3 Month Term Deposits

A 3 month term deposit fixes your rate for one quarter, so the money is back within reach in about 90 days. Three month rates can sit below 6 and 12 month rates, so check the gap before choosing the shortest term, and note the maturity date, since most banks roll the deposit into a new term unless you tell them otherwise. Rates here reach up to 5.45% with RACQ Bank's Term Deposit.

Rates checked against every provider’s own published data on 29 Oct 2026

Last updated 29 Oct 2026 · Who wrote this

Written by Joshua PevyReviewed by Jordan PearceLast updated 29 Oct 2026How We Rank This PageEditorial StandardsOur Writers

Comparing 108 products

Depositing $10,000 over 3 months at the highest shown:

Top rate: 5.45% p.a.
Interest earned: $131
Balance after 3 months: $10,131

Estimate only, based on RACQ Bank’s highest advertised rate. Each product is priced at its own rate for this term and its own interest-payment schedule, so a deposit paying at maturity earns simple interest.

		Term length	Interest paid		Actions
RACQ Bank	Max rate5.45%	Term length1 mo–6 mo	Interest paidAt maturity	Interest earnings$131	Compare RACQ Bank Term Deposit	A Term Deposit is an investment account where the interest rate is guaranteed not to change for the whole of the nominated term. It gives you the security of knowing that your interest income is…
Heartland Bank	Max rate5.45%	Term length1 mo–6 mo	Interest paidAt maturity	Interest earnings$124	Compare Heartland Bank Term Deposit	A great way to reach your savings goals, with no fees and a competitive interest rate locked in for terms from 31 days to 60 months.
Australian Military Bank	Max rate5.45%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$107	Compare Australian Military Bank Investment Plus	Make a solid return on your investment with interest paid on maturity or annually if your term is greater than 12 months.
The Mutual Bank	Max rate5.40%	Term length1 mo–6 mo	Interest paidHalf-yearly	Interest earnings$123	Compare The Mutual Bank Term Deposit	A Term Deposit which offers a fixed rate for terms up to 36 months.
BNK Bank	Max rate5.35%	Term length1 mo–6 mo	Interest paidAt maturity	Interest earnings$131	Compare BNK Bank Stow It Term Deposit Account	We offer both a personal and business option and we pay a great rate to reward you for stashing your hard earned cash with us.
Australian Military Bank	Max rate5.35%	Term length3 mo–6 mo	Interest paidMonthly	Interest earnings$105	Compare Australian Military Bank Income Plus	Make a regular income on your savings with interest paid monthly.
Qudos Bank	Max rate5.30%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$127	Compare Qudos Bank Term Deposits	Choose from some of our most popular interest rates below, or call our team to discuss term deposit options up to 36 months. Once you have selected your term, your funds are invested for the time you…
ME Bank	Max rate5.30%	Term length3 mo–6 mo	Interest paid—	Interest earnings$125	Compare ME Bank ME Go Term Deposit	Digital Term Deposit for ME Go
Credit Union SA	Max rate5.30%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$75	Compare Credit Union SA Term Deposit	Term Deposits allow you to lock away funds and earn a fixed interest rate for a set period, so you know exactly how much money you will earn. You can start with investing as little as $1,000. Term…
Bank of us	Max rate5.25%	Term length1 mo–6 mo	Interest paidHalf-yearly	Interest earnings$130	Compare Bank of us Fixed Term Investment	If you have $5,000 or more to invest, we have a choice of terms ranging from 1 - 36 months for you to lock your money away for, with the certainty of a great fixed interest rate. At the end of the ter
Macquarie Bank	Max rate5.25%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$127	Compare Macquarie Bank Macquarie Digital Term Deposit	Lock in a fixed interest rate for a set term.
Macquarie Bank	Max rate5.25%	Term length1 mo–6 mo	Interest paidAt maturity	Interest earnings$127	Compare Macquarie Bank Macquarie Term Deposit	Lock in a fixed interest rate for a set term.
MOVE Bank	Max rate5.25%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$125	Compare MOVE Bank Term Deposit
Bank of Queensland	Max rate5.25%	Term length3 mo–6 mo	Interest paid—	Interest earnings$124	Compare Bank of Queensland myBOQ Term Deposit	Digital Term Deposit for myBOQ
Border Bank	Max rate5.25%	Term length2 mo–6 mo	Interest paidMonthly	Interest earnings$108	Compare Border Bank Term Deposit	Bank of Border Bank Investment Accounts are designed to make your money work as hard for you as you worked to get it. With terms of 3, 4, 5, 6, 7, 9, 12, 36, 48 and 60 months – interest paid at…
Police Bank	Max rate5.25%	Term length2 mo–6 mo	Interest paidMonthly	Interest earnings$108	Compare Police Bank Term Deposit
MyState Bank	Max rate5.20%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$125	Compare MyState Bank AMM - Regular Term Deposit	Available only through Australian Money Market.
MyState Bank	Max rate5.20%	Term length3 mo–6 mo	Interest paidAt maturity	Interest earnings$125	Compare MyState Bank Ord Minnett - Regular Term Deposit	Available only through Ord Minnett.
Rabobank	Max rate5.20%	Term length1 mo–6 mo	Interest paidAt maturity	Interest earnings$125	Compare Rabobank Online Term Deposit	Competitive fixed interest with the choice of 1 month to 5 year terms.
Southern Cross Credit Union	Max rate5.20%	Term length1 mo–6 mo	Interest paidMonthly	Interest earnings$126	Compare Southern Cross Credit Union Term Deposit

Looking for more products?

This table is a starting selection. Use the filters to see more Term Deposits.

