Commonwealth Bank Term Deposit Rates – 2026 Rates and Guide

Commonwealth Bank term deposits offer Australian savers a fixed-rate option for parking funds securely. With the RBA cash rate at 4.10% as of April 2026, understanding current CommBank TD rates helps investors make informed decisions about their short- and medium-term savings strategy. This guide breaks down the latest rates, term lengths, minimum deposits, and how CommBank stacks up against the other big four banks.

Rates are fixed for the duration of the term, providing certainty regardless of market fluctuations. CommBank offers terms ranging from 3 months to 60 months, with options to suit different investment horizons. The bank recently introduced a limited-time special rate of 5.10% p.a. for 12-month deposits, marking a notable opportunity for savers who lock in before the offer expires.

Whether you’re comparing options, checking eligibility, or ready to apply, here’s everything you need to know about Commonwealth Bank term deposit rates in 2026.

What Are the Current Commonwealth Bank Term Deposit Rates?

CommBank publishes tiered rates based on deposit amounts, with higher balances generally earning slightly better returns. The table below reflects rates as of April 8, 2026.

Key Insights on Current CommBank Term Deposit Rates

• The 5.10% p.a. special for 12 months is the highest available rate across all standard terms.
• Longer terms of 24–33 months offer 4.95%–5.00% p.a., competitive but slightly below the 12-month special.
• The 60-month term has the lowest rates at 3.95%–4.00% p.a., likely reflecting lower demand for extended lock-in periods.
• Balance tiers make a small difference—deposits of $50,000+ earn marginally higher rates than the $5,000–$49,999 tier.
• Interest can be paid at maturity, 4-weekly, 6-monthly, or annually, depending on the term length.
• Rates are fixed for the full term, shielding savers from future RBA moves in either direction.

CommBank Term Deposit Rate Table

Rates are subject to change without notice. Additional terms such as 4-month and 9-month options exist with slightly lower rates. Full details are available in the official CommBank interest rates PDF.

What Term Lengths Are Available for CommBank Term Deposits?

CommBank offers term deposits spanning from 3 months up to 60 months, accommodating a wide range of saving and investment goals.

Short-Term Options (3–12 Months)

Short-term deposits suit investors who want flexibility and quick access to funds. The 3-month and 6-month terms pay interest at the end of the period, while 12-month deposits pay annually. These terms align well with goals like saving for a major purchase, building an emergency buffer, or waiting for a better investment opportunity.

Medium-Term Options (12–36 Months)

Terms between 12 and 33 months offer a balance between higher rates and manageable lock-in periods. The 12-month special at 5.10% p.a. falls into this category, as do the 24–33 month options earning 4.95%–5.00% p.a. Interest on these terms is typically paid annually.

Long-Term Options (60 Months)

The 60-month term provides the longest lock-in period, though rates are notably lower at 3.95%–4.00% p.a. This option appeals to investors with long-term financial goals who are willing to sacrifice flexibility for a guaranteed return, though it may be less attractive if higher rates are available elsewhere.

What Is the Minimum Deposit Required for a CommBank Term Deposit?

The standard minimum deposit for a CommBank term deposit is $5,000. Some products allow entry from as low as $1,000, though these typically carry slightly reduced rates compared to the standard tier.

The maximum deposit is $5,000,000 per deposit, whether applied online or in branch. Self-managed superannuation funds (SMSFs) have a lower online limit of $1,999,000, though higher amounts can be arranged through a branch visit.

Eligibility requires applicants to be aged 18 or older for individual accounts. Term deposits are available to personal customers, SMSFs, and organisations. For amounts exceeding $5 million or special arrangements such as parent visa guarantees, contacting a branch directly is recommended.

Are CommBank Term Deposits Fixed Rate and Guaranteed?

Fixed Rate Nature

Yes, CommBank term deposit rates are fixed for the entire duration of the term. This means the rate you lock in at the time of opening stays the same regardless of any changes to the RBA cash rate or broader market conditions during the investment period. For savers prioritising certainty over chasing higher returns, this fixed-rate structure provides predictable income.

