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

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 the products below. We don’t compare the entire market, but you can search our database of 101 term deposits.
Last updated 16 July 2024 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% 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
    Details
  • 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.

    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.

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    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.10% 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.^

    Compare
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.25% p.a.
    1 year

    $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
    Details

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

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