1 month term deposits

If you’re between investments and need somewhere to park your cash, one month term deposits can be a way to earn a little interest on your hard earned money. After one month, your term deposit amount will have accrued interest and be ready to access. Some banks may even allow you to roll over your balance to another one month term, meaning you will continue to receive interest, until you transfer the money elsewhere. 

Start comparing one month term deposits below!

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1 month term deposits

1 month term deposit comparisons on Mozo - last updated 7 July 2022

Search promoted term deposits below or do a full Mozo database search . Advertiser disclosure
  • Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.05% p.a.
    1 month
    $5,000
    Yes up to $250,000

    Earn higher interest if you deposit $5,000 or more. Choose the length of your term, from just one month. Choose how and when you receive interest payments – reinvest or transfer to another bank account. Use internet or mobile banking to check your balance. $1,000 minimum investment amount.

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    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.30% p.a.
    1 month
    $1,000
    Yes up to $250,000

    Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly (Terms and Conditions apply)

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    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    $0 account keeping fees. Interest calculated daily. Flexible payment options. Standard terms available from 3 to 36 months. Qudos Bank is protected under the Financial Claims Scheme up to $250,000.

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    Details
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^See information about the Mozo Experts Choice Term deposits Awards

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Compare other savings options - last updated 7 July 2022

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Save Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.85% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 2.00%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply).

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  • Savings Maximiser
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% p.a. (for $0 to $100,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

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  • Mozo Expert Choice Badge
    High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% p.a. (for $0 to $250,001)
    1.00% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details

^See information about the Mozo Experts Choice Savings accounts Awards

Term deposit resources

Reviews, news, tips and guides to help find the best term deposit for you.

What is a 1 month term deposit?

A 1 month term deposit is a short term deposit, offered by a number of banks. This short term can be a place to park your funds if you’re saving for something in the near future, or simply need time to figure out your next money move. It could be a great option if you want to access your money fairly soon, or feel you can’t commit to a longer term. It is the shortest period of time for a term deposit, other short terms range from three to twelve months. Read our term deposit reviews for all the info you need on different providers.

How much can I deposit?

How much you can deposit in a term deposit will depend on the individual bank’s minimum and maximum deposit requirements. While a number of banks require at least a $1,000 deposit, others may set the minimum at $5,000 or even $10,000. To find term deposit balance limits for each provider, simply scroll up to the comparison table above, or go to our term deposits search engine. Here you can filter by the amount you wish to deposit, how long you wish to deposit it for and which state or territory you live in.

What happens if I want to access my funds before the month is over?

Although it is possible to access your funds before the month is over, doing this can be costly. In most cases you will have to give the bank notice to withdraw funds early and you may be charged a penalty fee and/or have your interest rate reduced. Term deposits are designed to make it hard to access your money, so that the temptation to spend is eliminated. For this reason early withdrawal is not ideal. Before you make an early withdrawal, it might be worth weighing up your options to make sure that it is absolutely necessary.

Can I roll over the term deposit after 1 month?

If you wish to, once your one month term ends, some banks may allow you to roll your money over to another term. This means you will continue to earn interest (although the rate will be whatever rate is available at the time of the rollover). If you don’t want to put your money in another term deposit, you can also withdraw it at maturity.

What type of interest rate can I earn with a 1 month term deposit?

Generally speaking term deposits are designed to give you a higher interest rate on your money. However, the highest interest rates are usually offered with longer term deposits. With this in mind, you can probably expect to receive a slightly lower interest rate with a one month term, than you would with a two year term (for example). Head to Mozo’s term deposits interest rates page for up-to-date information on term deposit interest rates in Australia.

Do I pay fees on a 1 month term deposit?

Luckily, most banks do not charge set up, ongoing or annual fees for 1 month term deposits. That said, you should always check the fees and charges, before locking your money away in a term. 

It’s also good to remember that while banks may not charge setup fees, you may be hit with a fee if you decide to withdraw your funds before the term matures.

Can I top up my term deposit throughout the month?

Just like how you can’t withdraw your money from a term deposit, you can’t top up your balance either - the amount remains the same throughout the month. If you are considering a short-term term deposit but are unsure on how much you want to put away, a high-interest savings account may be a more suitable alternative as it has more flexible options when it comes to withdrawals and deposits.

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JP Pelosi
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Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Term Deposit Reviews

Judo Bank Term Deposit
Overall 10/10
Judo Bank has the best Term Deposit offers

Judo Bank has the best Term Deposit rates plus an additional 0.10% loyalty bonus automatically added when the principle is rolled over to a new Term Deposit at maturity.

Read full review

Judo Bank has the best Term Deposit rates plus an additional 0.10% loyalty bonus automatically added when the principle is rolled over to a new Term Deposit at maturity.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Glenda, Tasmania, reviewed 6 days ago
ME Term Deposit
Overall 10/10
Staff were extremely patient with all my Q&A

Creating a term deposit with ME Bank required a couple of phone calls but the service was AAAA rated! Very helpful and patient, the staff walked me through the process and was a delightful to work with!

Read full review

Creating a term deposit with ME Bank required a couple of phone calls but the service was AAAA rated! Very helpful and patient, the staff walked me through the process and was a delightful to work with!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Nigel, Western Australia, reviewed 10 days ago
AMP Bank Term Deposit
Overall 10/10
Great customer service easy process

Just set up a term deposit online. The process was very easy. The only hitch was they didn’t explain welcome letter would be posted even though I requested electronic communication which means you have to wait for it to get your account number to set up online access. I rang them and they were most helpful in providing the account number and stepping me through the setup for online access. A 20-minute wait on the phone but that is the same as all banks now. A very pleasant customer service person who was very patient and helpful.

Read full review

Just set up a term deposit online. The process was very easy. The only hitch was they didn’t explain welcome letter would be posted even though I requested electronic communication which means you have to wait for it to get your account number to set up online access. I rang them and they were most helpful in providing the account number and stepping me through the setup for online access. A 20-minute wait on the phone but that is the same as all banks now. A very pleasant customer service person who was very patient and helpful.

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Robyn, New South Wales, reviewed 23 days ago

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