6 month term deposits

6 month term deposits

For anyone who doesn’t need to access their savings anytime soon, a six-month term deposit could be one place to stash funds out of sight and out of mind. With these deposits diligent savers can lock their rainy day fund away for half a year. Although, if you think you’ll need to access your money sooner than that, a one or three month term deposit might be more suitable. 

Feel like you need to do more research? Scroll down to compare six-month term deposits available right now and to read more about how terms work.

Fact Checked

6 month term deposit comparisons on Mozo - last updated 18 May 2022

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    1.95% 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 2021^ for Term Deposits.

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    1.80% p.a.
    6 months
    $5,000
    Yes up to $250,000

    Competitive rates and fast online application for one year term deposit. Start investing with as little as $5,000 up to $500,000. No account keeping or set up fees to pay. Option to have interest paid at maturity. MyLife MyFinance is part of the Challenger Group.

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    Details
  • Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.65% p.a.
    6 months
    $10,000
    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
Search now

^See information about the Mozo Experts Choice Term deposits Awards

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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 - last updated 18 May 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.00%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    1.00% p.a.(for $0 to $250,000)
    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Introductory variable rate of 1.50% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 1.00%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.35%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% 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 Glide transaction account.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.35% p.a. (for $0 and over)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments.

    Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $500,000)
    0.60% 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

^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.

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

AMP Bank Term Deposit
Overall 3/10
Poor service from AMP

I set up an online term deposit but they had a problem transferring the funds. They told me to contact them. This proved to be nearly impossible. I kept getting emails to say that I should contact them through their APP. However, they hadn't sent me an account number in order to do so. I tried to phone them. On one occasion I was waiting on the phone for over 90 minutes, another time over half an hour. I finally got through on a Sunday. The person showed no concern for my predicament and was very unfriendly. I concluded that AMP's service and staff selection and training was very poor and decided not to invest with them.

Read full review

I set up an online term deposit but they had a problem transferring the funds. They told me to contact them. This proved to be nearly impossible. I kept getting emails to say that I should contact them through their APP. However, they hadn't sent me an account number in order to do so. I tried to phone them. On one occasion I was waiting on the phone for over 90 minutes, another time over half an hour. I finally got through on a Sunday. The person showed no concern for my predicament and was very unfriendly. I concluded that AMP's service and staff selection and training was very poor and decided not to invest with them.

Price
9/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Deborah, Victoria, reviewed 3 months ago
AMP Bank Term Deposit
Overall 1/10
Useless customer service. Avoid

I had trouble with AMP when as a lawyer I was after the held up the payment of superannuation to a deceased estate. I thought that the AMP bank may give better service. They will transfer money to themselves within hours of your application but then you cease to exist. Won’t answer your phone calls. No call back and an email response to phone them. Totally useless.

Read full review

I had trouble with AMP when as a lawyer I was after the held up the payment of superannuation to a deceased estate. I thought that the AMP bank may give better service. They will transfer money to themselves within hours of your application but then you cease to exist. Won’t answer your phone calls. No call back and an email response to phone them. Totally useless.

Price
7/10
Features
5/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Greg, Victoria, reviewed 4 months ago
Bendigo Bank Term Deposit
Overall 7/10
These rates are poor

Initially all of these products were excellent but with the change of rates we now don’t receive a good return as a loyal customer.

Read full review

Initially all of these products were excellent but with the change of rates we now don’t receive a good return as a loyal customer.

Price
3/10
Features
6/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Grahame, Victoria, reviewed 4 months ago

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