Deposit Guarantees and the Financial Claims Scheme

Deposits held with Commonwealth Bank, as an Authorised Deposit-taking Institution (ADI), are protected under the Australian Government’s Financial Claims Scheme (FCS). This scheme guarantees deposits up to $250,000 per account holder per ADI.

Interest Payment Options

CommBank offers four interest payment frequency options, varying by term length:

• At maturity – for terms up to 12 months
• 4-weekly – shorter terms
• 6-monthly – available on selected terms
• Annually – for terms of 12 months and longer

Choosing more frequent interest payments can provide regular income, though the total interest earned remains the same regardless of payment frequency.

How Do I Open a Commonwealth Bank Term Deposit?

Opening Online

Individual customers and SMSFs can open a term deposit through the CommBank app or website. Online applications support deposits up to $5 million for individuals and $1,999,000 for SMSFs. The process is straightforward for existing CommBank customers who hold a transaction account.

Opening in Branch

Customers who prefer face-to-face service, those opening accounts without existing CommBank relationships, or anyone needing to deposit more than the online limits can apply in person at any Commonwealth Bank branch.

Early Withdrawal Process and Penalties

If you need to access your funds before the term matures, CommBank allows early withdrawal but applies an interest rate adjustment based on the time elapsed. The penalty scales as follows:

• Less than 20% of term elapsed: 90% of contracted rate paid
• 20–40% of term elapsed: 80% of contracted rate paid
• 40–60% of term elapsed: 60% of contracted rate paid
• 60–80% of term elapsed: 40% of contracted rate paid
• 80–100% of term elapsed: 20% of contracted rate paid

No account-keeping fees apply, and a holding facility rate of 1.10% p.a. is available for balances awaiting investment instructions. For information on visiting this natural wonder, consult the Royal National Park entry guide at $Royal National Park entry guide.

How Do CommBank Term Deposit Rates Compare?

Comparing CommBank against the other big four banks reveals a mixed picture. For shorter terms, CommBank often leads the pack, while longer terms show more variation.

Big Four Bank Rate Comparison (April 2026)

The data shows CommBank leads on 6-month terms, matches competitors on 2-year terms, and sits mid-field on 3-year terms. The 5.10% special offer makes the 12-month term competitive with ANZ and NAB, both offering 5.00% p.a.

For 5-year terms specifically, alternative lenders such as Judo Bank offer rates around 4.30% p.a., notably higher than CommBank’s 3.95%–4.00%. Independent rate aggregators track these differences across the market.

The big four banks have all moved rates following the RBA’s 25 basis point hikes in 2026, with a third increase predicted for May. The RBA cash rate stood at 4.10% as of April 2026, up from 3.60% in October 2025.

What Is Confirmed and What Remains Unclear?

Why Do CommBank Term Deposit Rates Move?

Term deposit rates at CommBank and other banks are influenced primarily by the RBA cash rate, which serves as the benchmark for lending and deposit pricing across the Australian financial system. When the RBA raises or lowers the cash rate, banks adjust their term deposit offerings to remain competitive while managing their margin.

Beyond the cash rate, banks consider factors such as funding needs, competitor positioning, and broader economic conditions including inflation and credit demand. The 2026 rate environment reflects ongoing efforts by the RBA to manage inflation, with multiple 25 basis point hikes already implemented and further adjustments possible.

For savers, this means that term deposit rates can shift meaningfully between application and renewal. Locking in a competitive rate during a favourable window—such as the current 5.10% special offer—can make a significant difference in total interest earned over a 12-month period.

Sources and Official Statements

“Rates subject to change without notice.” – Commonwealth Bank

“The cash rate target is the rate at which the RBA offers outstanding settlement funds on an overnight basis.” – Reserve Bank of Australia

Primary sources for this article include the official CommBank term deposits page, the published CommBank rate schedule, and independent rate comparison data from Canstar and Finder.

Summary

Commonwealth Bank term deposits remain a competitive option for Australian savers, particularly with the current 5.10% p.a. special offer for 12-month terms. Rates are fixed, deposits are government-guaranteed up to $250,000 through the FCS, and the minimum entry point of $5,000 makes these products accessible to a broad range of investors. Comparing other major banks before committing ensures you secure the best available rate for your investment horizon and goals.

Frequently Asked Questions