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Bankwest Gold Term Deposit

Best rate (up to 1 year)
1.00% p.a.1 year
Interest paid to another bank?
yes

Mozo editorial review Bankwest Gold Term Deposit

Last updated: 6 May 2020.

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What's hot
  • 1.00% p.a interest rate for a 1 year term
  • Term options ranging from 1 month to 5 years
  • Interest can be paid into another account
What's not
  • Minimum deposit of $5,000
  • 31 days notice required if customers want to withdraw their funds before the maturity date.
Mozo snapshot

The Bankwest Gold Term Deposit hits the ground running with competitive interest rates and a wide selection of term options ranging from 1 month to 5 years. Not to mention, this account comes with a few savings-savvy features, including, the ability to have your interest paid into another bank account.

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Key features

The Bankwest Gold Term Deposit gets the ball rolling with interest rates that start from 0.40% p.a. for a 1 month and goes right up to 1.00% p.a for a 1 year term - just be aware that the rate you get will depend on the term you choose.

Speaking of terms, this account offers loads of term options, ranging from 1 month terms all the way up to 5 year terms, so whether you’re looking to lock away your savings for a short time or long time, Bankwest has a number of terms to suit your needs.

The Bankwest Gold Term Deposit has a minimum deposit amount of $5,000 and a maximum deposit amount of $1,000,000.

The Bankwest Gold Term Deposit offers a selection of features to help give you a boost on your savings journey, including the ability to have the interest you earn paid into another bank account.

The Bankwest Gold Term Deposit account also comes with an automatic rollover feature which allows you to roll your account over should you choose to continue on for another term once your account reaches maturity. However, just make sure that you’ve still got a competitive deal first otherwise you could risk missing out on a better deal elsewhere because you’ve locked yourself into another term.

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Who is it good for

From it’s range of flexible account features to its wide range of term options - if you’re after a solid term deposit account to lock your money away in, then the Bankwest Gold Term Deposit could be just the thing you’re after.

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Any catches

The Bankwest Gold Term Deposit, like most term deposit products, requires a minimum of 31 days notice if you’d like to withdraw funds from your account before it reaches maturity.

Details

Rates and fees information correct as at 16 July 2020. 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
  • 0.40% p.a. ($5,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.95% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $2,000,000.00

Features
  • direct credit, cheque

  • 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

How are Bankwest term deposits rated by the Mozo community?

Overall customer rating
7.7/10
Price
7.6/10
Features
6.9/10
Customer service
7.6/10
Convenience
7.6/10
Trust
7.7/10

Latest reviews of Bankwest Gold Term Deposit

  • Overall 5/10
    Their branch and phone banking service are very go

    I don't dislike this bank, I don't particularly like any bank. I have chosen this bank because it used to be Western Australia owned and their interest rates for term deposits were quite high. Of course, they are not longer WA owned and their interest rates have fallen as well. I guess its just complacency that I have stuck with this bank.

    Read full review

    I don't dislike this bank, I don't particularly like any bank. I have chosen this bank because it used to be Western Australia owned and their interest rates for term deposits were quite high. Of course, they are not longer WA owned and their interest rates have fallen as well. I guess its just complacency that I have stuck with this bank.

    Price
    6/10
    Features
    6/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    6/10
    Less
    Rosemary, Western Australia reviewed over 6 years ago
  • Overall 8/10
    Reliable service with fantastic interest rates!

    Great interest rates. Customer service is very helpful and friendly. Very prompt in sending me further details on my accounts.

    Read full review

    Great interest rates. Customer service is very helpful and friendly. Very prompt in sending me further details on my accounts.

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Cherylin, Western Australia reviewed over 6 years ago
  • Overall 10/10
    Great customer service

    The interest is good and I love their service, and I know that I am safe with them because the security is good.

    Read full review

    The interest is good and I love their service, and I know that I am safe with them because the security is good.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Mozo community reviewer, New South Wales reviewed over 6 years ago
  • Overall 4/10
    Bad customer communication

    Having a term deposit accruing interest for a period over three years untouched..... the Federal Govt confiscated the entire account in excess of $12,000. The bank never notified me of the theft from my account. I remained unaware until a Financial Advisory Co contacted me offering retrieval after a fee of $450 was forwarded.

    Read full review

    Having a term deposit accruing interest for a period over three years untouched..... the Federal Govt confiscated the entire account in excess of $12,000. The bank never notified me of the theft from my account. I remained unaware until a Financial Advisory Co contacted me offering retrieval after a fee of $450 was forwarded.

    Price
    6/10
    Features
    4/10
    Customer service
    1/10
    Convenience
    5/10
    Trust
    4/10
    Less
    Mozo community reviewer, Western Australia reviewed over 6 years ago
  • Overall 10/10
    Highest long term interest rate over 2 years

    Initially only few branches, however there are now many branches Australia wide so it's a lot more convenient. Always easy to contact via phone.

    Read full review

    Initially only few branches, however there are now many branches Australia wide so it's a lot more convenient. Always easy to contact via phone.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Mozo community reviewer, Victoria reviewed almost 7 years ago
Bankwest

About Bankwest

Bankwest is all about making your finances simple. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, which has promised to retain the Bankwest brand. So if you like the sound of simple banking, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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