How much interest does a 6 month term deposit earn?

About half the yearly rate, because rates are quoted per annum. For example, $20,000 at 4.80% p.a. for six months earns about $480, usually paid at maturity.

Does a 6 or 12 month term deposit pay more?

It depends on the bank and the day. Each term is priced separately, and when rates are expected to fall a 12 month term can pay less than a 6 month one. Compare the rate at each term.

Will my rate change during the six months?

No. The rate is fixed when you open the deposit and holds for the whole term, whatever happens to market rates.

What happens when a 6 month term deposit matures?

You usually get a short grace period to withdraw or change the term. With no instructions, many banks reinvest it for the same term at the rate on offer that day, and some move the money to a lower-paying holding account.

Can I withdraw early from a 6 month term deposit?

Usually, with notice, commonly 31 days, and a reduction in the interest paid that is larger the earlier you break.

6 Month Term Deposits: Up to 5.45% p.a.

6 Month Term Deposits

A 6 month term deposit fixes your rate for half a year, long enough to earn a competitive rate without tying the money up for long. Each row shows the deposit's 6 month rate, which can differ noticeably from the same bank's 3 or 12 month rate, so compare the exact term. Rates here reach up to 5.45% with Australian Military Bank's Investment Plus.

Rates checked against every provider’s own published data on 30 Oct 2026

	Term length	Actions
TMCU	Max rate3.60%	Term length6 mo	Compare TMCU 3M to Less Than 6M
ANZ	Max rate3.50%	Term length1 mo–6 mo	Compare ANZ ANZ Advance Notice Term Deposit	Enjoy the certainty of fixed returns over the investment term of your choice
NAB	Max rate3.50%	Term length4 mo–6 mo	Compare NAB NAB Term Deposit	Enjoy a competitive interest rate and the ability to choose a term that suits your needs
SWSbank	Max rate3.50%	Term length6 mo	Compare SWSbank 6 Month Term Deposit
Bank of Melbourne	Max rate3.45%	Term length1 mo–6 mo	Compare Bank of Melbourne Term Deposit	Get a fixed interest rate for your fixed term investment.
BankSA	Max rate3.45%	Term length1 mo–6 mo	Compare BankSA Term Deposit	Get a fixed interest rate for your fixed term investment.
St.George Bank	Max rate3.45%	Term length1 mo–6 mo	Compare St.George Bank Term Deposit	Get a fixed interest rate for your fixed term investment.
Westpac	Max rate3.45%	Term length1 mo–6 mo	Compare Westpac Farm Management Deposit account	The FMD scheme is a government initiative that helps farmers save money during good years. This money can be used later in tough times to help keep their income.
Westpac	Max rate3.45%	Term length1 mo–6 mo	Compare Westpac Term Deposit	Term Deposit Fixed Rate Savings. After a fixed return on your investment? Open or renew a Term Deposit now online or in-branch.
Broken Hill Bank	Max rate3.30%	Term length6 mo	Compare Broken Hill Bank FTD - 6 Months	Broken Hill Bank Term Deposits Can Help You With Your Savings Goal, Put Any Extra Cash To Work While You Decide What To Do With It, Or Be A Helpful Place To Park Returns From Investments. We Have A…
Central West Credit Union	Max rate3.25%	Term length5 mo–6 mo	Compare Central West Credit Union $5000+ (3m to <6m) I6	A fixed term deposit lets you earn a competitive interest rate on your money, over a set period of time.
Darling Downs Bank	Max rate3.10%	Term length6 mo	Compare Darling Downs Bank Fixed Term Deposits, Min. $500	Take advantage of great returns on our term deposits
Central West Credit Union	Max rate2.85%	Term length6 mo	Compare Central West Credit Union $500+ (3m to <6m) I8	A fixed term deposit lets you earn a competitive interest rate on your money, over a set period of time.
Orange Credit Union	Max rate1.25%	Term length6 mo	Compare Orange Credit Union 6MTH Fixed Term Deposit	FTD 6 MONTHS
Arab Bank Australia	Max rate0.25%	Term length1 mo–6 mo	Compare Arab Bank Australia USD Term Deposit (Monthly)	Competitive United States Dollars (USD) short term investments.
Bank of Sydney	Max rate0.15%	Term length1 mo–6 mo	Compare Bank of Sydney USD Term Deposit	Got money that's not Aussie dollars? Get a guaranteed return on it with our specially designed foreign currency term deposit.
ANZ	Max rate0.10%	Term length1 mo–6 mo	Compare ANZ ANZ Term Deposit	Enjoy the security of a fixed rate of interest over the investment term of your choice.
Bank of Sydney	Max rate0.10%	Term length1 mo–6 mo	Compare Bank of Sydney GBP Term Deposit	Got money that's not Aussie dollars? Get a guaranteed return on it with our specially designed foreign currency term deposit.
Bank of Sydney	Max rate0.10%	Term length1 mo–6 mo	Compare Bank of Sydney NZD Term Deposit	Got money that’s not Aussie dollars? Get a guaranteed return on it with our specially designed foreign currency term deposit.
First Option Bank	Max rate0.05%	Term length6 mo	Compare First Option Bank 6 Month Regular Income Term Deposit	Interest Paid Monthly

What is a 6 month term deposit?

A 6 month term deposit holds your money for six months at a rate fixed on the day you open it. The rate holds for the whole term whatever happens to market rates, and at maturity the money plus interest is yours to withdraw or reinvest. Six months is one of the most widely offered terms in Australia.

What six months earns

Term deposit rates are quoted per annum, so a 6 month deposit earns about half the yearly rate. For example, $20,000 at 4.80% p.a. for six months earns about $480 in interest, usually paid at maturity. The table above estimates the interest for each deposit.

6 months or 12 months?

Banks price every term separately, so the same bank can pay more at six months than at twelve, or the reverse. When rates are expected to fall, the longer term often pays less, and a six month term then trades a slightly lower rate for getting your money back sooner. Check the bank's rate for 12 month term deposits and 3 month term deposits before choosing, and short term deposits shows every term up to six months.

Interest, maturity and rollover

On a six month term, interest is usually paid at maturity, and some banks offer monthly or quarterly payments at a slightly lower rate. Interest only compounds if it is added back in when the deposit rolls over. Without instructions, many banks reinvest the money for the same term at the rate on offer that day, which may be lower than the rate you started on, and some move it to a lower-paying holding account. A grace period after maturity, often around a week, is the window to change it.

Breaking a 6 month deposit early

Most banks ask for 31 days' notice to withdraw early and reduce the interest they pay, by more the earlier you break. Breaking a term deposit early explains how the reduction is worked out. A six month term suits money you will not need before the maturity date, with an emergency buffer held at call in a savings account.

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.

How 6 month term deposits compare

Compare the 6 month rate, how often interest is paid, the minimum deposit and the rollover rules. 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.

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.
Fixed rate	A rate locked in for the whole term, unaffected by market movements during it.
Per annum (p.a.)	Per year. Term deposit rates are quoted as a yearly rate, even on terms shorter than a year.
Interest payment frequency	How often interest is paid: monthly, quarterly, annually or at maturity.
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.

Term

What it means

Term deposit

Money held for a fixed term at a fixed interest rate.

Fixed rate

A rate locked in for the whole term, unaffected by market movements during it.

Per annum (p.a.)

Per year. Term deposit rates are quoted as a yearly rate, even on terms shorter than a year.

Interest payment frequency

How often interest is paid: monthly, quarterly, annually or at maturity.

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

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.