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

  • Rabobank Term Deposit

    Rabobank Term Deposit

    • Guaranteed return on your savings
    • Start with as little as $1,000
    • Interest paid monthly, quarterly, half yearly or yearly (reduced rates may apply)

    interest rate

    4.85% p.a.
    6 months

    Minimum deposit

    $1,000

    Govt Deposit Guarantee

    Yes up to $250,000

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    More info

    • Guaranteed return on your savings
    • Start with as little as $1,000
    • Interest paid monthly, quarterly, half yearly or yearly (reduced rates may apply)
    • Maximum deposit: $2,000,000
    • Can interest be paid to another bank?: no
    • Automatic rollover: yes
    Overall rating

    7.8

    Based on 45 Rabobank term deposit reviews

    Need more information?
    Go to site

    More info

  • MyState Bank Online Term Deposit

    MyState Bank Online Term Deposit

    • No set-up or account keeping fees
    • Apply online in minutes
    • Deposits up to $250,000 per customer are guaranteed by the Australian Government

    interest rate

    4.60% p.a.
    6 months

    Minimum deposit

    $5,000

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • No set-up or account keeping fees
    • Apply online in minutes
    • Deposits up to $250,000 per customer are guaranteed by the Australian Government
    • Maximum deposit: $5,000,000
    • Can interest be paid to another bank?: yes
    • Automatic rollover: yes
    Overall rating

    8.2

    Based on 32 MyState Bank term deposit reviews

    Need more information?
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    More info

Want more? Compare all 81 term deposits in the Mozo comparison engine.

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