Short Term Deposit Rates

article header

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.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on