1 month term deposits

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!

Advertisement
Sponsored Deal
High Livez Bond Fund – return of 5.26% p.a.*

Invest in highly rated Australian bonds. *Total Return for the 9 years to 28 February 2021 and 5.63% p.a. since inception on 29 March 2011. Past performance is not indicative of future performance. The fund is not a bank or term deposit.

1 month term deposit comparisons on Mozo - last updated 15 April 2021

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    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 2021 for Term Deposits.

    Compare
    Go to site
    Details
  • placeholder
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.15% p.a.
    1 month
    $10,000
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

    Compare
    Go to site
    Details
  • placeholder
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

    Compare
    Details
  • placeholder
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.

    Compare
    Details

^See information about the Mozo Experts Choice Term deposits Awards

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

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.

Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    AMP Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.25% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of at least $250.

    Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up 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.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Go to site
    Details
  • placeholder
    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

    Go to site
    Details
  • placeholder
    Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

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

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

    Go to site
    Details
  • placeholder
    Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

    Go to site
    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.

FAQ

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.

Picture of JP Pelosi
JP Pelosi
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

CUA Term Deposit review
Overall 1/10
Beware of CUA.

I was recently with CUA as I was extremely hopeful that it would be a good bank to deal with, but after a week I left and was charged $20 after 5 days being with them. I was first told I'd receive a certain rate over the phone by a saleswoman, so it took me a day to transfer everything into CUA. Then the next day I spoke to another person and they had no records that I spoke to someone, even though I presented screenshots of my mobile that I spoke to someone there - they didn't believe me. Then they said they had to investigate and both phone service person, online and a bank manager told me they'd get back to me the next day. After 2 days of calling, leaving messages. A 2nd person got back to me but it was too late, I received a better rate from another bank and then decided to leave after 4 days of being run around. I was unfortunately charged $20 for being with them under 5 days.

Read full review

I was recently with CUA as I was extremely hopeful that it would be a good bank to deal with, but after a week I left and was charged $20 after 5 days being with them. I was first told I'd receive a certain rate over the phone by a saleswoman, so it took me a day to transfer everything into CUA. Then the next day I spoke to another person and they had no records that I spoke to someone, even though I presented screenshots of my mobile that I spoke to someone there - they didn't believe me. Then they said they had to investigate and both phone service person, online and a bank manager told me they'd get back to me the next day. After 2 days of calling, leaving messages. A 2nd person got back to me but it was too late, I received a better rate from another bank and then decided to leave after 4 days of being run around. I was unfortunately charged $20 for being with them under 5 days.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jo, New South Wales, reviewed 30 days ago
ANZ Term Deposit review
Overall 10/10
Amazing

I love this bank as they care about their customers and have a wide variety of banking products

Read full review

I love this bank as they care about their customers and have a wide variety of banking products

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Christelle, Western Australia, reviewed about 1 month ago
ANZ Term Deposit review
Overall 10/10
Super Amazing service with a truly personal touch!

A holistic banking experience that is smooth and seamless, Timely and accurate financial transactions that are effortless. Dealing with ANZ provides flexibility, convenience and ease, Smart apps and web tools making online assistance a breeze. Totally transparent with banking terms and terminology, Term deposits are managed efficiently and excellently. Reaching out to me in a timely manner upon request, Taking time to provide financial advice that are the best! Though choosing between banking options can be daunting, ANZ is always patient with information that's 100% enlightening. On-time transaction updates available through secure web presence, Instilling confidence in the technology's integrity, privacy and resilience. Cares for me as a customer with my banking and financial needs, Supporting my financial wellbeing with sound replies and speed!

Read full review

A holistic banking experience that is smooth and seamless, Timely and accurate financial transactions that are effortless. Dealing with ANZ provides flexibility, convenience and ease, Smart apps and web tools making online assistance a breeze. Totally transparent with banking terms and terminology, Term deposits are managed efficiently and excellently. Reaching out to me in a timely manner upon request, Taking time to provide financial advice that are the best! Though choosing between banking options can be daunting, ANZ is always patient with information that's 100% enlightening. On-time transaction updates available through secure web presence, Instilling confidence in the technology's integrity, privacy and resilience. Cares for me as a customer with my banking and financial needs, Supporting my financial wellbeing with sound replies and speed!

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

More term deposit reviews