6 month term deposits

If you don't need to access your savings anytime soon, a six-month term deposit could be one place to stash funds, and with a good rate of interest. If you need your money sooner though, a three-month term might work. Compare rates below!

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long term term deposits

6 month term deposit comparisons on Mozo - last updated 4 March 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Term Deposit

    4.75% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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  • Online Term Deposit

    4.60% p.a.
    6 months

    $5,000

    Yes up to $250,000

    6 month term deposit. Option to have interest paid at regular intervals. Covered by Government Deposit Guarantee for deposits up to $250,000.

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    Details
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Term deposit resources

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

Why invest in a six month term deposit?

A six month term deposit is ideal for those who can afford to put their savings away for half a year and earn interest without having to do anything. 

When you put your money in a term deposit, you will already know the amount of interest you will be getting on your money. 

This means that you can sit back, relax and watch your funds grow without having to worry about losing money.

Who offers six month term deposits?

Most big banks and credit unions offer six month term deposits, but be sure to shop around for the best rate on the amount you are investing.

What kind of interest rate can I get with a six month term deposit?

Generally the longer the term you opt for, the higher the interest rate you'll get. That said, it is still possible to get a higher interest rate with a six month term. Check out our Term Deposits Interest Rates

information page, to keep on top of the latest term deposit rates.

Remember: When you are investing for only half of the year with a 4% p.a interest rate, you will earn 2% on your deposit. E.g. If Mrs Jones invests $10,000 in a six month term deposit with a 4% interest rate paid at maturity, she will earn $200.

Term Deposits v Savings Account

Features

Short-Term Deposits

Long-Term Deposits

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

What are the advantages of six month term deposits?

  • The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So any money you put in a term deposit up to this amount is safe if anything unexpected happens to your ADI.
  • - You can make realistic financial goals, as a fixed interest rate allows you to calculate exactly how much you will earn by the end of the six months. Plug some figures into the Mozo savings goal calculator to see for yourself
  • No work required, sit back and watch your funds grow
  • Ability to re-invest at the end of the term, so you don't miss out on a rise in interest rates unlike a long- term deposit
  • It is a safe way to grow your savings as there is no risk of losing money unlike when you invest in shares or property.

Are there any disadvantages to a six month term deposit? 

  • 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 will not receive the interest
  • - You will earn a lower interest rate on a six month term deposit compared with a longer term deposit 
  • You can't top up the funds until the term has matured

When is interest paid on a TD?

It is important to discuss with your financial institution or credit union when interest will be paid on your six month term deposit. Interest can be paid monthly, quarterly, or on maturity. With a six month term deposit it is likely to be calculated monthly or at the end of the term.
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JP Pelosi
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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 on 6 month term deposits

What is the benefit of choosing a six month term deposit?

Choosing a six month term deposit means that you can still get a relatively high interest rate and it means that you only have to lock your money away for half a year.

What is the difference between a term deposit and a savings account?

The main difference between a term deposit and a savings account is whether or not you can access your money. With a term deposit, you can’t withdraw your money before maturity without sacrificing some or all of the interest you have earnt. However, with a savings account, you can access your money at any time. Some savings accounts also have criteria that you have to meet to be granted interest. For example, some require you to deposit a certain amount of money each month or make a certain number of transactions on your associated bank card. 


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Term Deposit Reviews

BCU Bank Term Deposit
Overall 10/10
Aussie product good service

Good rate, simple product. Will use again.

Read full review

Good rate, simple product. Will use again.

Price
7/10
Features
9/10
Customer service
9/10
Convenience
8/10
Trust
9/10
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Marcus, Queensland, reviewed 13 days ago
ING Term Deposit
Overall 10/10
Rating ING bank

I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank

Read full review

I really banking with ING. I started out many years ago as they were giving customers $25 to join. I thought this was great. They always have the best interest rates. They are easy to get in contact with and very reliable for an online bank

Price
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Kim, Victoria, reviewed 25 days ago
Commonwealth Bank Term Deposit
Overall 3/10
Untrustworthy

All banks are the same. Its a buisness I dont expect them to be overly generous or even professional

Read full review

All banks are the same. Its a buisness I dont expect them to be overly generous or even professional

Price
3/10
Features
3/10
Customer service
3/10
Convenience
3/10
Trust
3/10
Less
John, New South Wales, reviewed about 1 month ago

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