Bank of Sydney looks to lure savers with some of its short term term deposits

By Cameron Thomson · · 1 min read
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With rates still high but possible cuts at the start of next year, savers will have to make a choice between short and long term interest rates. 

Providers like Bank of Sydney are currently offering short term rates that could be useful for parking your cash in for a few months. For example, the bank's 3-month term deposit now offers a 4.85% p.a. interest rate, while its 6-month and 9-month term deposits provide a 5.20% p.a. and 5.10% p.a, respectively.

The bank's decision to boost its short-term term deposit rates is particularly noteworthy given the recent actions of other players in the market. For instance, Judo Bank recently increased its 3, 6, 9, and 12-month rates, with its 6, 9, and 12-month rates all sitting at 5.25% p.a.

Why savers should consider short term rates

Some savers can be tempted to lock in rates for as long as possible. However, short term rates come with some advantages of their own. It all depends on the current market conditions and keeping an eye on interest rate movements. 

Shorter term deposits are great if you’re thinking about locking cash up for a brief period while they’re still high. They’re also useful if you need that cash in the near future (for instance, 6 months from now) and want to try and get as much interest on it at a predictable rate. 

If you want to explore more shorter term rates, you can head over to our term deposit page or compare some 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.

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  • Term Deposit

    4.90% p.a.
    4 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
  • Standard Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.

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    Go to site
    Details
  • Term Deposit

    4.00% p.a.
    6 months

    $5,000

    Yes up to $250,000

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    Find out more
    Details

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

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Today's term deposit rates