Are shorter term deposits worth a look right now?

Term deposits have reached some great levels in recent months. But, while it can be tempting to lock your savings away for some time, it’s possible that you can miss out on some rates that are actually highest in the short term.

Below, we’ll have a look at what rates currently look like for shorter terms in a 3-6 month range.

What are the highest short term deposit rates?

The Mozo database tracks 81 term deposits across a range of terms, and we calculate how much the rates in each category average out to. As you’ll see below, the highest rates of each category^ sit above the averages for the 1 year rates at 4.62% p.a, 2 year rates at 4.08% p.a, 3 year at 3.89% p.a, 4 year at 3.78% p.a, and 3.81% p.a for 5 year terms.

3 month terms
Provider
Rate
Minimum Deposit
Bank of Sydney  
5.00% p.a.
$1000
Judo Bank
5.00% p.a.
$5,000
Gateway Bank
4.90% p.a.
$1,000
4 month terms
Provider
Rate
Minimum Deposit
South West Slopes Credit Union (special 4 month term)
5.00% p.a.
$500
Goldfields Money
4.95% p.a.
$5,000
Southern Cross Credit Union
4.80% p.a.
$5,000
5 month terms
Provider
Rate
Minimum Deposit
MOVE Bank
5.10% p.a.
$5,000
Goldfields Money
4.95% p.a.
$5,000
AMP Bank
4.75% p.a.
$5,000
6 month terms
Provider
Rate
Minimum Deposit
Heartland Bank 5.30% p.a.$25,000
Judo Bank
5.25% p.a.
$1,000
Bank of Sydney
5.30% p.a.
$1,000
G&C Mutual Bank
5.20% p.a.
$1,000

So in the short 3-6 month range, rates of 5.00% and above are available from a few providers. The 6 month term deposit category has the most 5% and over term deposits with 14 providers on our database offering rates at these ranges.

Locking in for a short 3-6 month term at these high rates could make sense to take advantage of the current rate environment while retaining the flexibility to reinvest at a later date. 

Ready to compare? Check out some term deposits on our hub page or some of the providers in the tables below. 

Term deposit comparisons on Mozo - last updated 27 May 2024

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

    5.00% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

    Compare
    Details
  • Online Term Deposit

    4.60% p.a.
    6 months

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

    Compare
    Details
  • Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Competitive fixed rates across investment terms ranging from 1 month to 5 years. No set up or establishment fees. $1000 minimum investment.

    Compare
    Details
  • SMSF Term Deposit

    5.25% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

    Compare
    Details

^Based on a term deposit with a balance of $25,000. Up to date as of 14 May 2024.

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

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