Low deposit term deposits to try out in 2024
Term deposits are a great way to invest money safely, but not everyone has a massive lump sum to put away. Typically, term deposits require a few thousand dollars upfront for you to take advantage of the high-interest rates.
But what if we told you there are competitive term deposits with low deposit requirements? Out of the 81 term deposits on the Mozo database, a few providers require only $500 and $1,000 minimum deposits.
Term deposits with a minimum $500 requirement
If you get a small salary bonus or inheritance, rather than spending it, consider putting in a term deposit. There are plenty of short term deposits that have higher rates than your typical savings account. Plus, if you secure a great rate, you’ll have it for the duration of the term deposit – even if market interest rates drop.
Below are some competitive short term deposits in Mozo’s database that have a minimum $500 deposit requirement.
| Provider | 1 year deposit | 2 year deposit | 3 year deposit | 4 year deposit | 5 year deposit |
| Bank Australia | 5.00% p.a. | 4.65% p.a. | 4.40% p.a. | - | - |
| Bank First | 4.75% p.a. | 4.00% p.a. | 4.00% p.a. | 4.00% p.a. | 4.00% p.a. |
| Central West Credit Union | 4.85% p.a. | 4.75% p.a. | 4.75% p.a. | - | - |
Term deposits with a minimum $1,000 requirement
If you have a bit more cash to lock away, putting it in a term deposit is a great low-risk investment and savings strategy, compared to higher risk options like share trading.
Even though you won’t have access to your deposit for a while, choosing a shorter term means you don’t have to worry about waiting years before you can get to your funds.
Here are some options for term deposits that only require a minimum $1,000 deposit.
| Provider | 1 year deposit | 2 year deposit | 3 year deposit | 4 year deposit | 5 year deposit |
| G&C Mutual Bank | 5.20% p.a. | 5.00% p.a. | 4.90% p.a. | 4.25% p.a. | 4.25% p.a. |
| Judo Bank | 5.15% p.a. | 5.00% p.a. | 5.00% p.a. | 5.00% p.a. | 5.00% p.a. |
| Australian Military Bank | 4.85% p.a. | 5.00% p.a. | 4.90% p.a. | - | - |
Still looking for more term deposit options? Narrow down your search with our term deposit comparison table below. Alternatively, check out our picks for Best Term Deposits.
Term deposit comparisons on Mozo
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Mozo experts choice awards won:
- Term Deposit - 2024
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.
CompareCompareTerm Deposit
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.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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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.
CompareCompareSMSF Term Deposit
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.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit - Online only
5.15% p.a.
6 months$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
CompareCompareTerm Deposit - Online only
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
- interest rate
- -
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bank of Sydney Term Deposit - Online only
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Term Deposit
3.70% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- 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
- $1,999,999.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Commonwealth Bank Term Deposit
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Term Deposit
4.25% p.a.
1 year$5,000
Yes up to $250,000
No set up, monthly service or management fees & choose to invest from $5,000 or more
CompareCompareTerm Deposit
No set up, monthly service or management fees & choose to invest from $5,000 or more
- interest rate
- 4.25% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Westpac Term Deposit
Your selected term deposits
Your selected term deposits
Your selected term deposits
Your selected term deposits
Your selected term deposits
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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