Shorter term deposits now offer interest rates starting at a ‘5’
![term deposit graphs](https://cdn.mozo.com.au/images/atwood/14654/graphs%20term%20deposit.png)
Commitment-phobes rejoice! Lenders have begun offering higher term deposit interest for shorter terms.
Term deposits, notably known as long-term savings products, might be scary to some. After all, the future is unpredictable and having a large lump sum of money stored away for a couple of years seems a bit of a gamble in today’s world.
But listen, you don’t have to lock your money away quite that long for a beneficial return.
What if we told you that many banks and providers have started offering smaller term lengths with better rates than some savings accounts?
That’s right. Shorter commitments for interest rates starting with a ‘5’.
Below we’ve documented several short term deposits that are less than 12 months and have at least a 5.00% interest rate.
Term Length | Bank | Interest rate (p.a.) |
5 months | Auswide Bank Term Deposit | 5.05% |
6-9 months | Australian Military Bank Investment Plus Term Deposit | 5.15% |
10 & 11 months | Australian Military Bank Investment Plus Term Deposit | 5.25% |
1 Year | Challenger Term Deposit | 5.35% |
18 Months | Bank of Queensland Term Deposit | 5.10% |
As you can see, there are plenty of good options for short term deposits right now,
Stay updated with the latest term deposit news by checking out Mozo’s term deposit news and advice page. Alternatively, compare how the term deposits above compete with other banks by using the term deposit comparison table below.
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
- 5.15% p.a.
- 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
- 3.70% 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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* 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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