If you don’t need to access your savings in the short to medium term, a 6-month term deposit could be right for you. After all, diligent savers deserve some reward for their patience, even if it’s just six months. If you’re likely to access your cash earlier, a shorter fixed term like 3-month or 1-month term deposits might be more suitable. Time to research. Start comparing term deposits now!
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Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
0.70% p.a.
6 months
$25,000
Yes up to $250,000
0.70% p.a.
6 months
$5,000
Yes up to $250,000
-
-
Yes up to $250,000
^See information about the Mozo Experts Choice Term deposits Awards
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Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
1.50% p.a. (for $0 to $250,000)
0.15% 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 Everyday or Glide transaction accounts.
1.50% p.a. (for $0 to $250,000)
0.15% 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 Everyday or Glide transaction accounts.
Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
0.90% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
0.90% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
No monthly fees and earn up to 1.10% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5SAVE at sign up.
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
0.85% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
0.85% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
^See information about the Mozo Experts Choice Savings accounts Awards
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.
In this day and age I was shocked to find out that internet passwords were only 6-8 characters with no special characters. Not very secure!
Read full reviewIn this day and age I was shocked to find out that internet passwords were only 6-8 characters with no special characters. Not very secure!
Customer service with Bendigo is excellent. Very helpful with any enquiries. Negative is the Term Deposit rates are very low.
Read full reviewCustomer service with Bendigo is excellent. Very helpful with any enquiries. Negative is the Term Deposit rates are very low.
Friendly and professional care and advice given when face to face in branch (Launceston). Easy to navigate their online services - in particular when setting up an online term deposit.
Read full reviewFriendly and professional care and advice given when face to face in branch (Launceston). Easy to navigate their online services - in particular when setting up an online term deposit.
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