Your selected term deposits
If you’re between investments and need somewhere to park your cash, one month term deposits can be a way to earn a little interest on your hard earned money. After one month, your term deposit amount will have accrued interest and be ready to access. Some banks may even allow you to roll over your balance to another one month term, meaning you will continue to receive interest, until you transfer the money elsewhere.
Start comparing one month term deposits below!
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.
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.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Competitive rates and fast online application for one year term deposit. Start investing with as little as $5,000 up to $500,000. No account keeping or set up fees to pay. Option to have interest paid at maturity. MyLife MyFinance is part of the Challenger Group.
Competitive rates and fast online application for one year term deposit. Start investing with as little as $5,000 up to $500,000. No account keeping or set up fees to pay. Option to have interest paid at maturity. MyLife MyFinance is part of the Challenger Group.
Read our Mozo Review to learn more about the MyLife MyFinance Term Deposit
$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.
$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.
Read our Mozo Review to learn more about the Citi Term Deposit
^See information about the Mozo Experts Choice Term deposits Awards
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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.
Bonus rate of 1.00%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
Read our Mozo Review to learn more about the Virgin Money Boost Saver with Go Account
Bonus rate of 1.35%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
Read our Mozo Review to learn more about the Virgin Money Boost Saver with Go Account
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments.
Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.
Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.
Read our Mozo Review to learn more about the Virgin Money Grow Saver
^See information about the Mozo Experts Choice Savings accounts Awards
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.
I set up an online term deposit but they had a problem transferring the funds. They told me to contact them. This proved to be nearly impossible. I kept getting emails to say that I should contact them through their APP. However, they hadn't sent me an account number in order to do so. I tried to phone them. On one occasion I was waiting on the phone for over 90 minutes, another time over half an hour. I finally got through on a Sunday. The person showed no concern for my predicament and was very unfriendly. I concluded that AMP's service and staff selection and training was very poor and decided not to invest with them.
Read full reviewI set up an online term deposit but they had a problem transferring the funds. They told me to contact them. This proved to be nearly impossible. I kept getting emails to say that I should contact them through their APP. However, they hadn't sent me an account number in order to do so. I tried to phone them. On one occasion I was waiting on the phone for over 90 minutes, another time over half an hour. I finally got through on a Sunday. The person showed no concern for my predicament and was very unfriendly. I concluded that AMP's service and staff selection and training was very poor and decided not to invest with them.
I had trouble with AMP when as a lawyer I was after the held up the payment of superannuation to a deceased estate. I thought that the AMP bank may give better service. They will transfer money to themselves within hours of your application but then you cease to exist. Won’t answer your phone calls. No call back and an email response to phone them. Totally useless.
Read full reviewI had trouble with AMP when as a lawyer I was after the held up the payment of superannuation to a deceased estate. I thought that the AMP bank may give better service. They will transfer money to themselves within hours of your application but then you cease to exist. Won’t answer your phone calls. No call back and an email response to phone them. Totally useless.
Initially all of these products were excellent but with the change of rates we now don’t receive a good return as a loyal customer.
Read full reviewInitially all of these products were excellent but with the change of rates we now don’t receive a good return as a loyal customer.
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Your selected term deposits