Are shorter term deposits worth a look right now?
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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 29 June 2024
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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.
CompareCompareOnline Term Deposit
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.
- interest rate
- 4.60% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
-
Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.05% p.a.
6 months$10,000
Yes up to $250,000
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareTerm Deposit
Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- interest rate
- 5.05% p.a.
- Minimum deposit
- $10,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $10,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the ING Term Deposit
-
6 Months Term Deposit Special
5.00% p.a.
6 months$50,000
Yes up to $250,000
Boost your savings with a 6 month Illawarra Credit Union term deposit. Minimum deposit of $50,000. Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme.
CompareCompare6 Months Term Deposit Special
Boost your savings with a 6 month Illawarra Credit Union term deposit. Minimum deposit of $50,000. Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme.
- interest rate
- p.a.
- Minimum deposit
- $50,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $50,000.00
- Maximum deposit
- -
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Illawarra Credit Union 6 Months Term Deposit Special
Your selected term deposits
Your selected term deposits
Your selected term deposits
^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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