A method includes communicating over an interface between a controller and multiple memory dies, which comprise respective on-die terminations (ODTs) that are each connectable to the interface by the controller. A plurality of termination settings are evaluated, each termination setting specifies a respective subset of the ODTs to be connected to the interface, so as to identify a preferred termination setting in which the communication quality with a given memory die meets a predefined criterion. Subsequent communication with the given memory die is performed while applying the preferred termination setting.