Compare current Australian Interest Rates for Home Loans, Credit Cards, Term Deposits, Savings Accounts, &more with CANSTAR. Interest Rates updated daily. Compare current Australian Interest Rates for Home Loans, Credit Cards, Term Deposits, Savings Accounts, &more with CANSTAR. The best interest rate for a fixed term deposit changes all the time, as interest rates move up and down and banks compete with each other to win market share. To find the best interest rate for a fixed term deposit, it’s helpful to understand how interest rates are applied to term deposits. Deposit Interest Rate in Australia averaged 6.01 percent from 1981 until 2020, reaching an all time high of 17.25 percent in October of 1989 and a record low of 1.15 percent in January of 2020. This page includes a chart with historical data for Deposit Interest Rate in Australia. source: Reserve Bank of Australia