Our Top Term Deposit Rates

4.70 %P.A.
6 month fixed term deposit from $5,000
4.65 %P.A.
9 month fixed term deposit from $5,000
4.60 %P.A.
12 month fixed term deposit from $5,000

Our High Interest Term Deposits

Make the most of your savings with our high interest term deposit account, rewarding you with higher interest if you deposit more than $5,000.

Term Deposit interest rate

Competitive interest rates

Earn higher interest on your term deposit if you deposit $5,000 or more.

Term Deposit term options

Flexible terms

Choose the length of your term deposit, from just one month.

Payment options

Flexible interest payments

Choose how and when you receive interest payments – reinvest or transfer to another bank account.

Follow your savings

Keep track of your investment

Use internet or mobile banking to check your balance and keep tabs on your term deposit.

Term Deposit investment amount

Low investment amount

$1,000 minimum term deposit investment  amount.

Government Guarantee

Secure deposits

All deposits up to $250,000 are protected by the Federal Government’s deposit guarantee, so your savings are secure with us.#

Added BOQ Term Deposit benefits

  • Reinvest your term deposit with ease, with automatic rollover at maturity for your choice of term.
  • Make deposits and withdrawals to your account during the 7 day renewal grace period, which commences on the day your Term Deposit matures.
  • Arrange to reinvest your interest payments or transfer your interest to another account.
  • Access your funds prior to maturity by providing 31 days prior notice to redeem your account early (an interest adjustment and early payout fee apply).

Term Deposit interest rates

Interest on our term deposit rates is calculated on the daily closing balance of your account and paid monthly or end of term. For terms greater than 12 months, we’ll pay your interest annually and at the end of the term.

Interest Rates

Term in months Term in Days

$1,000 to $4,999

% p.a.

$5,000 or greater

% p.a.

Less than 1

1 - 27

 0.05 0.25

1

28 - 58

 0.05 0.75*

2

59 - 88

 0.08 0.80

3 

89 - 119

 0.10 2.25*

4

120 - 149

 0.10 4.60*

5

150 - 180

 0.10 1.25*

6

181 - 211

 0.10 4.70*

7

212 - 241

 0.10 1.50*

8

242 - 272

 0.10 1.50*

9

273 - 302

 0.15 4.65*

10

303 - 333

 0.15 1.75*

11 

334 - 364 

 0.15 1.75*

12 to 23

365 - 729

 0.15 4.60*

24 to 35

 

 0.15 3.30*

36 to 47

 

 0.15 3.30*

48 to 59

 

 0.15 3.30*
  • For pricing of term deposits of $250,000 or greater, give us a call on 1300 55 72 72, or visit your local BOQ branch. We will be happy to help. 
  • For monthly interest payments, the applicable interest rate will be the rate quoted above, less 0.10%, with a minimum rate of 0.05% p.a
  • Interest rates are effective 13/11/2024. Interest Rates on offer may change at any time without notice.
  • Special term deposit rates are indicated above in bold and with an “*”.  Bonus interest does not apply to special term deposit rates. Bonus interest offers are not available in conjunction with one another or with any other offer. 
  • Terms of 24 months or more can only be open or renewed in monthly increments. The number of days will be determined by the number of whole months.

Term Deposit Financial Hardship Assistance

If you’re worried you can't pay what you owe, won't be able to manage your upcoming repayments, or you’re having difficulty meeting your repayments, please get in touch – we’re here to help. 

For further information, please visit our Financial Difficulty Assistance page.

Term Deposit Fees

At BOQ, we keep our fees to a minimum. Any fees we do have we’ll show you up front so there are no surprises.

Features Applicable Fees
Branch withdrawal Free*

Early payout fee

$30.00**

Access your funds prior to maturity by providing 31 days’ prior notice to redeem your account early (an interest adjustment and early payout fee apply).

Minimum balance is $1,000.

A full list of fees can be found in the applicable Fees and Charges Guide below.

* Deposits and withdrawals only available during renewal grace period
** Other fees and charges (including government charges) may be payable. An interest adjustment is also applicable for early redemption.

How do we calculate the interest rate adjustment?

