The gap between an average and a top term deposit rate can be worth hundreds of dollars a year. A few habits help you land the better number.
Compare beyond the big four
Smaller banks, customer-owned banks and online-only lenders often pay more than the major banks for the same term — and they're covered by the same $250,000 government guarantee.
Mind the term
Rates aren't a straight line — a 6-month special can beat a 12-month rate. Check the whole curve rather than assuming longer always pays more.
Watch how interest is paid
Interest paid annually or at maturity can carry a slightly higher rate than monthly. If you don't need monthly income, the higher headline rate may win.
Ask at renewal
Banks often roll maturing deposits into a lower default rate. Before you auto-renew, compare current offers and ask for their best loyalty rate — or move the money.
Rates change often. Always confirm the current rate with the provider before committing.