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.
Invest in highly rated Australian bonds. *Total Return for the 10 years to 30 April 2021 and 6.29% p.a. since inception on 29 March 2011. Past performance is not indicative of future performance. The fund is not a bank or term deposit.
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.
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.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
$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.
$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.
Read our Mozo Review to learn more about the Citi Term Deposit
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.
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.
Read our Mozo Review to learn more about the Teachers Mutual Bank Term Deposit
Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.
Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.
Read our Mozo Review to learn more about the BankVic Term Deposit
^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.
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
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
Read our Mozo Review to learn more about the Boost Saver with Go Account
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.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the Bonus Saver Account
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.
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.
Read our Mozo Review to learn more about the Grow Saver
Bonus rate for first 3 months, reverting to 0.15% rate after
$0 monthly account fee. Link to any Australian bank account.
$0 monthly account fee. Link to any Australian bank account.
Read our Mozo Review to learn more about the Serious Saver
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.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Read our Mozo Review to learn more about the Hero Saver
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Read our Mozo Review to learn more about the Online Saver
^See information about the Mozo Experts Choice Savings accounts Awards
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.
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.
Long-term deposit: Keep your savings locked away for one to up to five years.
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 | 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 |
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!
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 reviewThe 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.
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 reviewThis 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.
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 reviewThis 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.
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