The best term deposit is simply the best rate you can secure for the term you are able to lock your savings away for. Other factors such as customer service and internet banking are of little concern as can’t access your account over what is likely to be a considerable term.

Banks are competing to promote the best term deposits rates, so make sure you shop around for the best available term deposit rates. Investigate what's on offer from individual banks, and keep an eye out for special deals that the banks will promote heavily.

The market is currently cluttered with competitive term deposit offers, and many deals don’t last for long. Many savers are unaware that the best term deposit rates are tied to limited time campaigns offered by the banks. A highly promoted term deposit rate in the market can be switched out in favour of more standard rate pricing policy without notice.

The current Australia term deposit market is features an array of term deposit offers, so the best term deposit rate will vary between institutions form week to week. The Big 4 had been offering 6 month term deposit rates of more than 6.00% p.a. These term deposit offer have since been withdrawn by the major players, however you'll still find them at the smaller institutions and mutuals.