1 month term deposits

If you’re between investments and need somewhere to park your cash, one month term deposits can be a good way to accrue a little interest on your hard earned money. After one month, your term deposit will have slightly increased and will be ready to access. Some banks will even allow you to roll over your balance, meaning that your interest rate will continue until you transfer the money elsewhere. Start comparing below!

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1 month term deposit comparisons on Mozo - page last updated September 28, 2020

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.

  • Online Term Deposit

    0.15% p.a.
    1 month

    $5,000

    Yesup to $250,000

      Compare
    Details

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

^See information about the Mozo Experts Choice Term deposits Awards

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Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.

  • 3.00% p.a. (for $0 to $30,000)

    0.40% p.a.(for $0 and over)

    Yesup to $250,000

    Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Details
  • mozo-experts-choice-2020

    1.65% p.a. (for $0 to $250,000)

    0.15% p.a.(for $0 and over)

    Yesup to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Details
  • 1.15% p.a. (for $0 to $250,000)

    0.01% p.a.(for $0 to $5,000,000)

    Yesup to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Details
  • 0.85% p.a. (for $0 and over)

    0.01% p.a.(for $0 and over)

    Yesup to $250,000

    Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals

    Details
  • mozo-experts-choice-2020

    1.50% p.a. (for $1 to $250,000)

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

    Yesup to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Details
  • 1.55% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yesup to $250,000

    Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.

    Details
  • 0.80% p.a. (for $0 and over)

    0.05% p.a.(for $0 and over)

    Yesup to $250,000

    Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.

    Details

^See information about the Mozo Experts Choice Savings accounts Awards

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.

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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.

Term Deposit Reviews

MyState Bank Term Deposit review
Overall 9/10
Friendly and professional service.

Friendly and professional care and advice given when face to face in branch (Launceston). Easy to navigate their online services - in particular when setting up an online term deposit.

Read full review

Friendly and professional care and advice given when face to face in branch (Launceston). Easy to navigate their online services - in particular when setting up an online term deposit.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Christopher, Tasmania reviewed 4 days ago
BOQ Specialist Term Deposit review
Overall 4/10
Used to be a great bank

I've banked with BOQ specialist bank in Sydney for decades. When they were owned and operated as Investec they were excellent, efficient and responsive to customer requirements. However over the past couple of years they seem to have no management control. Simple maturing fixed deposit transfer requests are ignored or misplaced. The Manager dealing with my accounts for multiple years advised last month he was too busy to handle my account and instead of allocating another relationship manager suggested that I should send future requests to their client service department. Sadly, upon requesting transfer of the next maturing deposit it took several international phone calls and 3 secure messages before anyone paid attention and resolved their internal issues. It seems the bank is in a shambles -

Read full review

I've banked with BOQ specialist bank in Sydney for decades. When they were owned and operated as Investec they were excellent, efficient and responsive to customer requirements. However over the past couple of years they seem to have no management control. Simple maturing fixed deposit transfer requests are ignored or misplaced. The Manager dealing with my accounts for multiple years advised last month he was too busy to handle my account and instead of allocating another relationship manager suggested that I should send future requests to their client service department. Sadly, upon requesting transfer of the next maturing deposit it took several international phone calls and 3 secure messages before anyone paid attention and resolved their internal issues. It seems the bank is in a shambles -

Price
3/10
Features
4/10
Customer service
1/10
Convenience
1/10
Trust
3/10
Less
Jon, Western Australia reviewed 13 days ago
ING Term Deposit review
Overall 8/10
Go orange with ING.

Have been with ING for a while. They started off with very competitive rates for savings accounts however have cut the rates a few times as time goes on, still giving them the edge over other banks but making them slightly less appealing. They don't have a physical store and the wait times can be frustrating when you are on the phone trying to get something sorted so I normally just use the 'contact us' on the app and send an email query. The card is great to have for rebates when travelling as any fees you get charged will be credited back. Overall a good bank.

Read full review

Have been with ING for a while. They started off with very competitive rates for savings accounts however have cut the rates a few times as time goes on, still giving them the edge over other banks but making them slightly less appealing. They don't have a physical store and the wait times can be frustrating when you are on the phone trying to get something sorted so I normally just use the 'contact us' on the app and send an email query. The card is great to have for rebates when travelling as any fees you get charged will be credited back. Overall a good bank.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
6/10
Trust
8/10
Less
Renee, Victoria reviewed 27 days ago