Today's 3-month deposit options

Have extended financial goals like buying a house? Opt for a three month term deposit to increase your savings with an attractive interest rate. Check out and compare three-year term deposits below!

RG146
Fact Checked
3 month term deposits

3 month term deposit comparisons on Mozo - last updated 15 April 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit

    4.80% p.a.
    3 months

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

    Compare
    Details
  • Online Term Deposit

    2.50% p.a.
    3 months

    $5,000

    Yes up to $250,000

    3 month term deposit. Option to have interest paid at regular intervals. Covered by Government Deposit Guarantee for deposits up to $250,000.

    Compare
    Details
  • Term Deposit

    3.75% p.a.
    3 months

    $1,000

    Yes up to $250,000

    Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.

    Compare
    Details
Search now

^See information about the Mozo Experts Choice Term deposits Awards

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.

Term deposit resources

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

What is a 3 month term deposit?

A 3 month term deposit is a short term deposit, offered by many banks. This short term can be a great place to keep your funds and accumulate interest at the same time. 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.

Why choose a 3 month term deposit?

A three month term deposit allows you to lock funds away for 90 days and earns you a nice bonus in the form of interest. Before you know it your investment will have grown! 

Plus, while shorter terms tend to come with slightly lower interest rates, you can still find a fairly competitive rate with the likes of Judo Bank, Bank of Sydney and Citi. On top of this, a number of providers often offer special offers on three month terms. Finally, all providers listed on Mozo’s website are backed by the Australian government’s financial claims guarantee scheme. This scheme provides support in the event that your bank fails. Deposits are covered up to $250,000 with authorised deposit-taking institutions.

What are the pros and cons of a 3 month term deposit?

There are two main types of term deposits: short and long. This refers to the duration of time that you will invest your savings. Neither are necessarily better than the other. It really comes down to your financial goals and aspirations, as to which type of term deposit works well for you.With that in mind, let’s have a look at the pros and cons of both. 

Short term deposits: A three month term deposit sits under the shorter term umbrella. You can also lock your money away for as little as six, or even twelve months.

  • Pros: You’ll be able to access your money fairly quickly, after which you can hunt around for another special or short term deposit to reinvest your money into.

  • Cons: Shorter term deposits often come with lower interest rates than longer term deposits.

Long term deposits: With a longer term you can keep your money locked away for one to five years.

  • Pros: Longer terms often come with the highest and most competitive term deposit interest rates. Compare longer term deposits here.

  • Cons: You won’t be able to access your money for a year or longer. If you do need to withdraw your funds early, you may be hit with a penalty fee and a reduced interest rate.

What are the interest rates like on 3 month term deposits?

As a shorter term, it’s unlikely that you’ll be able to find a very high interest rate with a three month term deposit. That is compared with a two or three year term deposit, for example. However, there are of course other perks to a shorter term, e.g. being able to access your money sooner. Plus, if you shop around, there are still a number of competitive rates to choose from. Head to Mozo’s term deposits interest rates information page to review rates available right now.

What is the difference between a 3 month term deposit and a savings account?

Here’s a quick comparison between term deposits and savings accounts, including fees, access, interest rates and payments.


Three Month Term Deposit

Savings Account

Fees

Usually no fees (Penalties may apply for early withdrawals)

Can include setup and ongoing or annual fees (will vary from bank to bank)

Access

It is not ideal to access funds until the term has matured (early withdrawal fees may apply, if you have to access your month before the term ends)

Can withdraw money when you like (although some banks may charge to transfer money out of your savings)

Interest Rates

Fixed

Variable

Payments

Can't make additional payments to term deposits

Deposits can be made when you like

Picture of JP Pelosi
JP Pelosi
RG146
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 3 month term deposits

Who is a 3 month term deposit best for?

There are a number of people who a three month term deposit might work for, these include:

  • A rate surfer. Someone who likes to hunt down the most competitive interest rates on the market and surf between providers. 

  • A newbie investor. If you’re new to investing in general, a term deposit could be a fairly low risk way to dip your toe in the water. A three month term deposit especially isn’t too long a commitment to start with. 

  • A goal setter. A three month term deposit could be an option for someone saving for something specific. For example, you might have an event coming up in a few months time, or there might be something specific that you want to buy. Either way a short term could be one way to make sure you don’t dip into your savings beforetime.

When is a good time to invest in a 3 month term deposit?

When to invest in a three month term deposit will really come down to your personal, financial situation. For instance, you might suddenly receive a windfall of cash from a payout, an inheritance from a long lost relative or a lottery win. In this instance you may want to stash your money in a shorter term deposit, while you figure out what to do with it.

Another instance where you may want to lock your money away is when you’ve just reached a savings goal. You may have been saving for a wedding or a holiday and want to make sure that you don’t dip into your hard earned stash. In this case a three month term deposit may be an option to hide your money away until you actually want to use it.

What do I look for in a 3 month term deposit?

Features to look for when choosing a three month term deposit are:

  • The interest rate. A competitive interest is definitely a bonus for any term deposit. Plus, nowadays all that’s needed to compare term deposit interest rates is a quick online search! Scroll up to compare term deposit interest rates on Mozo.

  • The minimum deposit. Most banks will require a minimum amount to put in a term deposit. This could be $1,000, $5,000 or even $10,000.

  • The maximum deposit. Banks will also often put a cap on how much you can deposit. This could be $250,000 or as much as $1 million. Just remember that the Australian government financial claims scheme only guarantees deposits up to $250,000.

  • Interest rate payment options. Can interest payments be made to another bank? Or will you have to set up a transaction account with the bank in question?

  • Early withdrawal fees. In the event that you need to withdraw your funds early, most banks will charge an early withdrawal fee and/or reduce your interest rate. Make sure you read up on the penalties that apply, before depositing your money in a three month term deposit.

Use the Mozo term deposit calculator, to help you crunch the numbers on how much interest you could earn with a three month term deposit

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 won't 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 a 0.70% p.a interest rate paid at maturity the Smiths could earn around $438. 

How can I work out the interest I might earn on a three month term deposit?

Got a particular three month term deposit in mind? Use Mozo’s term deposits calculator to work out how much interest you might earn overall. Just plug in the interest rate and the amount you want to deposit, plus whether you’ll be collecting the interest monthly or at maturity. Bearing in mind that most three month term deposits will probably only give you the option to collect the interest on maturity.

Term Deposit Reviews

ANZ Term Deposit
Overall 9/10
Excellent

I am extremely happy with my bank including service and products

Read full review

I am extremely happy with my bank including service and products

Price
9/10
Features
8/10
Customer service
8/10
Convenience
9/10
Trust
7/10
Less
Melissa, Victoria, reviewed 20 days ago
Commonwealth Bank Term Deposit
Overall 10/10
Best for customers service

I love this bank because of how l am treated

Read full review

I love this bank because of how l am treated

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jonathan, Victoria, reviewed 27 days ago
Greater Bank Term Deposit
Overall 10/10
Reccommend this "Greater Bank" for overall service

I have always found this bank and its customer service to stand out. The staff I have dealt with have been knowladgeable,courteous and friendly and helpful. Very patient with all my many questions.

Read full review

I have always found this bank and its customer service to stand out. The staff I have dealt with have been knowladgeable,courteous and friendly and helpful. Very patient with all my many questions.

Price
9/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Glynis, New South Wales, reviewed 27 days ago

More term deposit reviews