6 month term deposits

If you don't need to access your savings anytime soon, a six-month term deposit could be a good choice to park your funds with a competitive interest rate. Compare rates below.

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6 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

    4.85% p.a.
    6 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)

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    Details
  • Online Term Deposit

    4.60% p.a.
    6 months

    $5,000

    Yes up to $250,000

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

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    Details
  • Term Deposit

    4.25% p.a.
    6 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.

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^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.

Compare more savings options - last updated 15 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% 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.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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Term deposit resources

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

Why invest in a six month term deposit?

A six month term deposit is ideal for those who can afford to put their savings away for half a year and earn interest without having to do anything. 

When you put your money in a term deposit, you will already know the amount of interest you will be getting on your money. 

This means that you can sit back, relax and watch your funds grow without having to worry about losing money.

Who offers six month term deposits?

Most big banks and credit unions offer six month term deposits, but be sure to shop around for the best rate on the amount you are investing.

What kind of interest rate can I get with a six month term deposit?

Generally the longer the term you opt for, the higher the interest rate you'll get. That said, it is still possible to get a higher interest rate with a six month term. Check out our Term Deposits Interest Rates

information page, to keep on top of the latest term deposit rates.

Remember: When you are investing for only half of the year with a 4% p.a interest rate, you will earn 2% on your deposit. E.g. If Mrs Jones invests $10,000 in a six month term deposit with a 4% interest rate paid at maturity, she will earn $200.

Term Deposits v Savings Account

Features

Short-Term Deposits

Long-Term Deposits

Savings Account

Interest Rates

Fixed – lower rates than long term

Fixed – higher rates than short-term

Variable

Term

Three, six or twelve months

One to five years

Indefinite

Fees

No fees

No fees

Set up, monthly and or annual fees

Access

Can't access funds until term has matured

Can't access funds until term has matured

Withdraw money when you want

What are the advantages of six month term deposits?

  • The Australian Government guarantees term deposits of up to $250,000 with Authorised Deposit-taking Institutions (ADIs) such as your bank, credit union or building society. So any money you put in a term deposit up to this amount is safe if anything unexpected happens to your ADI.
  • - You can make realistic financial goals, as a fixed interest rate allows you to calculate exactly how much you will earn by the end of the six months. Plug some figures into the Mozo savings goal calculator to see for yourself
  • No work required, sit back and watch your funds grow
  • Ability to re-invest at the end of the term, so you don't miss out on a rise in interest rates unlike a long- term deposit
  • It is a safe way to grow your savings as there is no risk of losing money unlike when you invest in shares or property.

Are there any disadvantages to a six month term deposit? 

  • If your circumstances change and you have to withdraw your funds before your term deposit matures, you may have to pay an early withdrawal fee and you will not receive the interest
  • - You will earn a lower interest rate on a six month term deposit compared with a longer term deposit 
  • You can't top up the funds until the term has matured

When is interest paid on a TD?

It is important to discuss with your financial institution or credit union when interest will be paid on your six month term deposit. Interest can be paid monthly, quarterly, or on maturity. With a six month term deposit it is likely to be calculated monthly or at the end of the term.
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JP Pelosi
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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.

FAQs on 6 month term deposits

What is the benefit of choosing a six month term deposit?

Choosing a six month term deposit means that you can still get a relatively high interest rate and it means that you only have to lock your money away for half a year.

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

The main difference between a term deposit and a savings account is whether or not you can access your money. With a term deposit, you can’t withdraw your money before maturity without sacrificing some or all of the interest you have earnt. However, with a savings account, you can access your money at any time. Some savings accounts also have criteria that you have to meet to be granted interest. For example, some require you to deposit a certain amount of money each month or make a certain number of transactions on your associated bank card. 


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Term Deposit Reviews

ANZ Term Deposit
Overall 9/10
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I am extremely happy with my bank including service and products

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Overall 10/10
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I love this bank because of how l am treated

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I love this bank because of how l am treated

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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.

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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.

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7/10
Customer service
10/10
Convenience
10/10
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Glynis, New South Wales, reviewed 27 days ago

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