1 month term deposits

If you’re between investments and need somewhere to park your cash, one month term deposits can be a way to earn a little interest on your hard earned money. Compare below!

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1 month term deposits

1 month term deposit comparisons on Mozo - last updated 19 March 2024

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  • Term Deposit

    2.00% p.a.
    1 month

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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  • Online Term Deposit

    0.50% p.a.
    1 month

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

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^See information about the Mozo Experts Choice Term deposits Awards

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Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

What is a 1 month term deposit?

A 1 month term deposit is a short term deposit, offered by a number of banks. This short term can be a place to park your funds if you’re saving for something in the near future, or simply need time to figure out your next money move. It could be a great option if you want to access your money fairly soon, or feel you can’t commit to a longer term. It is the shortest period of time for a term deposit, other short terms range from three to twelve months. Read our term deposit reviews for all the info you need on different providers.

What is the minimum deposit for a 1 month term deposit?

How much you can deposit in a term deposit will depend on the individual bank’s minimum and maximum deposit requirements. While a number of banks require at least a $1,000 deposit, others may set the minimum at $5,000 or even $10,000. To find term deposit balance limits for each provider, simply scroll up to the comparison table above, or go to our term deposits search engine. Here you can filter by the amount you wish to deposit, how long you wish to deposit it for and which state or territory you live in.

Can I withdraw early from a 1 month term deposit?

Although it is possible to access your funds before the month is over, doing this can be costly. In most cases you will have to give the bank notice to withdraw funds early and you may be charged a penalty fee and/or have your interest rate reduced. Term deposits are designed to make it hard to access your money, so that the temptation to spend is eliminated. For this reason early withdrawal is not ideal. Before you make an early withdrawal, it might be worth weighing up your options to make sure that it is absolutely necessary.

Can I roll over the term deposit after 1 month?

If you wish to, once your one month term ends, some banks may allow you to roll your money over to another term. This means you will continue to earn interest (although the rate will be whatever rate is available at the time of the rollover). If you don’t want to put your money in another term deposit, you can also withdraw it at maturity.

What type of interest rate can I earn with a 1 month term deposit?

Generally speaking term deposits are designed to give you a higher interest rate on your money. However, the highest interest rates are usually offered with longer term deposits. With this in mind, you can probably expect to receive a slightly lower interest rate with a one month term, than you would with a two year term (for example). Head to Mozo’s term deposits interest rates page for up-to-date information on term deposit interest rates in Australia.

Do I pay fees on a 1 month term deposit?

Luckily, most banks do not charge set up, ongoing or annual fees for 1 month term deposits. That said, you should always check the fees and charges, before locking your money away in a term. 

It’s also good to remember that while banks may not charge setup fees, you may be hit with a fee if you decide to withdraw your funds before the term matures.

Can I top up my 1 month term deposit throughout the month?

Just like how you can’t withdraw your money from a term deposit, you can’t top up your balance either - the amount remains the same throughout the month. If you are considering a short-term term deposit but are unsure on how much you want to put away, a high-interest savings account may be a more suitable alternative as it has more flexible options when it comes to withdrawals and deposits.

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JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

1 month term deposit FAQ

How is the interest calculated on a 1 month term deposit?

Most one month term deposits will pay and calculate interest at maturity. If you are curious about the interest on a certain term deposit, use Mozo’s term deposits calculator to work out how much interest you might earn overall.

What is the difference between a term deposit and a savings account?

The main difference between a term deposit and a savings account is being able to access your money. With a term deposit, you can’t withdraw your money before maturity. However, with a savings account, you can access your money at any time. Both give opportunity to accumulate interest, however a savings account interest rate is not fixed like a term deposit.

Term Deposit Reviews

Westpac Term Deposit
Overall 7/10
Good in-person service

Good in-person service, and quite a few options.

Read full review

Good in-person service, and quite a few options.

Price
6/10
Features
6/10
Customer service
10/10
Convenience
9/10
Trust
7/10
Less
Cynthia, New South Wales, reviewed 5 days ago
BCU Bank Term Deposit
Overall 10/10
Aussie product good service

Good rate, simple product. Will use again.

Read full review

Good rate, simple product. Will use again.

Price
7/10
Features
9/10
Customer service
9/10
Convenience
8/10
Trust
9/10
Less
Marcus, Queensland, reviewed 14 days ago
ING Term Deposit
Overall 10/10
Rating ING bank

I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank

Read full review

I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank

Price
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kim, Victoria, reviewed about 1 month ago

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