Your selected term deposits
Don’t need to draw on your savings for a few months? A 3-month term deposit might be worth considering. With this shorter term you can lock your money away for not too long and earn interest on it. Check out the interest rates below, to start comparing 3-month 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.
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 for one year term deposits. Start investing with as little as $5,000 to $1,000,000. For personal customers who want to invest above $500,000, or for non-personal customers, contact MyLife MyFinance’s call centre to discuss account application options.
Competitive rates for one year term deposits. Start investing with as little as $5,000 to $1,000,000. For personal customers who want to invest above $500,000, or for non-personal customers, contact MyLife MyFinance’s call centre to discuss account application options.
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
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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.
Make 5 card purchases/month with a 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 2.00% 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.
Earn up to a generous 2.00% 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.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
Bonus rate of 1.15%. 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 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
Bonus rate of 1.60%. 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
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
^See information about the Mozo Experts Choice Savings accounts Awards
Keen to make money on your savings quickly and relatively risk free? 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, Citi and BankVic. 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 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