Low deposit term deposits to try out in 2024

By Cameron Thomson · · 2 min read
Fact Checked
Advertiser disclosure
comparing piggy sizes

Term deposits are a great way to invest money safely, but not everyone has a massive lump sum to put away. Typically, term deposits require a few thousand dollars upfront for you to take advantage of the high-interest rates.

But what if we told you there are competitive term deposits with low deposit requirements? Out of the 81 term deposits on the Mozo database, a few providers require only $500 and $1,000 minimum deposits.

Term deposits with a minimum $500 requirement

If you get a small salary bonus or inheritance, rather than spending it, consider putting in a term deposit. There are plenty of short term deposits that have higher rates than your typical savings account. Plus, if you secure a great rate, you’ll have it for the duration of the term deposit – even if market interest rates drop. 

Below are some competitive short term deposits in Mozo’s database that have a minimum $500 deposit requirement.

Provider 
1 year deposit
2 year deposit
3 year deposit
4 year deposit
5 year deposit
Bank Australia
5.00% p.a.
4.65% p.a.
4.40% p.a.
-
-
Bank First 
4.75% p.a.
4.00% p.a.
4.00% p.a.
4.00% p.a.
4.00% p.a.
Central West Credit Union
4.85% p.a.
4.75% p.a.
4.75% p.a.
-
-

Term deposits with a minimum $1,000 requirement

If you have a bit more cash to lock away, putting it in a term deposit is a great low-risk investment and savings strategy, compared to higher risk options like share trading. 

Even though you won’t have access to your deposit for a while, choosing a shorter term means you don’t have to worry about waiting years before you can get to your funds. 

Here are some options for term deposits that only require a minimum $1,000 deposit.

Provider 
1 year deposit
2 year deposit
3 year deposit
4 year deposit
5 year deposit
G&C Mutual Bank
5.20% p.a.
5.00% p.a.
4.90% p.a.
4.25% p.a.
4.25% p.a.
Judo Bank
5.15% p.a.
5.00% p.a.
5.00% p.a.
5.00% p.a.
5.00% p.a.
Australian Military Bank
4.85% p.a.
5.00% p.a.
4.90% p.a.
-
-

Still looking for more term deposit options? Narrow down your search with our term deposit comparison table below. Alternatively, check out our picks for Best Term Deposits.

Term deposit comparisons on Mozo - last updated 3 May 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Term Deposit

    5.10% 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.

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    Details
  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    1 year

    $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
  • SMSF Term Deposit

    5.10% 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.

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    Details
  • Term Deposit

    4.80% p.a.
    9 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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    Details
  • Online Term Deposit

    5.00% p.a.
    7 months

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

    Compare
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    Details
  • Term Deposit

    5.20% p.a.
    6 months

    $5,000

    Yes up to $250,000

    Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.

    Compare
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    Details

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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