Your selected term deposits
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.
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
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.
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 variable rate is available for the first four months.
Introductory variable rate of 1.50% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 1.00%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.
Introductory variable rate of 1.50% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 1.00%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the Macquarie Savings 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
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Read our Mozo Review to learn more about the Citi Online Saver
^See information about the Mozo Experts Choice Savings accounts Awards
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.
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