Term Deposit Calculator
Work out the interest and maturity value of a fixed-term deposit.
- Total value at maturity
- $20,900
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
A term deposit locks a lump sum away with a bank for a fixed term at a fixed rate, in exchange for a set amount of interest paid at maturity — unlike an everyday savings account, you generally can't withdraw early without breaking the term and losing some interest.
Enter the amount you're depositing, the rate on offer, and the term length. Interest on Australian term deposits is calculated pro-rata for the exact term and paid out at maturity (or periodically for longer terms) rather than compounding daily the way a regular savings account might — this calculator reflects that by applying the annual rate proportionally to the length of the term.
Worked example: $20,000 at 4.5% p.a. for a 12-month term earns $900 in interest, for a maturity value of $20,900. The same deposit for a 6-month term earns half that — $450 — since the rate is annualised and the term is half as long.
Rates vary between banks and by term length, and often by deposit size too — always check the current advertised rate for your specific term and amount rather than assuming it matches a different term's rate.
Frequently asked questions
- Can I add money to a term deposit during the term?
- No — term deposits are a single lump-sum deposit locked in for the term. If you want to add more, you'd typically need to open a new term deposit or wait until this one matures and reinvest a larger amount.
- What happens if I withdraw early?
- Most banks allow early withdrawal but charge an interest rate reduction or break fee, so you'll earn less than the rate you locked in. Check your bank's specific early withdrawal terms before committing funds you might need access to.
- Is interest paid monthly, or all at maturity?
- It depends on the term and the bank — shorter terms usually pay interest as a lump sum at maturity, while longer terms (over 12 months) sometimes offer monthly, quarterly or annual interest payments instead. Check your specific product's payment schedule.