3 month term deposits

• A 'rate tart'! Someone who likes to hunt down the best interest rates on the market. Put your numbers in the Mozo term deposits calculator
• New to term deposits? If it's all a little foreign to you, test the waters with a three month term deposit. Have a read of some term deposit reviews
• Someone needing a level of liquidity within their assets.

• If you're lucky enough to suddenly land yourself a big wad of cash; be it a payout, an inheritance or even a lucky win on lotto, a three month term deposit is a good option for investment. It is a place to store that money until you know exactly what you want to do with your new funds. Sit back and research your investment options for three months while earning interest.
• It's also a good time to open up a three month term deposit once you've reached your savings goal e.g. for a wedding or a holiday. Keep your hard earned savings out of harm's way until you walk down the aisle or jump on that plane.

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!

• Term Deposits Calculator
• Search the Term Deposits Market
• Plug Numbers into the Savings Calculator