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Term Deposit

A Term Deposit is an investment held in a financial institution (Aware Super members are invested in National Australia Bank Ltd) that has a fixed interest rate for a fixed period of time. This option is not covered by the Government Guarantee (Financial Claims Scheme).
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May be suitable if you:
  • are seeking a fixed rate of return for locking away funds for a set period of time
  • understand that once funds are invested in a term deposit, you won’t be able to switch or withdraw the funds until the term deposit matures
  • can accept that your return may not keep pace with inflation
Available for these accounts:
  • Future Saver
  • Retirement Transition
  • Retirement Income
  • Term Allocated Pension (TAP)
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Term deposit rates effective to 16 October 2026

Once funds are invested in a term deposit, you are generally locked into the term deposit. This means you can’t switch or withdraw those funds until the term deposit matures (ends).

Interest rates are subject to change without notice. The interest rate applied to your term deposit investment will be that applicable at the time your term deposit is processed with the term deposit provider. Depending on the timing of your application, the rate you receive may differ from the indicative rate shown at the time of application. An application received online on a non-business day is deemed to have been received by us before 3pm AEST/AEDT on the next business day.

15% tax is deducted from the interest paid on term deposits for:

  • Future Saver accounts
  • Retirement Transition accounts.

 

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3 months 6 months 9 months 12 months
5.30% pa 5.40% pa 5.45% pa 5.55% pa

Summary

Investment objective
To exceed the returns of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe
Members can choose a 3, 6, 9 or 12-month investment timeframe
Fees

0.00%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Investment objective
To exceed the returns of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe
Members can choose a 3, 6, 9 or 12-month investment timeframe
Fees

0.00%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Investment objective
To exceed the returns of the Bloomberg AusBond Bank Bill Index over rolling 12-month periods, before fees, costs and tax.
Timeframe
Members can choose a 3, 6, 9 or 12-month investment timeframe
Fees

0.00%

Investment fees and costs and transaction costs

Fees listed above include ‘Investment fees and costs’ and ‘Transaction costs’ and exclude ‘Administration fees’. Indicative only based on historical fee and cost data as at 30 June 2026. The amount you’ll pay in future years will depend on the fees and costs incurred by the trustee in managing the investment option. Other fees and costs may apply. Learn more about our fees and costs

Level of risk

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

Estimated number of negative annual returns over any 20-year period:

Less than 0.5 times
Short-term risk

1 - Very Low

Short-term risk measures the effect of market ups and downs on your balance, based on the likelihood of a negative annual return in a given year. 

Long-term risk

7 - Very High

Long-term risk is the risk that your investment doesn’t generate enough of a return above inflation over the long term to maintain living standards in retirement. 

What it invests in

Below is the option’s target asset allocation.

Asset classTarget

Cash

100%

Asset classTarget

Cash

100%

Asset classTarget

Cash

100%

How the Term Deposit investment option works

Each term deposit you hold must be a minimum of $5,000 and a maximum of $5 million. In addition, you must have:

  • a minimum account balance of $15,000 (excluding any amounts already in the Term Deposit option), and
  • the greater of $10,000 or 10% of your account balance invested in options other than Term Deposit. This is because the following deductions (as applicable) cannot be withdrawn from funds in the Term Deposit option:
    • administration fees,
    • insurance premiums, and
    • pension payments.

When the term deposit matures, all money within the term deposit is transferred into the Cash option. Note that this is after any tax payable on the interest earned** is deducted. You may then transfer the proceeds to the investment option(s) of your choice. You can do this by changing your investment option(s) or applying for another term deposit.

We may allow a term deposit to be terminated early. This happens under special circumstances and at trustee discretion. If this occurs, there will be an interest adjustment. This will be in the form of a reduction in accrued interest.

Refer to the relevant PDS or Handbook for more information:

** Applicable to Future Saver and Retirement Transition accounts.

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Last updated: September 2026

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

[AD4] Aware Super data, member super check-ins from December 2024 - November 2025.