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
5.00% 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
- 4.90% 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
-
Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.65% p.a.
7 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.^
CompareCompareTerm Deposit
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.^
- interest rate
- 4.95% p.a.
- Minimum deposit
- $10,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $10,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the ING Term Deposit
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SMSF Term Deposit
5.00% 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
- 4.90% 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
-
Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.05% p.a.
9 months$25,000
Yes up to $250,000
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
CompareCompareTerm Deposit
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
- interest rate
- 5.00% p.a.
- Minimum deposit
- $25,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $25,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Heartland Bank Term Deposit
-
Term Deposit
4.90% p.a.
6 months$1,000
Yes up to $250,000
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
CompareCompareTerm Deposit
Invest as little as $1,000 on terms from 21 days to 5 years. Open an online account in just 5 minutes. No annual or monthly account keeping fees. Flexible term options to choose from. Interest paid periodically or at maturity. Access to view your account 24/7.
- interest rate
- 4.75% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- -
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Newcastle Permanent Term Deposit
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Term Deposit
3.45% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- interest rate
- 4.00% 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
Your selected term deposits
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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