Are shorter term deposits worth a look right now?
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Term deposits have reached some great levels in recent months. But, while it can be tempting to lock your savings away for some time, it’s possible that you can miss out on some rates that are actually highest in the short term.
Below, we’ll have a look at what rates currently look like for shorter terms in a 3-6 month range.
What are the highest short term deposit rates?
The Mozo database tracks 81 term deposits across a range of terms, and we calculate how much the rates in each category average out to. As you’ll see below, the highest rates of each category^ sit above the averages for the 1 year rates at 4.62% p.a, 2 year rates at 4.08% p.a, 3 year at 3.89% p.a, 4 year at 3.78% p.a, and 3.81% p.a for 5 year terms.
| 3 month terms | ||
| Provider | Rate | Minimum Deposit |
| Bank of Sydney | 5.00% p.a. | $1000 |
| Judo Bank | 5.00% p.a. | $5,000 |
| Gateway Bank | 4.90% p.a. | $1,000 |
| 4 month terms | ||
| Provider | Rate | Minimum Deposit |
| South West Slopes Credit Union (special 4 month term) | 5.00% p.a. | $500 |
| Goldfields Money | 4.95% p.a. | $5,000 |
| Southern Cross Credit Union | 4.80% p.a. | $5,000 |
| 5 month terms | ||
| Provider | Rate | Minimum Deposit |
| MOVE Bank | 5.10% p.a. | $5,000 |
| Goldfields Money | 4.95% p.a. | $5,000 |
| AMP Bank | 4.75% p.a. | $5,000 |
| 6 month terms | ||
| Provider | Rate | Minimum Deposit |
| Heartland Bank | 5.30% p.a. | $25,000 |
| Judo Bank | 5.25% p.a. | $1,000 |
| Bank of Sydney | 5.30% p.a. | $1,000 |
| G&C Mutual Bank | 5.20% p.a. | $1,000 |
So in the short 3-6 month range, rates of 5.00% and above are available from a few providers. The 6 month term deposit category has the most 5% and over term deposits with 14 providers on our database offering rates at these ranges.
Locking in for a short 3-6 month term at these high rates could make sense to take advantage of the current rate environment while retaining the flexibility to reinvest at a later date.
Ready to compare? Check out some term deposits on our hub page or some of the providers in the tables below.
Term deposit comparisons on Mozo
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.25% p.a.
6 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 2024^ for Term Deposits.
CompareCompareTerm 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 2024^ for Term Deposits.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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SMSF Term Deposit
5.25% p.a.
6 months$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
CompareCompareSMSF Term Deposit
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit - Online only
5.15% p.a.
6 months$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
CompareCompareTerm Deposit - Online only
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
- interest rate
- 5.15% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bank of Sydney Term Deposit - Online only
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Term Deposit
3.70% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- interest rate
- 3.70% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,999,999.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Commonwealth Bank Term Deposit
Your selected term deposits
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^Based on a term deposit with a balance of $25,000. Up to date as of 14 May 2024.
* Different interest rates apply to different amounts or different interest payment frequencies.
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