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.
Page last updated July 24, 2019
Promoted
2.10% p.a.
6 months
$5,000
5 month special rate, available for a limited time only. $5,000 minimum with deposits up to $250,000 government guaranteed.
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Promoted
2.05% 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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Promoted
2.05% p.a.
6 months
$5,000
Deposits up to $250,000 per customer are guaranteed by the Australian Government
$5,000,000.00
yes
yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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Promoted
1.10% p.a.
6 months
$5,000
With a minimum investment of $5,000 you can enjoy the certainty of fixed returns over your investment term. Choose the length of term from one month to five years. Receive interest payments monthly, quarterly, half yearly or annually on selected terms.
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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 like this bank because it offers great rates for a small investment. Setting up the term...
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I like this bank because it offers great rates for a small investment. Setting up the term deposit was very straight forward and easy to organise, and if you need to make any alterations a simple phone call will suffice. I found the process easy and simple to complete.
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Jill | New South Wales
reviewed 4 months ago
Fast and understanding.
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Fast and understanding.
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Agavale | Victoria
reviewed 7 months ago
I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
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I like Newcastle Permanent because you are unlikely to get any nasty surprises from them.
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Stephen | New South Wales
reviewed 7 months ago
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