6 month term deposits

If you don’t need immediate access to your savings, a 6 month term deposit with a competitive fixed interest rate could be a smart choice. Compare the rates below.

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6 month term deposit comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 101 term deposits.
Last updated 25 July 2024 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% p.a.
    6 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.

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  • SMSF Term Deposit

    5.25% p.a.
    6 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.

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  • Term Deposit - Online only

    5.10% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.

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  • Term Deposit

    3.70% p.a.
    6 months

    $5,000

    Yes up to $250,000

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    Details
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^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.

Compare more savings options

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 25 July 2024 Important disclosures
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

What is a 6 month term deposit?

A 6 month term deposit is a type of investment for your savings, where you lock away your money for six months and get a fixed interest rate in return. 

A 6 month term deposit is just one period of time (the term) you can choose from. Most banks will have other terms available ranging from between 1 month up to 5 years.

You might choose a 6 month term deposit if you’re interested in safely growing your savings over a short term, or you’re feeling wary of locking away your cash for any longer than a year.

A 6 month term deposit can also be a good choice for those who want to benefit from any potential interest rate rises, which those locked into a longer term would miss.

Pros and cons of a 6 month term deposit

Pros

  • Secure investment: The Australian Government guarantees term deposits of up to $250,000 with authorised deposit-taking institutions (ADIs) such as banks, credit unions and building societies. Your money’s secure if anything happens to your ADI, making it a low-risk investment (unlike shares or property).
  • Guaranteed return: Term deposits come with fixed interest rates, so you’re guaranteed a return on your investment. Not only that, you’ll also be able to calculate exactly how much you’ll earn by the end of the 6 month term.
  • Little work required: A 6 month term deposit allows you to sit back and easily grow your savings with little to no intervention required. Unlike some high interest savings accounts, you don’t need to meet any conditions to get your interest rate.
  • Option to re-invest: You’ve got the ability to re-invest at the end of a 6 month term, which means you could benefit from any interest rate rises if they occur. With a long-term deposit, you’re locked into the same fixed rate for longer.

Cons

  • Lack of flexibility: If your circumstances change and you have to withdraw your funds before your term deposit matures, you may have to pay an early withdrawal fee and you won’t receive the interest you’d earned.
  • Can’t add to your deposit: Once you’ve put your savings into a term deposit, you cannot add to the funds until the term has matured. Once your term deposit has matured, you’ll need to lock into a new term if you want to re-invest.
  • Interest rate increases: If interest rates increase during the 6 month period of your term deposit, you will not benefit as your interest rate is locked in.
  • Automatic rollover: Beware of automatic rollover once your 6 month term deposit matures – it may automatically rollover into a new 6 month term deposit at a lower rate so make sure you compare term deposits prior to the end of the term.

Term deposit

Average

Best

6 month

4.28% p.a.

5.20% p.a.

9 month

4.26% p.a.

5.15% p.a.

1 year

4.60% p.a.

5.30% p.a.

Source: mozo.com.au as at 24 April 2024, leading maturity 12 month term deposit rates at $10,000 balance.

What happens when a term deposit matures?

When your term deposit matures, it has reached the agreed date when your investment is set to end.

Your bank, credit union or building society will contact you in the weeks leading up to the maturity date to notify you on how much interest you’ve earned and what your options are.

You’ll have the choice of withdrawing your money, moving it to a savings account or signing up for another term deposit.

When is interest paid on a 6 month term deposit?

Exactly when interest is paid on a 6 month term deposit will vary across providers, as interest can be paid monthly, quarterly or on maturity. However, a 6 month term deposit is likely to be calculated monthly or at the end of the term, but talk to your provider if you’re unsure.

What features to look for in a term deposit

The key features to compare term deposits on include:

  • Interest rate: Term deposits have a fixed interest rate which you lock in at the start of your investment, and the higher the interest rate, the better your return will be. You should also consider when interest is paid on your term deposit. If it’s paid monthly, you’ll earn compound interest, whereas if it’s paid at maturity, you’ll just earn interest on your initial deposit.
  • Investment term: Term deposits are investments that are restricted by a set amount of time, and the term can range from 1 month up to 5 years. Before putting your savings into a term deposit, compare the interest rate over various investment terms.
  • Fees: Term deposits generally don’t come with set up fees, but expenses can arise if you need to terminate your term deposit early. You may need to pay a withdrawal fee if you want to access your money before your term deposit has matured, or you may forfeit any interest you had accrued.
  • Your projected earnings: You can get an idea of just how much interest you’ll earn before locking your money away in a term deposit by using Mozo’s term deposit calculator.

Term deposit vs savings account

Features

Short-term deposit

Long-term deposit

Savings account

Interest Rates

Fixed – lower rates than long term

Fixed – higher rates than short-term

Variable

Term

Three, six or twelve months

One to five years

Indefinite

Fees

No fees

No fees

Set up, monthly and or annual fees

Access

Can't access funds until term has matured

Can't access funds until term has matured

Withdraw money when you want

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JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

FAQs: 6 month term deposits

How much money do you need for a term deposit?

The minimum amount required to open a term deposit varies across providers, but the most common minimum required according to Mozo’s database is $1,000.

The maximum amount you can put into a term deposit also varies, but it’s worth noting that  you’ll be covered for term deposits of up to $250,000 with authorised deposit-taking institutions by the Australian Government.

What do I need to apply for a term deposit?

  • Compare term deposits and find out what the minimum deposit required is
  • Check your eligibility, as some providers might require you to open a bank account with the same institution before you can open a term deposit
  • Gather any identity documents you’ll need to provide for your application
  • Find your tax file number (TFN) and have it handy

Helpful tools:

Term Deposit Reviews

BCU Bank Term Deposit
Overall 9/10
Trustworthy and friendly.

I feel really safe with this bank. I love the way they phone if they think there’s been an inappropriate purchase. They are so helpful with fraud. They offer excellent interest in short term deposit.

Read full review

I feel really safe with this bank. I love the way they phone if they think there’s been an inappropriate purchase. They are so helpful with fraud. They offer excellent interest in short term deposit.

Price
9/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Elisabeth, New South Wales, reviewed 16 days ago
ANZ Term Deposit
Overall 9/10
Excellent

I am extremely happy with my bank including service and products

Read full review

I am extremely happy with my bank including service and products

Price
9/10
Features
8/10
Customer service
8/10
Convenience
9/10
Trust
7/10
Less
Melissa, Victoria, reviewed 4 months ago
Commonwealth Bank Term Deposit
Overall 10/10
Best for customers service

I love this bank because of how l am treated

Read full review

I love this bank because of how l am treated

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jonathan, Victoria, reviewed 4 months ago

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