3 month term deposits
Is your spare cash working as hard for you as it should be? If you don’t need to draw on your savings for a few months, you could give it a boost with a 3 month term deposit.
Read moreIs your spare cash working as hard for you as it should be? If you don’t need to draw on your savings for a few months, you could give it a boost with a 3 month term deposit.
Read moreA truly marvellous invention Albert Einstein once called compound interest ’the greatest mathematical discovery of all time.’ Compound interest is the accumulation of interest, on interest, meaning the more frequently you’re earning interest, the faster your money tree will grow. You can calculate how compounding term deposit interest will work in your favour with our handy term deposit calculator.
Technically yes, but it’s not really a good idea to break a term deposit contract as you’ll face ’break fees’ that could cost you some or all of the interest you’ve earned. Banks offer a variety of fixed terms for term deposits so in addition to comparing 3 month terms also look at longer terms like 1 year or 2 year to compare interest rates.
If you’ve just landed your first job, or finally broken even on debt and want to know where to stash your savings, a high interest savings account or term deposit is a great place to start. Usually term deposits require a minimum of $1000 - $5000 so if you’re not at that stage yet, or you think you’ll need access to that money in the near future, then a savings account is a good place to start.
Page last updated July 24, 2019
Promoted
2.20% p.a.
3 months
$5,000
5 month special rate, available for a limited time only. $5,000 minimum with deposits up to $250,000 government guaranteed.
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Promoted
2.05% p.a.
3 months
$1,000
No fees whatsoever. Choice of a 1, 3, 4, 6, 9 or 12-month term for deposits from $1,000 - $2 million
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Promoted
2.25% p.a.
3 months
$250,000
Highly competitive rates for new to bank funds & a $0 Setup and account-keeping fees
$2,000,000.00
no
yes
Read our Mozo Review to learn more about the Citi Term Deposit Special
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Promoted
2.00% p.a.
3 months
$5,000
Deposits up to $250,000 per customer are guaranteed by the Australian Government
$5,000,000.00
yes
yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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Promoted
1.00% p.a.
3 months
$5,000
With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term. Choose the length of term from one month to five years. Receive interest payments monthly, quarterly, half yearly or annually on selected terms.
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Want more? Compare all 82 term deposits in the Mozo comparison engine.
Compare more term deposits^See information about the Mozo Experts Choice Awards for Term Deposits
Reviews, news, tips and guides to help find the best term deposit for you.
Keen to make money on your savings quickly and risk free? A three month term deposit locks away your money for 90 days and earns you a nice bonus at the end through interest. So before you know it your investment will have grown and you'll have more money to your name. Just what you like to hear! Despite choosing to invest your money for a short period of time you can still earn a substantial amount of interest once you've shopped around online for a high fixed rate. While there's often competitive specials on short term deposits they still provide security and safety for your money.
When it comes to term deposits, there are two main types, short and long-term. This refers to the duration you will invest your savings. One is no better than the other! It all comes down to your financial goals and aspirations as to which type of term deposit best suits you.
Short term deposit: A three month term deposit sits under this banner. You can also lock away your cash for as little as six or even twelve months.
Long-term deposit: Keep your savings locked away for one to up to five years.
Three Month Term Deposit | Savings Account | |
Fees | No Fees (Penalties apply for early withdrawals) | Setup and ongoing or annual fees (will vary from bank to bank) |
Access | Can't touch funds until term has matured | Able to withdrawal money when you wish |
Interest Rates | Fixed | Variable |
Payments | Can't make additional payments to term deposits | Deposits can be made when you like |
Comparing term deposits has never been easier, there's no need to trek around the streets from bank to bank waiting to speak with a teller…now you can rest those legs and let all your fingers do the work by finding the best term deposit rates online.
The key is to find the highest rate for the term and amount you are investing. A bank that offers John the best rate for his $250,000 three month term deposit will be different to the bank that offers Jan the best rate on her $20,000 three month term deposit. The rate can vary from anything between 1-2%... every bit counts!
Remember interest rates are advertised for a full year of investment (per annum), so when calculating how much interest you will earn over three months you will need to divide the rate by four. E.g. Investing $10,000 in a three month term deposit with 3% p.a. interest rate paid at maturity will earn you $75 in interest.
Use the Mozo term deposit calculator to help you crunch the numbers.
Case study:
The champagne has popped and is free flowing amongst family and friends. There are lots of high fives, a sense of relief and elation as Mr and Mrs Smith have sold their two bedroom unit, making a profit of $250,000 on when they bought it five years ago.
The Smiths haven't bought a new home yet so aren't too sure what to do with the money they've made. Being impulse buyers, the couple are concerned they might spend it all at once before purchasing a new place! So the Smiths start doing some research and realise they can snap up a high interest rate with a short term deposit and wont risk spending their profits before finding their dream home. A short term deposit also suits the Smiths as they know they will need to access the funds in the next couple of months.
With the benefits of the online world they search Mozo for the best interest rates on a three month term deposit with $250,000. Bang, they've hit a jackpot! With 2.7% p.a interest rate paid at maturity the Smiths can earn $1,688. That will cover the new BBQ and outdoor furniture for when they upsize!
I like this bank because it offers great rates for a small investment. Setting up the term...
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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.
Less
Jill | New South Wales
reviewed 4 months ago
Fast and understanding.
Read full review
Fast and understanding.
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Agavale | Victoria
reviewed 7 months ago
I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
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I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
Less
Stephen | New South Wales
reviewed 7 months ago
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