Last updated: August 2026
Term Deposits with Low Minimum Deposit
Term deposits open to savers with $1,000 or less — sorted by rate. You don't need a large sum to lock in a competitive rate.
- ✓ Minimum deposit $1,000 or less
- ✓ All terms included — 3 months to 5 years
- ✓ Sorted by rate — best first
Who low-minimum term deposits suit
- → First-time savers getting started with term deposits
- → Anyone with a smaller lump sum to put to work
- → Savers building a term deposit ladder with smaller amounts per rung
Quick picks — low minimum
- Best rate, low minimum RACQ Bank — p.a. · 1 year · min $1k
All Term Deposits with $1,000 Minimum or Less
The table below includes products where the minimum deposit is explicitly $1,000 or under. Sorted by rate — check the Min. Deposit column to confirm the exact amount.
| Bank / Provider | Rate p.a. | Min. Deposit |
|---|---|---|
| Judo Bank Challenger | $1k | |
| RACQ Bank Challenger | $1k | |
| RACQ Bank Challenger | $1k | |
| Teachers Mutual Bank Credit union | $1k | |
| Bank Australia Credit union | $500 | |
| Newcastle Permanent Credit union | $1k | |
| Defence Bank Credit union | $1k | |
| Bankwest Challenger | $1k | |
| BCU Bank Credit union | $1k | |
| Bankwest Challenger | $1k | |
| Defence Bank Credit union | $1k | |
| Bank Australia Credit union | $500 | |
| Newcastle Permanent Credit union | $1k | |
| Newcastle Permanent Credit union | $1k | |
| Newcastle Permanent Credit union | $1k | |
| Bankwest Challenger | $1k | |
| Bankwest Challenger | $1k | |
| Newcastle Permanent Credit union | $1k | |
| Bankwest Challenger | $1k | |
| Bank Australia Credit union | $500 |
Low-minimum products change frequently — we'll alert you when good options appear.
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Term deposits with small amounts — what to know
Many banks set a minimum deposit of $5,000, $10,000 or more for term deposits — which excludes smaller savers from the best rates. But a number of banks, particularly credit unions and challenger banks, accept deposits from as little as $500 or $1,000.
All Australian bank deposits up to $250,000 per institution are protected by the Australian Government Financial Claims Scheme, regardless of whether the bank is a Big 4 or a small credit union. Choosing a lesser-known bank for a better rate doesn't mean taking on more risk with amounts below that threshold.