6 month term deposits

Diligent savers deserve to be rewarded and in this climate there are plenty of great places to stash your cash and super-size your interest. If you won't need to access your savings in the short to medium term, a six month term deposit could be right for you.

How much interest will I earn?

The interest you earn on your term deposit will depend on the interest rate of the banking provider you choose, the length of your term deposit and the frequency of interest payments. Work out how much you can earn on your term deposit savings with our handy term deposit calculator.

Is there a penalty for accessing my term deposit before the full term is up?

Unfortunately yes If you want to take your money out early you'll typically face a 'break fee' and a deduction of some, or all of the interest you earned. If you need ready access to your cash, a high interest savings account could be a better choice or look at shorter fixed terms like 3 month or 1 month term deposits.

Should I make additional savings during the term deposit time?

It will depend on your provider whether you're able to make additional contributions to your term deposit, but typically not. Keeping up the savings habit is a good idea, but you'd be better off with a high interest savings account where some providers reward you for making regular extra contributions.

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6 month term deposit comparisons on Mozo - rates updated daily

  • Citi Term Deposit

    Citi Term Deposit

    • Competitive 6 month rate for new to bank funds
    • $0 Setup and account-keeping fees
    • Guaranteed interest rate

    interest rate

    -

    Minimum deposit

    Govt Deposit Guarantee

    Yes up to $250,000

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    More info

    • Competitive 6 month rate for new to bank funds
    • $0 Setup and account-keeping fees
    • Guaranteed interest rate
    • Maximum deposit:
    • Can interest be paid to another bank?: no
    • Automatic rollover: yes
    Overall rating

    6.7

    Based on 15 Citi term deposit reviews

    Need more information?
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    More info

  • Teachers Mutual Bank Term Deposit

    Teachers Mutual Bank Term Deposit

    interest rate

    0.80% p.a.
    6 months

    Minimum deposit

    $1,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Maximum deposit: $499,999
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    8.4

    Based on 33 Teachers Mutual Bank term deposit reviews

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  • BankVic Term Deposit

    BankVic Term Deposit

    interest rate

    0.85% p.a.
    6 months

    Minimum deposit

    $5,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Maximum deposit: $100,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    7.9

    Based on 9 BankVic term deposit reviews

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  • MOZO EXPERTS CHOICE AWARDS 2021

    Judo Bank Term Deposit

    Judo Bank Term Deposit

    • 2020 Mozo Experts Choice Award winner
    • 2.15% rate for a five year term
    • Option to have interest paid to another bank

    interest rate

    0.91% p.a.
    6 months

    Minimum deposit

    $1,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • 2020 Mozo Experts Choice Award winner
    • 2.15% rate for a five year term
    • Option to have interest paid to another bank
    • Maximum deposit: $1,000,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    5.0

    Based on 4 Judo Bank term deposit reviews

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    More info

Want more? Compare all 86 term deposits in the Mozo comparison engine.

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