The interest rate that will be applied to your term deposit account in these circumstances will be half of the interest rate that was applicable to your term deposit when you opened or renewed your term deposit. This means that at the time of breaking term deposit, you will only earn 50% of the interest that you would have been eligible for the actual term your money has been initially invested at the time the term deposit had commenced. Please refer to Term and Conditions for more information.

Access your funds prior to maturity by providing 31 days’ prior notice to redeem your account early (an interest adjustment and early payout fee apply).

Enquire about a Term Deposit today

Give us a call to find out more or visit your local branch to apply for a Term Deposit.

To be eligible for a Term Deposit Account, you must be:

  • A citizen or permanent resident of Australia
  • Eighteen (18) years of age or over
  • Applying for a personal account and not in the name of a business or trust. There should be no more than two account holders for this account

Enquire now

To apply for Term Deposit:

Please visit your nearest branch

Are you a business, trust or SMSF?

Please visit your nearest branch

See our other savings accounts

Smart Saver Account
You can earn
5.00 %P.A.^^
On deposit balances up to $250,000

BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $250,000 IF BONUS INTEREST CRITERIA MET**

Smart Saver Account

Our high interest savings account for customers 36 years or older.

  • Available on the myBOQ app
  • No monthly account fees
  • Comes linked with an Everyday Transaction Account
  • Earn bonus interest each month when you meet the bonus interest criteria**
Learn about Smart Saver Apply now
Everyday Account
Monthly account keeping fee
$0

Everyday banking with no monthly account keeping fees

Everyday Account

Our simple, intuitive everyday transaction account, made even better for you with user-friendly features that help you make the most of your money.

  • Access your money whenever you need, exclusively on myBOQ mobile app. Please note: As an app-exclusive account, it cannot be accessed via Internet Banking.
  • Managing your money has never been easier, with in-app spend tracking to help you budget better and bill tracker to give you a heads up when bills are due.
  • Fast, easy payments. Pay or be paid instantly with PayID.
  • Open an Everyday Account directly within the myBOQ app and start banking with BOQ today!
Learn about our Everyday Account Apply now

Term Deposit FAQs

  • What is a term deposit?

    With a term deposit you can invest your money for a set amount of time at a fixed interest rate. The difference between a term deposit and a savings account is the accessibility to your money. With a term deposit, your money is locked away for a fixed period of time. If you need quick access to your money, a savings account might be better for you.

  • Are term deposits worth it?

    A term deposit is a low-touch method of saving. An advantage of locking your money into a term deposit is that you get a guaranteed interest rate and therefore, predictable returns. However, bear in mind if you need to access your money before the term ends, you will need to provide 31 days’ notice of early withdrawal, and may have to pay an early payout fee and an interest rate adjustment may apply. Learn more about term deposits and how you can benefit from one.

  • How to calculate term deposit interest?

    You can calculate term deposit interest by multiplying your deposit amount by the interest percentage amount. Once you have that figure, multiply it by the number of years in the fixed term for the total amount of interest you will earn. Or you can use our Term Deposit calculator to crunch the numbers for you.

  • How do term deposits work?

    Term deposits are different to savings accounts. The way they work is you lock away a certain amount of money for a fixed length of time. Whilst your money is locked away, you in turn get a guaranteed interest rate and therefore, predictable returns. When you open the term deposit, you will know exactly what the return on your money will be at the end of it. However, for this fixed period of time, you are not able to withdraw on the amount of money that you invested.

  • What is a fixed term deposit?

    Term deposits are a useful savings strategy when saving for big ticket items like a car or house, as you lock away your funds for a certain term at a fixed interest rate. When you come to the end of your fixed term (this is called 'maturity), your provider will contact you. From there, you can either roll your term deposit over into a new one, or simply withdraw the funds to use however you like.

  • Can I have more than one term deposit?

    Yes, you can have more than one term deposit at any time. If you plan on opening multiple at the same time, it would be a good idea to stagger the maturity dates so that you can get your money back at different times.

  • How do I know when my term deposit is going to mature?

    Most banks will give you a minimum of one week's notice before your term deposit matures. Usually, your maturity date is confirmed when you first open your term deposit, so it is worth noting the date in your diary.