturity
24 months	5.20%	At maturity (annually for longer terms)

Rates effective from 1 May 2026. Check CommBank's website for current rates and the latest special offer terms.

Pros and Cons

Pros

✓ Australia's largest and most trusted bank
✓ 5.30% p.a. special offer for 12 months (5.20% for 24 months)
✓ Existing customers can manage via NetBank app
✓ Government deposit guarantee up to $250,000
✓ No establishment or management fees

Cons

✗ Short-term rates (3m: 3.30%, 6m: 3.45%) low vs challengers
✗ 12-month rate lower than Judo (5.45%) and AMP (5.40%)
✗ 31 days notice for early access; penalty applies
✗ $5,000 minimum deposit

How It Compares

AMP Bank Term Deposit (GO)
5.40% (12 months) — $5k min — highest 12m rate on this page
Judo Bank Personal Term Deposit
5.45% (12 months) — $1k min
ING Term Deposit
5.30% (12 months) — $10k min
CommBank Term DepositReviewed here
5.30% (12 months) — special, $5k min — big-four convenience
NAB Term Deposit
5.30% (12 months) — $5k min
Westpac Term Deposit
5.20% (12 months) — with online bonus, $5k min

→ Compare all term deposits

Related guides

View CommBank Term Deposit →

Information verified 3 October 2026. Rates and offers subject to change. Confirm current rates on CommBank's website before investing. This is not financial advice.