1 month term deposits

If you’re between investments and need somewhere to park your cash while you plan your next move, one month term deposits can be a great way to maximise interest on your hard earned nest egg.

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What happens to my money after one month is up?

After one month, your term deposit will have matured, meaning you can access your money. Some banks will allow you to roll over your balance, meaning that the high interest will continue until you transfer the money elsewhere.

How do I compare and find a high interest term deposit?

It’s easy to find the a high interest term deposit in one easy step with Mozo’s comprehensive high interest term deposit search tool. You can also try our term deposit calculator to help you compare interest rates and term deposit term to give you a great return.

How do I apply for a 1 month term deposit?

Once you’ve chosen the right 1 month term deposit for your needs, you can apply online by clicking on the ’go to site’ button for the term deposit bank of your choice.

Page last updated April 6, 2020

1 month term deposit comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

  • Promoted

    Online Term Deposit

    0.55

    $5,000

    Deposits up to $250,000 per customer are guaranteed by the Australian Government.

    • $5,000,000.00

    • yes

    • yes

    Read our Mozo Review to learn more about the MyState Bank Online Term Deposit

    Details Close

  • Promoted

    Term Deposit

    0.95

    $1,000

    No fees whatsoever. Choice of a 1, 3, 4, 6, 9 or 12-month term for deposits from $1,000 - $2 million

    • $2,000,000.00

    • Yes

    • Yes

    Read our Mozo Review to learn more about the UBank Term Deposit

    Details Close

Want more? Compare all 86 term deposits in the Mozo comparison engine.

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*Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposits Awards

Other savings options

Promoted

Macquarie

Macquarie

Savings Account

2.65% p.a. (for $0 to $250,000)

1.35% p.a.(for $0 to $25,000)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.00% p.a. (for $0 to $250,000)

0.30% p.a.(for $0 and over)

$0.00

Promoted

IMB Bank

IMB Bank

Reward Saver Account

1.75% p.a. (for $5,000 and over)

0% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

1.90% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

2.00% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

$0.00

Promoted

Defence Bank

Defence Bank

iSaver

1.70% p.a. (for $0 to $1,000,000)

0.05% p.a.(for $0 to $1,000,000)

$0.00

Promoted

Heritage Bank

Heritage Bank

Online Saver

2.20% p.a. (for $1 to $100,000)

0.80% p.a.(for $1 to $250,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

1.85% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

Promoted

Macquarie

Macquarie

Savings Account

2.65% p.a. (for $0 to $250,000)

1.35% p.a.(for $0 to $25,000)

$0.00

Promoted

Defence Bank

Defence Bank

iSaver

1.70% p.a. (for $0 to $1,000,000)

0.05% p.a.(for $0 to $1,000,000)

$0.00

Promoted

IMB Bank

IMB Bank

Reward Saver Account

1.75% p.a. (for $5,000 and over)

0% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

1.90% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.00% p.a. (for $0 to $250,000)

0.30% p.a.(for $0 and over)

$0.00

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

2.00% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

1.85% p.a. (for $0 to $200,000)

0.79% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

1.85% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

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 some banks, that is designed to be a place to put away your funds while you save for something in the near future, or are just simply planning what to do next with your money. It’s a great option if you want access to your money after a short period of time or feel you can’t commit to a longer term. It is the shortest period of time for a term deposit as other short term deposits are 3, 6 or 12 months long. Read our term deposit reviews for all the info you need on different providers.

How much can I deposit?

Most banks have different maximum deposit amounts, but across the board you can expect to deposit a minimum of $1,000. To find balance limits for each provider simply look at our comparison table above or go to our Term Deposits Search Engine.

What happens if I want to access my funds before the month is over?

Term deposits are designed to hold your money for the agreed amount of time and remove the temptation to spend it, so early withdrawal is not ideal. But, in the case that you need fast access to your funds you will face a hefty early withdrawal fee. So, it’s worth weighing up your options because in the end it may not be the best option financially. 

Can I roll over the term deposit after 1 month?

Once the month is up, it means your term deposit has matured and you will be given full access to your money again. If you choose to, some banks will allow you to roll over your term deposit to a longer term, meaning you’ll continue to earn interest on your cash.

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

Although term deposits are designed to give you a higher interest rate on your money, how high or low the interest rate offered is, generally depends on how short or long the term is. Longer terms usually have the highest interest rates, while interest rates for short term deposits tend to be lower. With that in mind, a one month term deposit will probably offer a lower interest rate than a two year term. Head to Mozo’s Term Deposits Interest Rates information page to keep up to date on current term deposit interest rates.

Do I pay fees on a 1 month term deposit?

Luckily, in most cases, there are no set up, ongoing or annual fees on 1 month term deposits but always double check before you seal the deal.
REMEMBER: You could be hit with a big penalty if you decide to withdraw your funds before it reaches maturity. 

Can I top up my 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.

Term Deposit Reviews

P&N Bank Term Deposit review
Overall 10/10
Best customer service and a great local bank.

P&N Bank staff are some of the friendliest and most helpful that I have ever dealt with. Their products are super competitive and so easy to use.

Read full review

P&N Bank staff are some of the friendliest and most helpful that I have ever dealt with. Their products are super competitive and so easy to use.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Stuart, Western Australia reviewed 6 days ago
ME Term Deposit review
Overall 7/10
Quite competitive rates.

Online application can be confusing and telephone staff cannot always help with what appears to be a disjunctive office. They will however negotiate better interest rate if asked. THE WORST, ANNOYING THEATRE ADS IN THE CIVILISED WORLD.

Read full review

Online application can be confusing and telephone staff cannot always help with what appears to be a disjunctive office. They will however negotiate better interest rate if asked. THE WORST, ANNOYING THEATRE ADS IN THE CIVILISED WORLD.

Price
7/10
Features
5/10
Customer service
1/10
Convenience
2/10
Trust
5/10
Less
David, Queensland reviewed 6 days ago
Westpac Term Deposit review
Overall 9/10
I will be staying with them.

Always had very good service. Helped with a scam problem. Staff are very efficient and friendly.

Read full review

Always had very good service. Helped with a scam problem. Staff are very efficient and friendly.

Price
10/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Liene, Victoria reviewed 12 days ago