We have had a term deposit for many years. It has always been easy to re invest with this bank and customer service at my branch is exceptional. Obviously the interest rate is a little disappointing and I’d like to see some reward for reinvesting multiple times and also for the amoun of investment. Eg the more I put in my term deposit, the higher I’d like the rate to be. This is the case to some extent, but doesn’t go far enough in my opinion.
My review relates to Westpac/RAMS, the term deposit was quick to set up, however, the $250 minimum deposit without withdrawals seems a little excessive for the financial return. In saying that there is little in the market that betters their terms.
The branch staff are friendly and keen to provide top service. I have a substantial amount on a term deposit which recently matured. To help me, the branch manager referred the matter to the appropriate person in Head Office seeking a better interest rate than that advertised. As a result I was offered a rate 0.3% above the advertised rate for a 12 month term.
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Different interest rates apply to different amounts or different interest payment frequencies.
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