Take the time to compare term deposits and you are sure to be able to pick a favourite. It is important to compare term deposit rates between the big banks (Westpac, Commonwealth, NAB and ANZ) and the smaller competitors and mutuals.

Even though you might like to compare term deposit rates for only a certain term, say 12 months, it is also worthwhile to compare the term deposit rates for terms either side of your preference. For example you might find that one bank is offering a special on a 9 month term that might sway your decision on how long you will invest your money for.

There are other factors at play; however rate is by far the single most important factor when comparing term deposits. Because you will never transact on your term deposit, branch access, ATM access, online banking and even customer service are far less relevant than the term deposit rate.

There a range of strategies that can be employed to compare term deposit rates, the most important is to have full visibility to all term deposit rates on offer in the market.