Compare 9 month term deposits
A 9 month term deposit with a competitive interest rate is a low-risk investment to help you save money.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Learn more about how a 9 month term deposit works and compare term deposit rates in this guide.
Which term deposits offer 9-month terms?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How does a 9 month term deposit work?
A term deposit is a type of savings account, except you can't access the money in the account until the term has ended (this is called reaching maturity). You can choose how long you'd like to lock your money away in a term deposit, with terms from as little as one month to five years.
Term deposits offer a fixed interest rate, meaning if you opt for a 9 month term deposit the rate will not change until the end of the term. Savings accounts on the other hand offer variable rates meaning the rate can change at any time. If you do need to access the money in your 9 month term deposit you'll need to give at least 31 days' notice and will likely pay a penalty. Because of this, a term deposit provides a great incentive to save.
Finder's featured 9 month term deposit rates
|Product||Interest rate||Minimum deposit|
|ME Term Deposit||0.65% p.a. for 9 months||$5,000|
|AMP Term Deposit||0.35% p.a. for 9 months||$100,000|
|UBank Term Deposit||0.35% p.a. for 9 months||$1,000|
|RACQ Bank Term Deposit||0.5% p.a. for 9 months||$1,000|
|MyState Bank Term Deposit||0.8% p.a. for 9 months||$5,000|
How does interest work on a 9 month term deposit?
Term deposits often give you the choice as to how you'd like to receive your interest payments. Some 9 month term deposits will allow you to receive your interest payments monthly while others might only give you the option of receiving the interest when the term matures. You can select which Australian bank account you'd like to receive interest payments into. Some financial institutions will only pay your interest into a linked bank account with the same financial institution, so be sure to consider this when comparing term deposit accounts.
How do I compare 9 month term deposits?
Once you have decided that the 9-month term deposit option will help meet your savings needs you should compare a range of accounts. Here's a few things to look out for when doing your comparison:
- A competitive 9 month interest rate. Interest rates will vary from bank to bank. Compare the rates being offered in order to ensure that you are maximising the amount of interest earned.
- A low, minimum balance requirement. Some banks will allow for a term deposit to be opened with as little as $1,000 while with others you are going to need as much as $5,000. Consider what you can afford to not have access to while comparing this feature.
- No fees. Like with other savings products, there are typically no account maintenance fees deducted with a 9 month term deposit. However, you should look into the penalty fees to see how much you stand to lose if you do need to make an early withdrawal.
- Account type. Term deposits for nine months can be opened traditionally in a bank, or be an online-only account where you make your deposit using a linked transaction account.
Should I open a 9 month term deposit?
If you know that you can live without access to your savings for longer than nine months you may want to consider a longer term deposit, as longer terms generally offer better interest rates. In some cases the difference in interest rate can make a substantial difference in your savings. If you aren't confident you can lock your savings away for nine months without needing to make a withdrawal, perhaps consider a shorter option instead, like a 6-month term deposit.
Is a 9 month term deposit safe?
Your deposit of up to $250,000 is backed by the Australian Government guarantee scheme, making a term deposit a low-risk investment for building your savings.
What happens when my 9 month term deposit matures?
Unless you inform the bank before the account matures that you intend on withdrawing your savings, they will likely roll your money into a new term deposit for nine months, however the interest rate may change. The interest rate offered plays a big role in your return on investment, so it's important you compare term deposit options again before simply allowing your savings to roll over into a new one with the same bank.
Pros and cons of a 9 month term deposit
- Competitive interest rates. 9 month term deposits typically apply a competitive interest rate to your account balance.
- No fees. There are no maintenance or establishment fees with term deposits.
- Extra incentive to save. For some, having their savings in an account where the funds cannot be touched without penalty is the incentive they need to develop good saving habits.
- Can't access your money. In the event of an emergency where you needed to use your savings immediately, you might have to wait up to a month before the bank can return your deposit to you.
- Some rates aren't competitive. In some cases, you can earn a better rate with a standard savings account than a term deposit.
Did you have these questions about term deposits?
More guides on Finder
Great Southern Bank Fixed Rate Car Loan
If you’re in the market for a new car, the Great Southern Bank Fixed Rate Car Loan may be able to give you the funds you need. With the security of a fixed rate and flexible repayments, this loan might be what you need to own your new set of wheels.
Great Southern Bank Fixed Rate Personal Loan
When you have a large expense that your savings can’t cover, a personal loan at a fixed rate from Great Southern Bank is an option worth considering. With no fees and a competitive fixed interest rate, this could be the right loan for you.
Finder’s RBA Survey: 87% of experts say consumer saving will dip as cash rate holds
Despite millions of people becoming financially vulnerable during the pandemic, experts say our rainy day savings have now taken a backseat.
Australian Unity Fixed Rate Home Loan Health Wealth Happiness Package
A review of Australian Unity’s fixed rate home loan. Discover the features and benefits.
Business car loans
If you're after a business car, compare your vehicle finance and car loan options and get your business on the road.
PancakeSwap guide: How to trade and provide liquidity
Learn how to earn CAKE rewards by providing liquidity on PancakeSwap, the leading decentralised exchange of Binance Smart Chain.
The expenses preventing Aussie households from saving
Food, utility bills and eating out are the top expenses preventing Australians from building wealth. Find out how to boost your income and cut your expenses.
Multiple banks increase fixed home loan rates – more to follow?
Several banks have lifted fixed home loan rates. Does this spell the end of aggressive rate discounts and should you lock in your rates now?
Virgin Money Grow Saver account
Earn 0.65% p.a. on your savings each month you make at least one deposit and make no more than one withdrawal.
Ask an Expert