If you don’t need to draw on your savings for a few months, you could give it a nudge with a 3-month term deposit. 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. Generally, the longer term will give you a better rate of interest. Start comparing now.
Sponsored Deal
Invest in highly rated Australian bonds. *Total Return for the 9 years to 31 August 2020 and 5.62% 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.
Featured Product
0.55% p.a.
3 months
$10,000
Yesup to $250,000
0.65% p.a.
3 months
$5,000
Yesup 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.
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
18-29 years old
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Earn up to a generous 3.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup 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.
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup 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.
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup 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.
Featured Product
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup 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.
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
Be rewarded with bonus interest for regular savings of $10 or more and no withdrawals in a month. Set a savings goal in the ANZ app or set up an automated monthly transfer online from your linked ANZ everyday banking account.
1.50% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup 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.
1.50% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup 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. ^
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
No minimum balance and no account keeping fees. Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category .^
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.
An online savings account with bonus interest offer for 3 months. No minimum balance required and no monthly account fees. Gives you the flexibility to access your savings anytime online anytime via your linked everyday account.
^See information about the Mozo Experts Choice Savings accounts Awards
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.
As a three month term deposit is generally considered a 'short' term deposit, you probably won't get quite as high an interest rate as you might with a two or three year term deposit, for example. But, if you shop around, it is still possible to find a short term deposit with a decent rate. Head to Mozo's Term Deposits Interest Rates information page for more information on term deposit interest rates available right now.
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've banked with BOQ specialist bank in Sydney for decades. When they were owned and operated as Investec they were excellent, efficient and responsive to customer requirements. However over the past couple of years they seem to have no management control. Simple maturing fixed deposit transfer requests are ignored or misplaced. The Manager dealing with my accounts for multiple years advised last month he was too busy to handle my account and instead of allocating another relationship manager suggested that I should send future requests to their client service department. Sadly, upon requesting transfer of the next maturing deposit it took several international phone calls and 3 secure messages before anyone paid attention and resolved their internal issues. It seems the bank is in a shambles -
Read full reviewI've banked with BOQ specialist bank in Sydney for decades. When they were owned and operated as Investec they were excellent, efficient and responsive to customer requirements. However over the past couple of years they seem to have no management control. Simple maturing fixed deposit transfer requests are ignored or misplaced. The Manager dealing with my accounts for multiple years advised last month he was too busy to handle my account and instead of allocating another relationship manager suggested that I should send future requests to their client service department. Sadly, upon requesting transfer of the next maturing deposit it took several international phone calls and 3 secure messages before anyone paid attention and resolved their internal issues. It seems the bank is in a shambles -
Have been with ING for a while. They started off with very competitive rates for savings accounts however have cut the rates a few times as time goes on, still giving them the edge over other banks but making them slightly less appealing. They don't have a physical store and the wait times can be frustrating when you are on the phone trying to get something sorted so I normally just use the 'contact us' on the app and send an email query. The card is great to have for rebates when travelling as any fees you get charged will be credited back. Overall a good bank.
Read full reviewHave been with ING for a while. They started off with very competitive rates for savings accounts however have cut the rates a few times as time goes on, still giving them the edge over other banks but making them slightly less appealing. They don't have a physical store and the wait times can be frustrating when you are on the phone trying to get something sorted so I normally just use the 'contact us' on the app and send an email query. The card is great to have for rebates when travelling as any fees you get charged will be credited back. Overall a good bank.
The teller's are giving wrong information out and rude.
Read full reviewThe teller's are giving wrong information out and rude.
More term deposit reviews
