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If you’re between investments and need somewhere to park your cash, one month term deposits can be a way to earn a little interest on your hard earned money. Compare below!
1.25% p.a.
1 month
$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.
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.
Read reviews and learn more about Bank of Sydney term deposits
Your selected term deposits
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A 1 month term deposit is a short term deposit, offered by a number of banks. This short term can be a place to park your funds if you’re saving for something in the near future, or simply need time to figure out your next money move. It could be a great option if you want to access your money fairly soon, or feel you can’t commit to a longer term. It is the shortest period of time for a term deposit, other short terms range from three to twelve months. Read our term deposit reviews for all the info you need on different providers.
How much you can deposit in a term deposit will depend on the individual bank’s minimum and maximum deposit requirements. While a number of banks require at least a $1,000 deposit, others may set the minimum at $5,000 or even $10,000. To find term deposit balance limits for each provider, simply scroll up to the comparison table above, or go to our term deposits search engine. Here you can filter by the amount you wish to deposit, how long you wish to deposit it for and which state or territory you live in.
Although it is possible to access your funds before the month is over, doing this can be costly. In most cases you will have to give the bank notice to withdraw funds early and you may be charged a penalty fee and/or have your interest rate reduced. Term deposits are designed to make it hard to access your money, so that the temptation to spend is eliminated. For this reason early withdrawal is not ideal. Before you make an early withdrawal, it might be worth weighing up your options to make sure that it is absolutely necessary.
If you wish to, once your one month term ends, some banks may allow you to roll your money over to another term. This means you will continue to earn interest (although the rate will be whatever rate is available at the time of the rollover). If you don’t want to put your money in another term deposit, you can also withdraw it at maturity.
Generally speaking term deposits are designed to give you a higher interest rate on your money. However, the highest interest rates are usually offered with longer term deposits. With this in mind, you can probably expect to receive a slightly lower interest rate with a one month term, than you would with a two year term (for example). Head to Mozo’s term deposits interest rates page for up-to-date information on term deposit interest rates in Australia.
Luckily, most banks do not charge set up, ongoing or annual fees for 1 month term deposits. That said, you should always check the fees and charges, before locking your money away in a term.
It’s also good to remember that while banks may not charge setup fees, you may be hit with a fee if you decide to withdraw your funds before the term matures.
Just like how you can’t withdraw your money from a term deposit, you can’t top up your balance either - the amount remains the same throughout the month. If you are considering a short-term term deposit but are unsure on how much you want to put away, a high-interest savings account may be a more suitable alternative as it has more flexible options when it comes to withdrawals and deposits.
Most one month term deposits will pay and calculate interest at maturity. If you are curious about the interest on a certain term deposit, use Mozo’s term deposits calculator to work out how much interest you might earn overall.
The main difference between a term deposit and a savings account is being able to access your money. With a term deposit, you can’t withdraw your money before maturity. However, with a savings account, you can access your money at any time. Both give opportunity to accumulate interest, however a savings account interest rate is not fixed like a term deposit.
Suncorp Bank offer very good service levels at my local branch,often recommended to other people at often times.
Read full reviewSuncorp Bank offer very good service levels at my local branch,often recommended to other people at often times.
excellent
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Your selected term deposits