Suncorp and CUA have emerged as providers of best value in the area of term deposits, according to Canstar Cannex product ratings.
Canstar researched and compared 89 term deposits from providers including banks, building societies and credit unions, looking at two deposit amounts: $10,000 and $75,000.
The research house also outlined the three most common term deposit traps, warning consumers they needed to see beyond favourable interest rates.
The three traps identified by Canstar were early exit costs and hidden fees, costs involved with opening a new deposit account and automatic renewal conditions.
Assumption that their money would be rolled over to a similar deal with similar rates when the term was up was the most common mistake consumers make, according to Canstar Cannex.