For this reason early withdrawal is not ideal.

Term deposits are designed to make it hard to access your money, so that the temptation to spend is eliminated. In most cases you will have to give the bank notice to withdraw funds early and you may be charged a penalty fee and/or have your interest rate reduced. Can I withdraw early from a 1 month term deposit?Īlthough it is possible to access your funds before the month is over, doing this can be costly. Here you can filter by the amount you wish to deposit, how long you wish to deposit it for and which state or territory you live in. To find term deposit balance limits for each provider, simply scroll up to the comparison table above, or go to our term deposits search engine. While a number of banks require at least a $1,000 deposit, others may set the minimum at $5,000 or even $10,000. How much you can deposit in a term deposit will depend on the individual bank’s minimum and maximum deposit requirements. What is the minimum deposit for a 1 month term deposit? Read our term deposit reviews for all the info you need on different providers. It is the shortest period of time for a term deposit, other short terms range from three to twelve months. It could be a great option if you want to access your money fairly soon, or feel you can’t commit to a longer term. This short term can be a place to park your funds if you’re saving for something in the near future, or simply need time to figure out your next money move. A 1 month term deposit is a short term deposit, offered by a number of banks.

Bank of australia term deposit rates