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.
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 29 February 2020 and 5.87% 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 March 30, 2020
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1.95% p.a.
6 months
$10,000
Lock away your funds with a special fixed Term Deposit rate of 1.95% for a term of 6 months on deposit amounts of $10,000 or more.
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Read our Mozo Review to learn more about the Transport Mutual Credit Union Term Deposit Special
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1.80% 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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1.85% p.a.
6 months
$25,000
Interest payable every one, three or six months (special conditions or reduced rates apply)
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1.55% 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 87 term deposits in the Mozo comparison engine.
Search now^See information about the Mozo Experts Choice Term Deposits Awards
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AMP
Saver Account
2.65% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
$0.00
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MyState Bank
Bonus Saver Account
2.00% p.a. (for $0 to $150,000)
0.30% p.a.(for $0 and over)
$0.00
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HSBC
Serious Saver
1.85% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
$0.00
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UBank
USaver with Ultra Transaction Account
1.85% p.a. (for $0 to $200,000)
0.79% p.a.(for $0 to $5,000,000)
$0.00
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Citi
Online Saver
2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
$0.00
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ING
Savings Maximiser
1.95% p.a. (for $0 to $100,000)
0.25% p.a.(for $0 and over)
$0.00
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Bankwest
Hero Saver
1.50% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
$0.00
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HSBC
Flexi Saver
1.25% p.a. (for $0 to $5,000,000)
0.01% p.a.(for $0 to $5,000,000)
$0.00
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AMP
Saver Account
2.65% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
$0.00
Promoted
MyState Bank
Bonus Saver Account
2.00% p.a. (for $0 to $150,000)
0.30% p.a.(for $0 and over)
$0.00
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Suncorp
Growth Saver Account
1.90% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
$0.00
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ING
Savings Maximiser
1.95% p.a. (for $0 to $100,000)
0.25% p.a.(for $0 and over)
$0.00
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Bankwest
Hero Saver
1.50% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
$0.00
Promoted
HSBC
Serious Saver
1.85% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
$0.00
Promoted
UBank
USaver with Ultra Transaction Account
1.85% p.a. (for $0 to $200,000)
0.79% p.a.(for $0 to $5,000,000)
$0.00
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Citi
Online Saver
2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
$0.00
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.
Generally the longer the term you opt for, the higher the interest rate you'll benefit from. 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.
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.
Always had very good service. Helped with a scam problem. Staff are very efficient and friendly.
Read full reviewAlways had very good service. Helped with a scam problem. Staff are very efficient and friendly.
Great online app. Have to have a bit better customer support, but overall not bad. Have been with worse.
Read full reviewGreat online app. Have to have a bit better customer support, but overall not bad. Have been with worse.
Will happily stay with ING, they are a great bank with awesome rates.
Read full reviewWill happily stay with ING, they are a great bank with awesome rates.
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