Maturity and rollover: what happens when a term deposit ends

The bank returns the capital and any interest not yet paid to the account you nominated, renews the deposit, or, at some banks, moves the money to a holding facility. Moneysmart’s warning is the one that matters: if you do nothing "your term deposit may roll over into a new term deposit", at "a lower interest rate than before", and there may be a fee to get out.

The renewal rate is set under the product’s terms and can differ from the rate you were on and from the rates advertised to new customers on the day.

Some products allow a short window after maturity in which specified changes, such as withdrawing, adding or changing the term, can be made without an early-withdrawal reduction. CommBank describes seven days including the maturity date; ANZ describes seven days starting the day after maturity. Other providers’ windows and permitted changes are in their product terms. After the window closes, the renewed deposit is a new term deposit with the full notice and reduction rules.

Moneysmart suggests reviewing the deposit a month before it matures. Tell the bank what to do with the money in advance: pay it out, renew for a different term, or renew with a different amount. Banks contact you before maturity, but the instruction is yours to give.

Use that month to compare. On 10 Oct 2026 the highest comparable twelve-month rate in this snapshot was 5.60%, and the median of the 75 ranked brands publishing that term was 5.25%. The leaderboard shows the comparable rates in the snapshot at every term, and the rate changes page shows the changes the site recorded this week.

Check whether you are still inside the grace period. If not, check whether the deposit renewed and which withdrawal conditions now apply. A reminder for the next maturity date helps; many banks let you set maturity instructions the day you open the deposit.