Short-Term Deposits (Up to 6 Months)

Every deposit here runs for six months or less, which keeps your money reachable sooner; whether that costs you anything depends on where the market expects rates to go, since short terms sometimes pay more than long ones and sometimes less. Watch the maturity date either way: unless you give instructions, most banks roll the deposit into a new term at their standard rate, which is often well below the one you signed up for. Rates here reach up to 5.20% with Rabobank's Online Term Deposit.

Rates checked against every provider’s own published data on 19 Oct 2026

Last updated 19 Oct 2026 · Who wrote this

Written by Joshua PevyReviewed by Jordan PearceLast updated 19 Oct 2026How We Rank This PageEditorial StandardsOur Writers

Comparing 5 products

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

Top rate: 5.20% p.a.
Interest earned: $125
Balance after 3 months: $10,125

Estimate only, based on Rabobank’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
Rabobank	Max rate5.20%	Term length1 mo–6 mo	Interest paidAt maturity	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	Compare Southern Cross Credit Union Term Deposit
MyState Bank	Max rate5.00%	Term length1 mo–6 mo	Interest paidAt maturity	Compare MyState Bank Online Term Deposit	If you have money to invest, and you want reliable investment returns, a term deposit from MyState Bank may be just what you need.
Australian Military Bank	Max rate4.30%	Term length3 mo–6 mo	Interest paidAt maturity	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.
ANZ	Max rate3.50%	Term length1 mo–6 mo	Interest paidAt maturity	Compare ANZ ANZ Advance Notice Term Deposit	Enjoy the certainty of fixed returns over the investment term of your choice

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 short-term deposit?

A short-term deposit locks your money away for up to around six months at a fixed rate. It is used by savers who want a guaranteed return but expect to need the funds soon, for an upcoming purchase or tax bill, or while deciding on a longer plan.

Where short terms are used

Short terms are common for a known near-term expense, when rates may rise, or for parking a lump sum temporarily. The trade-off is that short terms don’t always carry the highest rate, and an at-call savings account can pay as much.

Rates and rollover at maturity

Because the term is brief, maturity comes around quickly, and many banks auto-roll the deposit into a new term at the prevailing rate unless instructed otherwise, while some move it to a lower-paying holding account. The grace period after maturity is the window to change it. Deposits are protected by the Financial Claims Scheme up to $250,000 per account-holder, per institution.

How short-term deposits compare

The rate for the exact term, the interest payment timing, and the rollover and early-withdrawal rules are the figures that separate them. Term deposits can be compared side by side, alongside 6 to 12-month options, and the full market is on the term deposits hub.

Expert view

“Short terms are about parking money with certainty, not chasing yield. If you have a known expense coming, a short deposit removes the temptation to spend, though a good at-call saver sometimes pays just as well over a few months, with more flexibility.”

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
Early withdrawal	Accessing your funds before maturity, which usually requires notice and reduces the interest you earn.
Financial Claims Scheme (FCS)	A government guarantee protecting deposits up to $250,000 per account-holder per authorised deposit-taking institution.
Fixed rate	An interest rate locked for the full term, unaffected by market movements during that time.
Grace period	A short window after maturity (often around seven days) to decide what to do with the funds without penalty.
Interest frequency	How often interest is paid, for example monthly, annually, or only at maturity.
Maturity	The date a term deposit ends and your funds plus interest become available.
Rollover	Automatically reinvesting a matured term deposit into a new term, often at the current advertised rate.
Term deposit	A deposit locked away for a fixed term at a fixed interest rate.

Common questions

What counts as a short-term deposit?

Generally a term of up to around six months. It locks in a fixed rate for that period while keeping your horizon short.

How does a short term deposit compare with a savings account?

It depends. A term deposit fixes your rate and removes temptation to spend, but a high interest savings account keeps funds at-call and can pay more. Which pays more depends on the rates at the time.

What happens at maturity on a short term?

You can withdraw or roll into a new term. Many banks auto-roll at the current rate unless instructed otherwise during the grace period, and some move the money to a lower-paying holding account instead.

Can I withdraw early from a short-term deposit?

Usually only with notice and a reduction in interest. Because the term is short, maturity is often only weeks away, which can cost less than breaking it.

Are short-term deposits guaranteed?

Yes. Deposits with an Australian authorised deposit-taking institution are protected by the Financial Claims Scheme up to $250,000 per account-holder, per institution.

The Numbers Behind This Market

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

Why you can trust CompareThat

We are not a lender, broker or bank. Product data comes straight from each provider’s own Consumer Data Right feed (Australia’s official open banking system) and is refreshed daily, so what you see reflects published rates and fees, not a sales pitch.

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Sourced from each provider’s CDR Product Reference Data, refreshed daily.
Payment can change where a product appears, never which products we show.
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.