Why now could be the right time to lock in a term deposit
If you’ve got some savings that you want to put aside for a rainy day, now might be a good time to consider a term deposit.
There’s talk that the RBA might reduce rates again in the second half of 2024, and in recent months we’ve seen a range of banks reduce term deposit rates on longer terms. Right now though, according to the Mozo database the best interest rates for 6 month, 9 month and 1 year term deposits are all above 4.75% p.a.
While there are some savings accounts with bonus rates similar, often there are a lot of hoops to jump through to get the maximum rate.
Peter Marshall, Mozo’s banking expert says that, “One of the biggest added benefits of a term deposit is that you are guaranteed a fixed rate of return. Savings account rates are variable and while this can work in your favour, there are often a lot of hoops to jump through if you want to get the maximum rate and this isn’t always easy.”
He also points out that many term deposits are less restrictive than high interest savings accounts, are easy to set up and manage 100% online, and can be fine-tuned to meet your savings goals with terms ranging from as little as 3 months to 5 years.
So if you think now is the right time for you to take out a term deposit, see our editor’s round-up of some of the top deals for this month.
Compare term deposits below
Judo Bank Term Deposit
Judo Bank offers some of the highest term deposit rates in the Mozo database, across a range of term options between three months and five years. Interest can be paid out annually or when the term deposit hits maturity (there’s also a monthly option with a slightly lower interest rate). Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity.
Compare more savings options
Head to Mozo’s high interest savings accounts page to see what other interest rates are available.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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.