Shorter term deposits now offer interest rates starting at a ‘5’
Commitment-phobes rejoice! Lenders have begun offering higher term deposit interest for shorter terms.
Term deposits, notably known as long-term savings products, might be scary to some. After all, the future is unpredictable and having a large lump sum of money stored away for a couple of years seems a bit of a gamble in today’s world.
But listen, you don’t have to lock your money away quite that long for a beneficial return.
What if we told you that many banks and providers have started offering smaller term lengths with better rates than some savings accounts?
That’s right. Shorter commitments for interest rates starting with a ‘5’.
Below we’ve documented several short term deposits that are less than 12 months and have at least a 5.00% interest rate.
Term Length | Bank | Interest rate (p.a.) |
5 months | Auswide Bank Term Deposit | 5.05% |
6-9 months | Australian Military Bank Investment Plus Term Deposit | 5.15% |
10 & 11 months | Australian Military Bank Investment Plus Term Deposit | 5.25% |
1 Year | Challenger Term Deposit | 5.35% |
18 Months | Bank of Queensland Term Deposit | 5.10% |
As you can see, there are plenty of good options for short term deposits right now,
Stay updated with the latest term deposit news by checking out Mozo’s term deposit news and advice page. Alternatively, compare how the term deposits above compete with other banks by using the term deposit comparison table below.
Term deposit comparisons on Mozo - last updated 3 May 2024
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.00% 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)
CompareCompareTerm Deposit
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)
- interest rate
- 5.00% 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?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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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.
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
- 5.10% 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?
- yes
- Automatic rollover
- yes
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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.
CompareCompareTerm Deposit
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.
- interest rate
- 4.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $10,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bankwest Term Deposit
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Online Term Deposit
4.60% p.a.
6 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.
CompareCompareOnline Term Deposit
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.
- interest rate
- 4.60% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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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.
CompareCompareTerm Deposit
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.
- interest rate
- 5.20% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Great Southern Bank Term Deposit
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* 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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