Short Term Deposit Rates

If you have some spare cash lying around in your bank and won't need it for a few months or so, have you considered short term deposit rates? Investing it into a short term deposit will give you peace of mind knowing it will be returning you a higher interest rate than your everyday transaction account while very low risk to your investment.

There's no point leaving your hard-earned cash in your everyday transaction account if you don't need the funds for a while because transaction accounts earn you very little interest. Many online savings accounts, which offer competitively high interest rates, have strict conditions to earn those rates and many are no good to a lump sum investment. For example, you may have to deposit a minimum amount of money every month and make no withdrawals or you won't earn any interest in that particular month.

The difference between long term deposit rates and short term deposit rates is that your money is locked away for a long or short period of time. Sort term deposits are generally below 12 months long and long term is anything above 12 months. So if you're planning to use your savings in the next year, short term deposit rates will suit you more. If you lock in a longer term deposit and you decide you want access to your money sooner than the contract ends, you could be up for a penalty fee and lose your interest earned.

Short term deposit rates can vary significantly so make sure you get the best return for your money by comparing short term deposit rates online.

The table below displays some of today's highest interest rates for 90 day term deposits. Go to our high interest term deposit rate page to compare more of today's top deals.
This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.