Which low minimum balance term deposits have the highest rates?

By Cameron Thomson · · 2 min read
Fact Checked
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Term deposits are a great way of locking up some cash and getting a guaranteed interest rate. However, high interest rates accounts can often have high deposit requirements.  

For instance, the current rate leader for 1 year and 2 year terms on the Mozo database is Heartland bank at 4.90% p.a. and 4.50% p.a, but it comes at a minimum deposit of $25,000!So are there any low minimum balance term deposits, and can you get a good rate from them?    

Term deposits with low minimums of $1,000 or less 

If you’re looking at a middle ground between $0 deposit and $5,000 deposits, then $500 to $1000 is a good range to look at.

These are essentially on the lower end of minimum balances.

We’ve dug through the data and found the following low deposit accounts as examples that don’t skimp on high interest rates:  

6 Months

  • Bank of Sydney: 4.85% p.a.($1,000 min)
  • Credit Union SA: 4.85% p.a.($1,000 min) 
  • Gateway Bank: 4.85% p.a.($1,000 min)  

9 Months:

  • Credit Union SA: 4.75% p.a.($1,000 min) 
  • Gateway Bank: 4.75% p.a.($1,000 min)  
  • G&C Mutual Bank: 4.65% p.a.($1000 min)  

1 Year:

  • G&C Mutual Bank: 4.65% p.a. ($1,000 min)  
  • Gateway Bank: 4.65% p.a. ($1,000 min)  
  • Unity Bank: 4.65% p.a. ($1,000 min)  

2 Years:

  • Central West Credit Union: 4.40% ($500 min)  
  • Judo Bank: 4.30% ($1000 min)  
  • Bank Australia: 4.25% ($500 min)  

$0 deposit options

If you’ve got a small amount you’re looking to lock your cash up for, there are options which require no minimum deposit which can offer a lot of flexibility to commit as little as you feel comfortable with.

6 Months: 

  • Abel Bank: 4.70% p.a.
  • Bendigo Bank: 4.10% p.a.
  • Suncorp: 4.45% p.a.    

9 Month

  • Abel Bank: 4.40% p.a.
  • Bendigo Bank: 4.20% p.a.
  • Suncorp: 3.95% p.a.

1 Year: 

  • Abel Bank: 4.20% p.a.
  • Bendigo Bank: 4.00% p.a.
  • Suncorp: 3.70%  p.a.    

2 Year: 

  • Abel Bank: 3.75%  p.a.
  • Bendigo Bank: 3.30% p.a.
  • Suncorp: 3.60% p.a.

Getting started with term deposits

There are plenty of options to choose from. In fact, as of writing, Mozo currently tracks 93 term deposits on our database. This can make deciding between options difficult.

At Mozo, you can compare term deposit options on our hub pages or check out some of the providers below...

Last updated 19 April 2025 Important disclosures

Term deposit comparisons on Mozo

Government Deposit Guarantee: Funds protected up to $250k
  • Promoted

    Term Deposit

    Best rate
    4.80 % p.a.
    for 6 months
    ($1,000 to $2,000,000)
    Next best option
    4.75 % p.a.
    for 3 months
    ($1,000 to $2,000,000)
    Go to site
    • 0.10% added loyalty bonus at renewal
    • Option to have interest paid to another bank
    • Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.
  • Promoted

    SMSF Term Deposit

    Best rate
    4.80 % p.a.
    for 6 months
    ($1,000 to $2,000,000)
    Next best option
    4.75 % p.a.
    for 3 months
    ($1,000 to $2,000,000)
    Go to site
    • Interest paid monthly, yearly, or at maturity
    • Choose from terms of 3 months up to 5 years
    • Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

  • Term Deposit

    Best rate
    4.80 % p.a.
    for 6 months
    ($1,000 to $2,000,000)
    Next best option
    4.75 % p.a.
    for 3 months
    ($1,000 to $2,000,000)
    Go to site
    • 0.10% added loyalty bonus at renewal
    • Option to have interest paid to another bank
    • Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.

  • SMSF Term Deposit

    Best rate
    4.80 % p.a.
    for 6 months
    ($1,000 to $2,000,000)
    Next best option
    4.75 % p.a.
    for 3 months
    ($1,000 to $2,000,000)
    Go to site
    • Interest paid monthly, yearly, or at maturity
    • Choose from terms of 3 months up to 5 years
    • Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
Showing 2 results from 93 term deposits. Use the filters to see more

Term deposit comparisons on Mozo

Last updated 19 April 2025 Important disclosures
  • Mozo Expert Choice Badge
    Term Deposit

    4.80% 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.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    4.20% p.a.
    9 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.

    Compare
    Find out more
    Details
  • Mozo Expert Choice Badge
    Term Deposit

    4.75% p.a.
    3 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.

    Compare
    Go to site
    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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Today's term deposit rates