3 month term deposits

3 month term deposits

If you don’t need to draw on your savings for a few months, you could give it a nudge with a 3-month term deposit. Banks offer a variety of fixed terms for term deposits, so in addition to comparing 3 month terms also look at longer terms like 1-year or 2-year to compare interest rates. Generally, the longer term will give you a better rate of interest. Start comparing now.

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3 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
    0.85% p.a.
    3 months
    $1,000
    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
    0.75% p.a.
    3 months
    $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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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.75% p.a.
    3 months
    $1,000
    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
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    Term Deposit

    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.70% p.a.
    3 months
    $5,000
    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.

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.

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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    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
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    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
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    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.

    Go to site
    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
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    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

Why choose a three month term deposit?

Keen to make money on your savings quickly and risk free? A three month term deposit locks away your money for 90 days and earns you a nice bonus at the end through interest. So before you know it your investment will have grown and you'll have more money to your name. Just what you like to hear! Despite choosing to invest your money for a short period of time you can still earn a substantial amount of interest once you've shopped around online for a high fixed rate. While there's often competitive specials on short term deposits they still provide security and safety for your money.

Short v Long Term Deposit, the pros and cons

When it comes to term deposits, there are two main types, short and long-term. This refers to the duration you will invest your savings. One is no better than the other! It all comes down to your financial goals and aspirations as to which type of term deposit best suits you.

Short term deposit: A three month term deposit sits under this banner. You can also lock away your cash for as little as six or even twelve months.

  • Pros: It matures quickly, then you can hunt around for another special on short-term deposits and re-invest to make even more money.
  • Cons: A lower interest rate than longer term deposits

Long-term deposit: Keep your savings locked away for one to up to five years.

  • Cons: You can't dip into the deposit until the term is up, patience is a virtue. Penalties apply for early withdrawals.

Interest rates on three month term deposits

As a three month term deposit is generally considered a 'short' term deposit, you probably won't get quite as high an interest rate as you might with a two or three year term deposit, for example. But, if you shop around, it is still possible to find a short term deposit with a decent rate. Head to Mozo's Term Deposits Interest Rates information page for more information on term deposit interest rates available right now.

Three Month Term Deposit v Savings Account


Three Month Term Deposit

Savings Account

Fees

No Fees (Penalties apply for early withdrawals)

Setup and ongoing or annual fees (will vary from bank to bank)

Access

Can't touch funds until term has matured

Able to withdrawal money when you wish

Interest Rates

Fixed

Variable

Payments

Can't make additional payments to term deposits

Deposits can be made when you like

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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.

More FAQs about three month term deposits

Who is a three month term deposit best for?

  • A 'rate tart'! Someone who likes to hunt down the best interest rates on the market. Put your numbers in the Mozo term deposits calculator
  • New to term deposits? If it's all a little foreign to you, test the waters with a three month term deposit. Have a read of some term deposit reviews
  • Someone needing a level of liquidity within their assets.

When is a good time to invest in a three month term deposit?

  • If you're lucky enough to suddenly land yourself a big wad of cash; be it a payout, an inheritance or even a lucky win on lotto, a three month term deposit is a good option for investment. It is a place to store that money until you know exactly what you want to do with your new funds. Sit back and research your investment options for three months while earning interest.
  • It's also a good time to open up a three month term deposit once you've reached your savings goal e.g. for a wedding or a holiday. Keep your hard earned savings out of harm's way until you walk down the aisle or jump on that plane.

What features should I consider when choosing a 3 month term deposit?

Comparing term deposits has never been easier, there's no need to trek around the streets from bank to bank waiting to speak with a teller…now you can rest those legs and let all your fingers do the work by finding the best term deposit rates online. 

The key is to find the highest rate for the term and amount you are investing. A bank that offers John the best rate for his $250,000 three month term deposit will be different to the bank that offers Jan the best rate on her $20,000 three month term deposit. The rate can vary from anything between 1-2%... every bit counts!

Remember interest rates are advertised for a full year of investment (per annum), so when calculating how much interest you will earn over three months you will need to divide the rate by four. E.g. Investing $10,000 in a three month term deposit with 3% p.a. interest rate paid at maturity will earn you $75 in interest.

Use the Mozo term deposit calculator to help you crunch the numbers.

Case study:

The champagne has popped and is free flowing amongst family and friends. There are lots of high fives, a sense of relief and elation as Mr and Mrs Smith have sold their two bedroom unit, making a profit of $250,000 on when they bought it five years ago.

The Smiths haven't bought a new home yet so aren't too sure what to do with the money they've made. Being impulse buyers, the couple are concerned they might spend it all at once before purchasing a new place! So the Smiths start doing some research and realise they can snap up a high interest rate with a short term deposit and wont risk spending their profits before finding their dream home. A short term deposit also suits the Smiths as they know they will need to access the funds in the next couple of months.

With the benefits of the online world they search Mozo for the best interest rates on a three month term deposit with $250,000. Bang, they've hit a jackpot! With 2.7% p.a interest rate paid at maturity the Smiths can earn $1,688. That will cover the new BBQ and outdoor furniture for when they upsize!

Useful Tools

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