Rates and fees are sourced from each provider’s CDR Product Reference Data where the provider publishes it.

Important information

About this table: using the data available to us, we have tried to show products that match this table’s title. This table does not compare all products, and there may be products with a higher rate in the market that are not shown here. Do your own research to find a product that suits your needs and financial goals. See how we choose products for tables like this.

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Rates, fees and charges are subject to change without notice. Before acting on any information shown here, you should confirm the rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best”, these relate solely to the rates of interest offered by the provider and not to any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

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What is a 3 month term deposit?

A 3 month term deposit holds your money for three months at a rate fixed on the day you open it. The rate cannot fall during the term, and it cannot rise either. At the end of the three months the deposit matures, and the money plus interest is yours to withdraw or reinvest.

Three months is the shortest term most banks offer at a competitive rate. Some offer one or two month terms as well, usually at much lower rates, and short term deposits compares everything up to six months.

What three months earns

Term deposit rates are quoted per annum, so a 3 month deposit earns about a quarter of the yearly rate. For example, $10,000 at 4.00% p.a. for three months earns about $100 in interest, paid at maturity. The table above estimates the interest for each deposit.

3 month term deposit or savings account?

A term deposit and a high interest savings account do a similar job over a short period, and on a three month horizon the savings account is the main alternative. A savings account keeps the money at call and its rate can change at any time, and many of the highest savings rates depend on conditions such as a monthly deposit or no withdrawals. A term deposit fixes the rate with no monthly conditions, but locks the money away. Which pays more depends on the rates on the day: compare the 3 month rate here with high interest savings accounts, and term deposits vs savings accounts covers the differences in full.

Three months, six months or twelve?

Banks price every term separately. When rates are expected to fall, longer terms often pay less, and when rates are expected to rise, they often pay more. A short term keeps your options open: the money comes back sooner, ready for a new rate or a known expense. Before choosing three months, check the same bank's rate for 6 month term deposits and 12 month term deposits.

Maturity comes around quickly

With a three month term, maturity arrives four times a year if you keep rolling over. Without instructions, many banks reinvest the money for the same term at the rate on offer that day, which may be a standard rate rather than the special you started on. Some move the money to a holding account instead. There is usually a short grace period, often around a week, to withdraw or change the term without penalty.

Breaking a 3 month deposit early

Most banks ask for 31 days' notice to withdraw early and reduce the interest they pay. On a three month term, maturity is never more than three months away, so waiting it out often costs less than breaking it. Banks can waive the notice in cases of hardship. Breaking a term deposit early explains how the reduction is worked out.

Your money is protected

Deposits with an Australian bank, building society or credit union are protected by the Financial Claims Scheme up to $250,000 per account holder, per authorised deposit-taking institution. The guarantee is the same at a small bank as at a major.

How 3 month term deposits compare

Compare the rate for the exact term, the minimum deposit, and what happens at maturity. Interest on a three month term is usually paid at maturity. The term deposits hub compares every term side by side.

This is general information, not financial advice. We are a comparison service, not a bank.

Expert view

“Three months is a holding pattern: a fixed rate while you work out what the money is for. The catch is maturity. It comes around four times a year, and each time an automatic rollover can quietly move you onto a lower rate, so put the date in your calendar.”

Jordan Pearce

Senior finance writer, CompareThat

Glossary

The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.

Term	What it means
Term deposit	Money held for a fixed term at a fixed interest rate.
Per annum (p.a.)	Per year. Term deposit rates are quoted as a yearly rate, even on terms shorter than a year.
At call	Money that can be withdrawn at any time, as in a savings account, rather than locked away for a term.
Maturity	The date a term deposit ends and the money plus interest becomes available.
Rollover	Reinvesting a matured deposit into a new term, often automatically, at the rate on offer at the time.
Grace period	A short window after maturity, often around a week, to withdraw the money or change the term without penalty.
Notice period	The notice a bank requires before an early withdrawal, commonly 31 days.
Financial Claims Scheme (FCS)	The Australian Government guarantee covering deposits up to $250,000 per account holder, per authorised deposit-taking institution.

Common questions

How much interest does a 3 month term deposit earn?

About a quarter of the yearly rate, because rates are quoted per annum. For example, $10,000 at 4.00% p.a. for three months earns about $100, usually paid at maturity.

Do 3 month term deposits pay less than 12 month ones?

Often, but not always. Each bank prices every term on where it expects rates to go, so compare the rate at each term rather than assuming a longer term pays more.

Is a 3 month term deposit better than a savings account?

It depends on the rates at the time. A term deposit fixes the rate with no monthly conditions but locks the money away, while a savings account keeps it at call and its rate can change. Many top savings rates also come with conditions.

What happens when a 3 month term deposit matures?

You usually get a short grace period to withdraw the money or change the term. With no instructions, many banks reinvest it for the same term at the rate on offer that day, which can be lower than the rate you started on.

Can I withdraw early from a 3 month term deposit?

Usually, with notice, commonly 31 days, and a reduction in the interest paid. Because maturity is never more than three months away, waiting can cost less than breaking the deposit.

Is my money guaranteed?

Deposits with an Australian bank, building society or credit union are protected by the Financial Claims Scheme up to $250,000 per account holder, per authorised deposit-taking institution (ADI). Brands that share one banking licence share one $250,000 cap.

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What this market is paying or charging on average right now, and the official figures behind it.

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Sourced from each provider’s CDR Product Reference Data, refreshed daily.
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General advice only, not personal advice. CompareThat compares; it does not recommend.

Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. This page is general advice only, not personal advice. CompareThat is not a bank. Payment can change where a product appears, never which products we show.