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Compare 3 Month Term Deposits

Increase your savings balance in just three short months with a 3 month term deposit.

A term deposit is a type of savings account that lets you lock away your cash for a pre-determined amount of time. With a three month term deposit, your savings will be earning interest as you cannot make any withdrawals for the entire time.

This method forces you to save at a higher interest rate than many other savings products.

ME Term Deposit

3 Month Term Deposit Offer

The ME Term Deposit offers a competitive interest rate with $0 setup and account keeping fees.

  • Minimum investment amount: $1,000
  • Terms from 1 month to 5 years
  • Choose when you receive interest payments

    Looking for a short term investment? Compare 3 month term deposits below

    Rates last updated April 24th, 2017
    3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
    ME Term Deposit
    ME Term Deposit
    2.50% 2.50% 2.70% 2.85% 3.00% 3.00% 3.00% 3.00% $1,000 Go to site More
    St.George Term Deposit
    St.George Term Deposit
    2.10% 2.00% 2.20% 2.55% 2.60% 3.20% 2.80% 2.95% $1,000 Go to site More
    Citibank Term Deposit $75,000
    Citibank Term Deposit $75,000
    2.50% 2.50% 2.80% 2.35% 2.35% 2.35% 2.35% 2.35% $75,000 Go to site More
    Citibank Term Deposit $250,000
    Citibank Term Deposit $250,000
    - - 3.00% - - - - - $250,000 Go to site More
    Bank of Melbourne Term Deposit
    Bank of Melbourne Term Deposit
    2.10% 2.00% 2.20% 2.55% 2.60% 3.20% 2.80% 2.95% $1,000 Go to site More
    BankSA Term Deposit
    BankSA Term Deposit
    2.10% 2.00% 2.20% 2.55% 2.60% 3.20% 2.80% 2.95% $1,000 Go to site More
    RaboDirect Term Deposit
    RaboDirect Term Deposit
    2.40% - 2.55% 2.60% 2.90% 3.00% 3.05% 3.30% $1,000 Go to site More
    Bankwest Online Term Deposit
    Bankwest Online Term Deposit
    2.35% 1.50% 2.55% 2.60% 2.60% 2.60% 2.65% 2.65% $1,000 Go to site More
    Firstmac Term Deposit
    Firstmac Term Deposit
    2.75% - 2.75% 2.85% 2.75% - - - $5,000 Go to site More

    finder.com.au's featured 3 month term deposits

    Term deposit3 Months p.a
    UBank2.60% p.a. (at maturity)
    RaboDirect2.40% p.a. (at maturity)
    St.George2.10% p.a. (at maturity)
    Bank of Melbourne2.10% p.a. (at maturity)
    BankSA2.10% p.a. (at maturity)

    How does a 3 month term deposit work?

    Term deposit savings accounts are specialised banking products that typically offer a higher rate of interest the longer you keep the money in the account. You can choose from between three months to five years with most banks, but understand that once you set the terms, you cannot make a withdrawal early without having to pay a penalty charge.

    A three month term deposit is a short term savings product, where the interest is calculated daily and paid to you at the end of the term. With some banks, a three month term deposit will rollover into a new one when the term comes to an end unless you have notified the bank of your intention to withdraw your savings beforehand.

    How do I compare three-month deposit accounts?

    Term deposits are full of options that allow you to structure them the way you want. If you decide that the shorter three month term deposit is all you need, there are features you will want to consider when making your comparisons with different banks.

    A competitive interest rate

    Three month term deposits should have a competitive interest rate that may differ depending on the financial institution.

    No fees

    There are typically no establishment or account managing fees with a three month term deposit, but you should check what the penalty is for an early withdrawal.

    A minimum balance you can commit to

    The amount you can invest into a three month term deposit does vary between banks, with some allowing deposits as low as $1,000. Keep in mind that these accounts are not only structured to pay a higher interest rate for longer terms, in some cases they may also augment the interest rate for a higher balance.

    Interest is paid when it suits you

    As a result of the shorter term, with most three month term deposits you will receive your interest earnings once the account reaches maturity.


    Give a lot of thought to exactly when you are going to need to be able to access the savings you are considering investing into a three month term deposit. Don’t open the account if there is a chance that you will need it sooner, but if you think you can go longer without the savings being accessible you might want to look into a longer term deposit.

    Even an extra three months can give can add a half point to the interest rate, allowing your savings to work even harder for you.

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    What are the risks?

    As far as investment savings accounts go, a three month term deposit is considered to be a low risk way to increase savings. Plus, any of your deposits up to $250,000 are guaranteed by the Australian government. However, there are some things to avoid when using a three month term deposit as a place to hold your savings:

    • Penalties

    If you needed the money in your three month term deposit before the end of the term, you will have to pay some penalty fees to the bank. In addition, the interest rate may be changed to reflect the lower rate that a shorter term deposit has.

    What term deposit penalties apply if I withdraw early?

    • Automatic roll-over

    Although you do set the amount of time when choosing a three month term deposit, some banks will automatically roll the balance into a new term deposit if you do not let them know beforehand that you will be withdrawing your money. If the rates have changed since you first invested in the term deposit due to inflation, it may no longer be profitable for you once you factor in taxes to keep your money in a short term term deposit.

    What are the pros and cons of opening one?

    Before locking your savings into a three month term commitment, you should consider both the positive and negative points that this type of savings plan has to offer.


    • Competitive interest rate. A three month term deposit should allow your money to grow at a rate that is slightly higher than a standard savings account interest rate.
    • Incentive to save. If you have a big expense in the near future the penalty for early withdrawal is a good incentive to leave the money alone until you need it.
    • No fees. You are not going to have to pay any account keeping fees when you save using a three month term deposit.


    • Minimum balance. With the three month term deposit a bank will typically have a minimum balance requirement. This varies from bank to bank making it an important feature to research first.
    • Interest paid at maturity. Unlike longer term deposits, a three month term deposit will typically not pay you any interest until the account matures. This means you are not augmenting your savings even more by earning interest on your already earned interest.
    • Not flexible. You won’t be able to rely on these type of accounts when you have an emergency. A processing fee and cancellation fee will most likely apply.

    More questions about term deposits

    Who can open a three month term deposit?

    The age requirements will vary by bank but can be as young as 12 years old. Other requirements will include the applicant being an Australian permanent resident.

    Are there online three month term deposits?

    Yes, you will find three month term deposits that can be opened and then managed completely online.

    Will I need to make an opening deposit?

    Yes, when you open a three month term deposit account you will be required to make the deposit immediately.

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    2 Responses to Compare 3 Month Term Deposits

    1. Default Gravatar
      Damo | November 10, 2016

      where is the best place to invest 100000k for 3 months

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