Diligent savers deserve to be rewarded and in this climate there are plenty of great places to stash your cash and super-size your interest. If you won’t need to access your savings in the short to medium term, a six month term deposit could be right for you.
Read moreThe interest you earn on your term deposit will depend on the interest rate of the banking provider you choose, the length of your term deposit and the frequency of interest payments. Work out how much you can earn on your term deposit savings with our handy term deposit calculator.
Unfortunately yes If you want to take your money out early you’ll typically face a ’break fee’ and a deduction of some, or all of the interest you earned. If you need ready access to your cash, a high interest savings account could be a better choice or look at shorter fixed terms like 3 month or 1 month term deposits.
It will depend on your provider whether you’re able to make additional contributions to your term deposit, but typically not. Keeping up the savings habit is a good idea, but you’d be better off with a high interest savings account where some providers reward you for making regular extra contributions.
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Invest in highly rated Australian bonds. *Total Return for the 8 years to 30 September 2019 and 6.05% p.a. since inception on 29 March 2011. Past performance is not indicative of future performance. The fund is not a bank or term deposit.
Page last updated November 16, 2019
Promoted
2.00% p.a.
6 months
$1,000
Safe & Rewarding: Great rates and incentives incl. 0.10% added loyalty bonus and while Judo Bank Term Deposits work for you, they work for Aussie businesses too. All eligible deposits you have with Judo Bank up to $250,000, are guaranteed by the Australian Government under the Financial Claims Scheme.
$1,000,000.00
yes
yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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Promoted
1.70% p.a.
6 months
$1,000
No fees whatsoever. Choice of a 1, 3, 4, 6, 9 or 12-month term for deposits from $1,000 - $2 million
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Want more? Compare all 85 term deposits in the Mozo comparison engine.
Search now^See information about the Mozo Experts Choice Awards for Term Deposits
Promoted
UBank
USaver with Ultra Transaction Account
2.10% p.a. (for $0 to $200,000)
1.04% p.a.(for $0 to $5,000,000)
$0.00
Promoted
MyState Bank
Bonus Saver Account
2.25% p.a. (for $0 to $150,000)
0.55% p.a.(for $0 and over)
$0.00
Promoted
Suncorp
Growth Saver Account
1.95% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
$0.00
Promoted
AMP
Saver Account
2.36% p.a. (for $0 to $250,000)
1.40% p.a.(for $0 to $5,000,000)
$0.00
Promoted
Rabobank
High Interest Savings Account
2.50% p.a. (for $0 to $250,001)
1.05% p.a.(for $0 to $250,001)
$0.00
Promoted
ANZ
Online Saver
1.60% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
$0.00
Promoted
Citi
Online Saver
2.30% p.a. (for $0 to $500,000)
0.85% p.a.(for $0 and over)
$0.00
Promoted
UBank
USaver with Ultra Transaction Account
2.10% p.a. (for $0 to $200,000)
1.04% p.a.(for $0 to $5,000,000)
$0.00
Promoted
AMP
Saver Account
2.36% p.a. (for $0 to $250,000)
1.40% p.a.(for $0 to $5,000,000)
$0.00
Promoted
MyState Bank
Bonus Saver Account
2.25% p.a. (for $0 to $150,000)
0.55% p.a.(for $0 and over)
$0.00
Promoted
Suncorp
Growth Saver Account
1.95% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
$0.00
Promoted
Rabobank
High Interest Savings Account
2.50% p.a. (for $0 to $250,001)
1.05% p.a.(for $0 to $250,001)
$0.00
Promoted
ANZ
Online Saver
1.60% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
$0.00
Promoted
Citi
Online Saver
2.30% p.a. (for $0 to $500,000)
0.85% p.a.(for $0 and over)
$0.00
Promoted
UBank
USaver with Ultra Transaction Account
2.10% p.a. (for $0 to $200,000)
1.04% p.a.(for $0 to $5,000,000)
Promoted
MyState Bank
Bonus Saver Account
2.25% p.a. (for $0 to $150,000)
0.55% p.a.(for $0 and over)
Promoted
AMP
Saver Account
2.36% p.a. (for $0 to $250,000)
1.40% p.a.(for $0 to $5,000,000)
Promoted
Suncorp
Growth Saver Account
1.95% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
Promoted
Rabobank
High Interest Savings Account
2.50% p.a. (for $0 to $250,001)
1.05% p.a.(for $0 to $250,001)
Promoted
Citi
Online Saver
2.30% p.a. (for $0 to $500,000)
0.85% p.a.(for $0 and over)
Reviews, news, tips and guides to help find the best term deposit for you.
A six month term deposit is ideal for those with a large amount of cash who aren't too sure what to do with it.
With a term deposit the interest rate is fixed on your investment therefore you can sit back, relax and watch your funds grow for half a year. 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.
Features | |||
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 | Withdrawal money when you want |
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 your pennies up to this amount are safe if anything unexpected happens to your ADI
You can't top up the funds until the term has matured
It is important to discuss with your financial institution or credit union how often or when interest will be paid on your six month term deposit. Interest can be paid monthly, quarterly, semi-annually, annually or on maturity. With a six month term deposit it is likely to be calculated monthly or at the end of the term.
Sadly for Mr Jones his great grandmother from Italy, who he's never met, has passed away. To the 30 year olds surprise, he has been fortunate enough to inherit a whopping $100,000! With mixed emotions he heads to the pub and shouts his mates a few rounds of drinks and over beers they discuss what he should do with his inheritance.
Being a sensible and conservative man when it comes to money, Mr Jones learns that the best place for this big wad of cash is a term deposit. He plans on popping the question to his girlfriend in the next few months so he knows a wedding is on the cards and they aren't cheap. If all goes to plan he'll need to access the money in six months.
Looking online Mr Jones learns that he can secure a high interest rate of 3.75% with a six month term deposit, therefore maximising his wealth before the 'big day'. When the deposit matures Mr Jones would have earned $1,875 in interest that can go towards a beautiful diamond ring.
I have term deposits with the bank and at maturity they can always match the current interest...
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I have term deposits with the bank and at maturity they can always match the current interest rates with other banks and always make the customer happy.
Less
Ferida | South Australia
reviewed about 17 hours ago
Bank is easily accessible and have friendly staff.
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Bank is easily accessible and have friendly staff.
Less
Shirley | New South Wales
reviewed 5 days ago
I opened a term deposit some time ago and when it came up for renewal they were able to offer a...
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I opened a term deposit some time ago and when it came up for renewal they were able to offer a special interest rate that was higher than want was sent to me in the mail. Was pleased with the staff for telling me about it and giving me the best rate possible. It is up for renewal again in December and hope they can again give me a good rate. I like that I can drive 5 minutes or walk 15 minutes to a branch to discuss in person, and they fill all the details out for me.
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Linda | Victoria
reviewed 8 days ago
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