1 month term deposits

1 month term deposits

If you’re between investments and need somewhere to park your cash, one month term deposits can be a good way to accrue a little interest on your hard earned money. After one month, your term deposit will have slightly increased and will be ready to access. Some banks will even allow you to roll over your balance, meaning that your interest rate will continue until you transfer the money elsewhere. Start comparing below!

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1 month term deposit comparisons on Mozo - last updated 18 June 2021

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    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 2021 for Term Deposits.

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    Details
  • Featured Product
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.15% p.a.
    1 month
    $10,000
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

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    Details
  • placeholder
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.

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    Details
  • placeholder
    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    -
    -
    Yes up to $250,000

    Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.

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    Details

^See information about the Mozo Experts Choice Term deposits Awards

*Different interest rates apply to different amounts or different interest payment frequencies.

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Compare other savings options

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

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  • placeholder
    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

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    Details
  • placeholder
    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

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    Details
  • placeholder
    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    $0 monthly account fee. Link to any Australian bank account.

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    Details
  • placeholder
    Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.70% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

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    Details
  • placeholder
    Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Go to site
    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.

FAQ

What is a 1 month term deposit?

A 1 month term deposit is a short term deposit, offered by some banks, that is designed to be a place to put away your funds while you save for something in the near future, or are just simply planning what to do next with your money. It’s a great option if you want access to your money after a short period of time or feel you can’t commit to a longer term. It is the shortest period of time for a term deposit as other short term deposits are 3, 6 or 12 months long. Read our term deposit reviews for all the info you need on different providers.

How much can I deposit?

Most banks have different maximum deposit amounts, but across the board you can expect to deposit a minimum of $1,000. To find balance limits for each provider simply look at our comparison table above or go to our Term Deposits Search Engine.

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

Term deposits are designed to hold your money for the agreed amount of time and remove the temptation to spend it, so early withdrawal is not ideal. But, in the case that you need fast access to your funds you will face a hefty early withdrawal fee. So, it’s worth weighing up your options because in the end it may not be the best option financially. 

Can I roll over the term deposit after 1 month?

Once the month is up, it means your term deposit has matured and you will be given full access to your money again. If you choose to, some banks will allow you to roll over your term deposit to a longer term, meaning you’ll continue to earn interest on your cash.

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

Although term deposits are designed to give you a higher interest rate on your money, how high or low the interest rate offered is, generally depends on how short or long the term is. Longer terms usually have the highest interest rates, while interest rates for short term deposits tend to be lower. With that in mind, a one month term deposit will probably offer a lower interest rate than a two year term. Head to Mozo’s Term Deposits Interest Rates information page to keep up to date on current term deposit interest rates.

Do I pay fees on a 1 month term deposit?

Luckily, in most cases, there are no set up, ongoing or annual fees on 1 month term deposits but always double check before you seal the deal.
REMEMBER: You could be hit with a big penalty if you decide to withdraw your funds before it reaches maturity. 

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
Managing editor

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

ANZ Term Deposit review
Overall 9/10
Great services

The bank is doing great in its customer service with great efficiency and communication. I highly recommend the employees called Joe (maybe I spell wrongly) and Alexander.

Read full review

The bank is doing great in its customer service with great efficiency and communication. I highly recommend the employees called Joe (maybe I spell wrongly) and Alexander.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Jackson, Victoria, reviewed about 1 month ago
Judo Bank Term Deposit review
Overall 1/10
Discriminatory to customers or potential customers

This bank is discriminatory against anyone who chooses not to own a mobile phone or is deaf as myself and cannot use a mobile phone. I find it unacceptable as email and a landline (wife) options are open to present codes for identification and are used (email) for past decade by my current banks. I would not be even bothering commenting on this so called bank if it were not for the interest rate being offered at this time.

Read full review

This bank is discriminatory against anyone who chooses not to own a mobile phone or is deaf as myself and cannot use a mobile phone. I find it unacceptable as email and a landline (wife) options are open to present codes for identification and are used (email) for past decade by my current banks. I would not be even bothering commenting on this so called bank if it were not for the interest rate being offered at this time.

Price
10/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
James, New South Wales, reviewed about 1 month ago
Judo Bank Term Deposit review
Overall 10/10
Excellent service.

This bank gave the best interest rates for my term deposits. It was very easy to join. Unfortunately interest rates have fallen but Judo give the best rates that I can find.

Read full review

This bank gave the best interest rates for my term deposits. It was very easy to join. Unfortunately interest rates have fallen but Judo give the best rates that I can find.

Price
10/10
Features
8/10
Customer service
9/10
Convenience
8/10
Less
Jacqueline, Queensland, reviewed about 2 months ago

More term deposit reviews