Westpac Term Deposit

1.55% p.a.4 months

yes

Westpac Term Deposit

1.55% p.a.4 months

yes

Mozo Review   Westpac Term Deposit Review

Last updated: 16 August 2019.

What's hot:
  • 1.55% interest for a 1 year term (balances over $5,000)

  • 1.50% interest rate for 5 year term (balances over $5,000)

  • Option to have interest paid to another bank

What's not:
  • 31 days notice to withdraw funds

Mozo snapshot:

If you’ve got a decent chunk of change to tuck away for a little while, why not consider the Westpac Term Deposit? With great rates on terms between 1 month and five years, the Westpac Term Deposit can get you well on your way to hitting your savings goals.

Key features:

Fancy a term deposit with a big bank? Then you might want to check out the Westpac Term Deposit. This term deposit offers a 1.55% interest rate on a one year term, a rate of 1.50% on a three year or five year term. However, you’ll need a balance of over $5,000 to apply.

While there’s no problem to have your interest paid to another bank, you will need to let Westpac know 31 days in advance if you plan to make a withdrawal, which can be an issue if you need the cash fast.

Another thing to keep in mind is that the Westpac Term Deposit features an automatic rollover, so if you no longer want to keep your term deposit open after it reaches maturity, you will need to let Westpac know.


Who it's good for:

The Westpac Term Deposit could be a great pick for Aussie savers looking to open a term deposit with a big bank who have a minimum deposit of $5,000.

Any catches?

While the Westpac Term Deposit aims to give you the best return on your savings stash during your chosen term, just keep in mind that there is an automatic rollover. So if you no longer want to keep the term deposit open, you’ll need to let Westpac know before the maturity date.

Details

Rates and fees information correct as at 18 September 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.85% p.a. ($5,000 to $250,000)

  • 1.00% p.a. ($5,000 to $250,000)

  • 1.55% p.a. ($5,000 to $5,000,000)

  • 1.55% p.a. ($5,000 to $250,000)

  • 1.30% p.a. ($5,000 to $250,000)

  • 1.40% p.a. ($5,000 to $250,000)

  • 1.30% p.a. ($5,000 to $250,000)

  • 1.30% p.a. ($5,000 to $250,000)

  • 1.35% p.a. ($5,000 to $250,000)

  • 1.35% p.a. ($5,000 to $250,000)

  • 1.35% p.a. ($5,000 to $250,000)

  • 1.55% p.a. ($5,000 to $250,000)

  • 1.50% p.a. ($5,000 to $250,000)

  • 1.50% p.a. ($5,000 to $250,000)

  • 1.50% p.a. ($5,000 to $250,000)

  • 1.50% p.a. ($5,000 to $250,000)

Other financial bits
  • $5,000.00

  • $5,000,000.00

Features
  • direct credit, cheque, cash

  • yes

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

This product is not currently reviewed.

Westpac

About Westpac

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