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 - last updated 26 June 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.
    1 year

    $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)

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  • Online Term Deposit

    5.00% p.a.
    1 year

    $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.

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    Details
  • Term Deposit

    5.25% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Invest as little as $5k to grow your savings with our attractive Term Deposits rates. No establishment or ongoing fees with interest paid at maturity. Mobile app available. T&Cs apply.

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    Details
  • 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.

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  • 11 Month Term Deposit - Special Offer

    5.00% p.a.
    11 months

    $500

    Yes up to $250,000

    Grow your savings with a South West Slopes Bank Term Deposit. Ability to deposit or withdraw funds at maturity. Interest is calculated daily and paid on maturity or at monthly intervals. $500 minimum deposit.

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* 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