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 the best high interest term deposit?

It’s easy to find the best 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 the best 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 July 20, 2019

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.

Want more? Compare all 82 term deposits in the Mozo comparison engine.

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

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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 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.

Can I earn high interest on a 1 month term deposit?

While term deposits are designed to give you the highest return on your money, interest rates offered on shorter terms tend to be a little lower than the longer term deposits. In this case, you might want to consider a longer term deposit.

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

ME
ME Term Deposit review
Overall
10/10
Great customer service and competitive rates.

I like this bank because it offers great rates for a small investment. Setting up the term...

I like this bank because it offers great rates for a small investment. Setting up the term deposit was very straight forward and easy to organise, and if you need to make any alterations a simple phone call will suffice. I found the process easy and simple to complete.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Jill | New South Wales

reviewed 4 months ago

Westpac
Westpac Term Deposit review
Overall
10/10
Sufficient and good

Fast and understanding.

Fast and understanding.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
10/10

Agavale | Victoria

reviewed 7 months ago

Newcastle Permanent
Newcastle Permanent Term Deposit review
Overall
7/10
Great customer service

I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.

I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.

Price
7/10
Features
7/10
Customer service
7/10
Convenience
7/10
Trust
7/10

Stephen | New South Wales

reviewed 7 months ago