Longer term deposits mean there’s no good reason to put your cash under the mattress. Lock your interest rate in for a 12 month period and boost your savings balance. Minimum investment amounts apply with a term deposit and some banks will also give you the option of automatic rollovers after one year is up. Start comparing term deposits now.
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Invest in highly rated Australian bonds. *Total Return for the 9 years to 30 November 2020 and 5.70% 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.
Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
0.60% p.a.
1 year
$10,000
Yes up to $250,000
^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.
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
1.20% 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.
1.20% 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 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% rate after*
0.90% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% rate after*
$0 monthly account fee. Link to any Australian bank account.
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
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.
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
No monthly fees and earn up to 1.10% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5SAVE at sign up.
0.85% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
0.85% 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.
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up 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.
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up 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.
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
3.00% p.a. (for $1 to $10,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied and 5 eligible transactions are made by the linked accountif in the previous month $200 or more is credited to the linked Day2Day Plus account.
14 to 24 years
3.00% p.a. (for $1 to $10,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied and 5 eligible transactions are made by the linked accountif in the previous month $200 or more is credited to the linked Day2Day Plus account.
3.00 %P.A. Bonus Interest on balances up to $10,000 when the Bonus Criteria is met. Free withdrawals to your linked Day2Day Account while still earning Bonus Interest. Only available between the ages of 14 - 24 years.
^See information about the Mozo Experts Choice Savings accounts Awards
Reviews, news, tips and guides to help find the best term deposit for you.
A year might seem like a very long time but rest assured, if you've done your homework, investing in a 12 month term deposit can work in your favour to maximise your wealth. A term deposit is where the interest rate is guaranteed not to change therefore your savings grow over the year. If you have a long term savings goal perhaps for a house or an overseas holiday, a 12 month term deposit is a good way to achieve those financial ambitions.
Locking your savings away for a whole year may seem a little daunting, as a lot can happen in 12 months with the market and your personal financial situation. So take the time to consider the following features before taking the leap into the world of term deposits.
If you shop around, you can generally find a higher interest rate with twelve month term deposits. While the rates on offer for a twelve month term deposit may not be quite as high as what is offered with a five year term deposit, you will, more often than not, be able to find a rate higher than what is offered with a shorter, three or six month term. So it's really up to you and your individual needs, as to whether you want to opt for a shorter term deposit with a lower interest rate, where you can access your funds sooner, or a longer term deposit where your money will be locked away for a considerable period of time, but will most probably benefit from a higher interest rate. Check out Mozo's Term Deposits Interest Rates information page for more information on term deposit rates available right now.
Do you have a large amount of cash you're not sure what to do with? Are you someone that doesn't like taking risks and would rather take a conservative approach when it comes to money? If so, a 1 year term deposit may just suit you and your savings.
Fair enough though if you feel a little scared at the thought of opening up a one year term deposit, especially given you can't access the funds over the term without penalties. So it's important to do a budget that ensures you can survive a year without the funds in your term deposit. Also make sure you have an emergency stash of cash to avoid penalties for dipping into the deposit before maturity.
Crunch some numbers in the Mozo savings goal calculator.
Interest can be paid monthly, quarterly, bi-annually, annually or on maturity. Discuss the options with your bank.
Usually via direct credit into your nominated account. In some cases the financial institution that holds your term deposit may pay the interest to another bank of your choice.
As many as you like, there's no limit.
A minimum of $1000.
It's free!
The financial institution can debit funds directly from your nominated bank account or you can transfer funds into a new term deposit
In most cases, the beauty of the online world allows you to open a term deposit with the click of a few buttons but you may have to visit branch
You can't make additional deposits until the term has ended
Yes but it will come at a cost! Do everything you can to avoid the early withdrawal penalty.
The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So your pennies up to this amount are safe if anything unexpected happens to your ADI.
Withdrawal your money and go on a shopping spree, rollover your funds for another term or reinvest your funds once you've found a higher interest rate.
Better off to keep cash at home by the time I find a branch that is still open.
Read full reviewBetter off to keep cash at home by the time I find a branch that is still open.
Excellent Bank. Only downfall is we no longer have an office in our town.
Read full reviewExcellent Bank. Only downfall is we no longer have an office in our town.
I have an account with Rural bank, Adelaide. I've never come across such great customer service with other banks. Their response time is excellent and they see to any queries quickly and efficiently. No bank can match their customer service
Read full reviewI have an account with Rural bank, Adelaide. I've never come across such great customer service with other banks. Their response time is excellent and they see to any queries quickly and efficiently. No bank can match their customer service
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