Your selected term deposits
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Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2023^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2023^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected term deposits
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)
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)
Read our Mozo Review to learn more about the Rabobank Term Deposit
Your selected term deposits
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.
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.
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
Your selected term deposits
^See information about the Mozo Experts Choice Term deposits Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Good in-person service, and quite a few options.
Read full reviewGood in-person service, and quite a few options.
Good rate, simple product. Will use again.
Read full reviewGood rate, simple product. Will use again.
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 reviewI 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
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Your selected term deposits