Current Greater Bank term deposit rates run “up to 5.25% per annum.” What almost nobody explains: that rate only applies if you deposit $5,000 or more. Put in less, and every single term pays just 0.01% per annum. Here’s the full current rate table, and the tier trap that matters more than the headline number.
Quick Answer: Greater Bank Term Deposit Rates
As of 21 August 2026, the best Greater Bank term deposit rate is 5.25% per annum. It applies to a 12-month term with interest at maturity, available on deposits of $5,000 or more. Deposits between $1,000 and $4,999.99 earn just 0.01% per annum on every term. That’s effectively no return at all. There’s a graduated early-withdrawal penalty, not a flat one, and deposits opened or renewed from 23 February 2026 need 31 days’ notice before an early withdrawal.
Current Greater Bank Term Deposit Rates by Term and Tier
Interest at maturity or 6-monthly, on deposits of $5,000 or more, effective 21 August 2026:
| Term | Rate (p.a.) |
|---|---|
| 6 months | 5.10% |
| 12 months | 5.25% |
| 24-35 months | 4.25% |
Prefer monthly interest payments instead? The rate drops slightly: 5.00% for 6 months, 5.15% for 12 months. Whichever payment option you choose, the tier matters more than the term. Deposits between $1,000 and $4,999.99 earn only 0.01% per annum, across every single term length. That’s not a typo. It’s a real, published rate, and it applies regardless of whether you choose a 6-month or a 5-year term.
The Tier Trap: Why Your Deposit Amount Matters More Than the Term
Every rate page for Greater Bank leads with “up to 5.25% per annum.” Almost none of them make clear that this headline rate is locked behind a $5,000 minimum. If your deposit sits under that threshold, you’re not looking at a slightly lower rate. You’re looking at 0.01% per annum, which on a $2,000 deposit over 12 months works out to about 20 cents in interest.
This isn’t a hidden fee or fine print buried in a PDF. It’s stated plainly on Greater Bank’s own rates page. It’s just rarely mentioned by the comparison sites that rank for this keyphrase. Most of them only show the $5,000-$49,999.99 tier’s numbers, as if that applied to everyone. If you’re depositing less than $5,000, either top up to the threshold first or look elsewhere. A smaller regional bank or credit union may offer a genuine rate at lower minimums.
Why an Older Review Understates the Real Rate
A Mozo review still ranking for Greater Bank term deposit rates lists the 12-month rate as 4.80% p.a. That page was published in September 2024. The real current 12-month rate is 5.25% — a gap of 45 basis points. The same older review also states there’s “no minimum notification period” for early withdrawal. That’s no longer accurate either, following a rule change that took effect in February 2026.
If you’re using an older article to compare Greater Bank against other banks, the numbers and terms may no longer match reality. Check the rates directly on Greater Bank’s own site before deciding.
Greater Bank’s Early Withdrawal Rules Are More Nuanced Than Most
Most banks in this series apply one flat penalty for breaking a term deposit early: your rate drops to something like 0.01%, full stop. Greater Bank does it differently. For deposits opened or renewed from 23 February 2026, you need to give 31 days’ notice before withdrawing early. The interest reduction depends on how much of the term has already elapsed. It ranges from no reduction at all, if you’re within a 7-day renewal window, up to a 90% reduction if you’ve used less than 20% of the term.
That graduated structure means breaking a term deposit close to maturity costs you far less than breaking one early on. It’s worth checking exactly where your withdrawal date falls in that scale before assuming the worst-case penalty applies.
Is Greater Bank Good for a Term Deposit?
Greater Bank holds a 2.1 out of 5 rating on ProductReview.com.au across 134 reviews, with 78% negative. One review specifically about a maturing term deposit described the rate as “not competitive.” That reviewer also reported receiving no interest during the rollover transition period — a concrete, relevant warning for anyone letting their deposit auto-renew.
Greater Bank term deposits roll over automatically at maturity unless you tell the bank otherwise beforehand. Given that specific complaint, mark your maturity date and decide in advance whether you want to renew. Don’t let it happen automatically and hope the transition goes smoothly.
Deposit Protection
Like every authorised deposit-taking institution in Australia, Greater Bank term deposits are covered by the Financial Claims Scheme up to $250,000 per account holder — a baseline every ADI meets, not a point of difference.
FAQ: Greater Bank Term Deposit Rates
What is Greater Bank’s current best term deposit rate?
5.25% per annum for a 12-month term with interest at maturity, on deposits of $5,000 or more, effective 21 August 2026.
What happens if I deposit less than $5,000 with Greater Bank?
Deposits between $1,000 and $4,999.99 earn just 0.01% per annum on every term. That’s well short of the advertised headline rate.
What happens if I withdraw a Greater Bank term deposit early?
For deposits opened or renewed from 23 February 2026, you need 31 days’ notice. The interest reduction is graduated, from 0% if you’re near a renewal window up to 90% if little of the term has elapsed.
Is Greater Bank a good bank for term deposits?
The top-tier rates are competitive, but the bank holds a 2.1/5 rating on ProductReview.com.au, including a specific complaint about receiving no interest during a term deposit rollover.
Does a Greater Bank term deposit roll over automatically?
Yes, unless you contact the bank before maturity to specify otherwise.
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