6 month term deposits

6 month term deposits

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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6 month term deposit comparisons on Mozo - last updated March 01, 2021

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
  • Mozo Experts Choice 2021
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.91% p.a.
    6 months
    $1,000
    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2020 for Term Deposits.^

    Compare
    Details
  • Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

    Compare
    Details
  • Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.80% p.a.
    6 months
    $1,000
    Yes up to $250,000

    Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

    Compare
    Details
  • Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.85% p.a.
    6 months
    $5,000
    Yes up to $250,000

    Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.

    Compare
    Details

^See information about the Mozo Experts Choice Term deposits Awards

*Different interest rates apply to different amounts or different interest payment frequencies.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% 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 2021 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.

    Details
  • Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

    $0 monthly account fee. Link to any Australian bank account.

    Details
  • Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% 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.

    Details
  • Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% 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.

    Details
  • Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

    Details
  • Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    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.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    Details

^See information about the Mozo Experts Choice Savings accounts Awards

Term deposit resources

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

FAQ

Why invest in a six month term deposit?

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.

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 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.

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

Withdrawal 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 your pennies up to this amount are 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
  • No risks of seeing your funds decrease such as with investments in shares or property.

Disadvantages to six month term deposits, what are they?

  • Be aware hefty penalties apply for withdrawing the funds before the six months is up
  • Lower interest rates than for a long-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 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.

  • 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.
  • You don't need to be a mathematician to work out how much interest you will earn! Let the Mozo term deposit calculator do all the hard work.
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JP Pelosi
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.

More FAQs on 6 month term deposits

What happens to a six month term deposit at maturity?

  • Withdrawal: By all means you can withdrawal your money when the term has ended and go out and spend up big!
  • Rollover: Some banks offer the option to automatically rollover your investment with them for another term
  • Reinvest: Grow your funds even further. The market may have changed since you first opened up the term deposit so shop around online and find a high interest rate and reinvest those savings. Check out the best term deposits here!

What you need to apply for a six month term deposit?

  • Name, address, phone number
  • Proof of identification e.g. driver's licence plus Medicare card
  • Your tax file number
  • BSB and account number of the bank account from where the funds will be transferred from
  • Details (if any, such as your partner) of any other people who will be noted on the Term Deposit.

Term Deposit Case Study

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.

Helpful Tools:

Term Deposit Reviews

Commonwealth Bank Term Deposit review
Overall 6/10
Quality of personal service declining.

ATMs often out of order, branch staff try to guide me to use ATMs when trying to conduct personal banking and allow me to use teller staff when I insist!

Read full review

ATMs often out of order, branch staff try to guide me to use ATMs when trying to conduct personal banking and allow me to use teller staff when I insist!

Price
8/10
Features
7/10
Customer service
5/10
Convenience
6/10
Trust
9/10
Less
Bill, Victoria, reviewed about 15 hours ago
BankVic Term Deposit review
Overall 1/10
Pathetic on-line service.

I made two attempts to open a term deposit on-line with this lot. First attempt was slow as the flotilla of intrusive questions had me searching for various documents. I was logged out on the 7th page of the questions with the software claiming that there "...was no activity for an extended period...". None of my input was saved! I gritted my teeth and restarted and I was really quick this time. On the 7th page the moronic software again claimed that there was "...no activity for an extended period...", and logged me off. This was absolute nonsense. Never again. I logged on to Judo Bank and invested my money there without a problem in just a few minutes.

Read full review

I made two attempts to open a term deposit on-line with this lot. First attempt was slow as the flotilla of intrusive questions had me searching for various documents. I was logged out on the 7th page of the questions with the software claiming that there "...was no activity for an extended period...". None of my input was saved! I gritted my teeth and restarted and I was really quick this time. On the 7th page the moronic software again claimed that there was "...no activity for an extended period...", and logged me off. This was absolute nonsense. Never again. I logged on to Judo Bank and invested my money there without a problem in just a few minutes.

Price
7/10
Customer service
1/10
Convenience
1/10
Less
Vic, Victoria, reviewed 13 days ago
Judo Bank Term Deposit review
Overall 8/10
No compound interest!?

Best rates! But, what's the trickery with interest "paid at maturity" on a 3 year term deposit? Later in the text it says I can select monthly, yearly etc. payout. Are you seriously trying to trick customers out of Compound Interest? and if so, are you then misrepresenting the interest rate? Maybe it's time to review your offers and write some clear product details.

Read full review

Best rates! But, what's the trickery with interest "paid at maturity" on a 3 year term deposit? Later in the text it says I can select monthly, yearly etc. payout. Are you seriously trying to trick customers out of Compound Interest? and if so, are you then misrepresenting the interest rate? Maybe it's time to review your offers and write some clear product details.

Price
6/10
Features
9/10
Convenience
9/10
Less
J., New South Wales, reviewed about 1 month ago

More term deposit reviews