Your selected term deposits
Have extended financial goals like buying a house? Opt for a three month term deposit to increase your savings with an attractive interest rate. Check out and compare three-year term deposits below!
4.95% p.a.
3 months
$1,000
Yes up to $250,000
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 2024^ 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 2024^ for Term Deposits.
Read reviews and learn more about Judo Bank term deposits
Your selected term deposits
4.85% p.a.
3 months
$5,000
Yes up to $250,000
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
Read reviews and learn more about P&N Bank term deposits
Your selected term deposits
4.95% p.a.
3 months
$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Your selected term deposits
3.50% p.a.
3 months
$5,000
Yes up to $250,000
Read reviews and learn more about Bendigo Bank term deposits
Your selected term deposits
^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.
A 3 month term deposit is a short term deposit, offered by many banks. This short term can be a great place to keep your funds and accumulate interest at the same time. 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.
A three month term deposit allows you to lock funds away for 90 days and earns you a nice bonus in the form of interest. Before you know it your investment will have grown!
Plus, while shorter terms tend to come with slightly lower interest rates, you can still find a fairly competitive rate with the likes of Judo Bank, Bank of Sydney and Citi. On top of this, a number of providers often offer special offers on three month terms. Finally, all providers listed on Mozo’s website are backed by the Australian government’s financial claims guarantee scheme. This scheme provides support in the event that your bank fails. Deposits are covered up to $250,000 with authorised deposit-taking institutions.
There are two main types of term deposits: short and long. This refers to the duration of time that you will invest your savings. Neither are necessarily better than the other. It really comes down to your financial goals and aspirations, as to which type of term deposit works well for you.With that in mind, let’s have a look at the pros and cons of both.
Short term deposits: A three month term deposit sits under the shorter term umbrella. You can also lock your money away for as little as six, or even twelve months.
Pros: You’ll be able to access your money fairly quickly, after which you can hunt around for another special or short term deposit to reinvest your money into.
Cons: Shorter term deposits often come with lower interest rates than longer term deposits.
Long term deposits: With a longer term you can keep your money locked away for one to five years.
Pros: Longer terms often come with the highest and most competitive term deposit interest rates. Compare longer term deposits here.
Cons: You won’t be able to access your money for a year or longer. If you do need to withdraw your funds early, you may be hit with a penalty fee and a reduced interest rate.
As a shorter term, it’s unlikely that you’ll be able to find a very high interest rate with a three month term deposit. That is compared with a two or three year term deposit, for example. However, there are of course other perks to a shorter term, e.g. being able to access your money sooner. Plus, if you shop around, there are still a number of competitive rates to choose from. Head to Mozo’s term deposits interest rates information page to review rates available right now.
Here’s a quick comparison between term deposits and savings accounts, including fees, access, interest rates and payments.
Three Month Term Deposit |
Savings Account |
|
Fees |
Usually no fees (Penalties may apply for early withdrawals) |
Can include setup and ongoing or annual fees (will vary from bank to bank) |
Access |
It is not ideal to access funds until the term has matured (early withdrawal fees may apply, if you have to access your month before the term ends) |
Can withdraw money when you like (although some banks may charge to transfer money out of your savings) |
Interest Rates |
Fixed |
Variable |
Payments |
Can't make additional payments to term deposits |
Deposits can be made when you like |
There are a number of people who a three month term deposit might work for, these include:
A rate surfer. Someone who likes to hunt down the most competitive interest rates on the market and surf between providers.
A newbie investor. If you’re new to investing in general, a term deposit could be a fairly low risk way to dip your toe in the water. A three month term deposit especially isn’t too long a commitment to start with.
A goal setter. A three month term deposit could be an option for someone saving for something specific. For example, you might have an event coming up in a few months time, or there might be something specific that you want to buy. Either way a short term could be one way to make sure you don’t dip into your savings beforetime.
When to invest in a three month term deposit will really come down to your personal, financial situation. For instance, you might suddenly receive a windfall of cash from a payout, an inheritance from a long lost relative or a lottery win. In this instance you may want to stash your money in a shorter term deposit, while you figure out what to do with it.
Another instance where you may want to lock your money away is when you’ve just reached a savings goal. You may have been saving for a wedding or a holiday and want to make sure that you don’t dip into your hard earned stash. In this case a three month term deposit may be an option to hide your money away until you actually want to use it.
Features to look for when choosing a three month term deposit are:
The interest rate. A competitive interest is definitely a bonus for any term deposit. Plus, nowadays all that’s needed to compare term deposit interest rates is a quick online search! Scroll up to compare term deposit interest rates on Mozo.
The minimum deposit. Most banks will require a minimum amount to put in a term deposit. This could be $1,000, $5,000 or even $10,000.
The maximum deposit. Banks will also often put a cap on how much you can deposit. This could be $250,000 or as much as $1 million. Just remember that the Australian government financial claims scheme only guarantees deposits up to $250,000.
Interest rate payment options. Can interest payments be made to another bank? Or will you have to set up a transaction account with the bank in question?
Early withdrawal fees. In the event that you need to withdraw your funds early, most banks will charge an early withdrawal fee and/or reduce your interest rate. Make sure you read up on the penalties that apply, before depositing your money in a three month term deposit.
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 won't 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 a 0.70% p.a interest rate paid at maturity the Smiths could earn around $438.
Got a particular three month term deposit in mind? Use Mozo’s term deposits calculator to work out how much interest you might earn overall. Just plug in the interest rate and the amount you want to deposit, plus whether you’ll be collecting the interest monthly or at maturity. Bearing in mind that most three month term deposits will probably only give you the option to collect the interest on maturity.
I rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
Read full reviewI rang this morning to confirm that my account has been set up and the wait on the phone isn't too long and the person on the phone was quite informative and patient.
Range of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
Read full reviewRange of accounts, convenience of savings accounts and day to day accounts together.Ease of using website
ING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.
Read full reviewING has a range of different accounts. The savings maximiser is great for short term goals and the term deposit for long term investment. The online site is so easy to use.
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Your selected term deposits