Are shorter term deposits worth a look right now?

By Cameron Thomson · · 2 min read
Fact Checked
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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

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits.
Last updated 14 December 2024 Important disclosures
  • Term Deposit

    5.05% 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 2024^ for Term Deposits.

    Compare
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    Details
  • Term Deposit

    4.90% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.

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    Details
  • SMSF Term Deposit

    5.05% 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
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    Details
  • Term Deposit

    4.00% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Compare
    Find out more
    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.

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.

Today's term deposit rates