If you have a large sum of cash to stow away from a set period of time, then check out the Bankwest Online Term Deposit. You can open an account with a $1,000 deposit to earn 1.25% p.a. in interest for a 1-month or 5.00% p.a. for a 9-month term.
Bankwest offers you a wide range of term lengths to stash away any extra funds from as short as 1 month up to 5 years. You can open an account with a minimum of $1,000 and up to $5 million, and earn an interest rate between 1.25% and 5.00% depending on the term length you chose.
Plus, this online term deposit comes with an automatic rollover feature, which allows you to start another term deposit without contacting Bankwest. Another neat feature is that you can get interest paid to any bank of your choice.
Remember that if you want to withdraw money before its maturity date, you must give Bankwest 31 days' notice.
Bankwest Online Term Deposit could be a great option for Aussies looking to temporarily park some money and earn a high interest rate.
Unfortunately, if you ever need to withdraw before the maturity date, you’ll need to give Bankwest a written notice 31 days in advance.
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1.25% p.a. ($1,000 to $5,000,000) |
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1.50% p.a. ($1,000 to $5,000,000) |
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3.75% p.a. ($1,000 to $5,000,000) |
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3.00% p.a. ($1,000 to $5,000,000) |
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3.00% p.a. ($1,000 to $5,000,000) |
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4.25% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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5.00% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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4.90% p.a. ($1,000 to $5,000,000) |
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4.85% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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4.00% p.a. ($1,000 to $5,000,000) |
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$1,000.00 |
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$5,000,000.00 |
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yes |
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yes |
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Must link to transaction account with Bankwest or another financial institution to transfer funds. 31 days notice required if customers want to withdraw their funds before the maturity date. |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
When visiting any Bankwest branch I have found staff to be polite, courteous, very helpful and extremely knowledgeable when questioned about accounts and services. Their online banking service is easily manageable making it very user friendly. I'm very satisfied and happy with this banking organization.
Read full reviewWhen visiting any Bankwest branch I have found staff to be polite, courteous, very helpful and extremely knowledgeable when questioned about accounts and services. Their online banking service is easily manageable making it very user friendly. I'm very satisfied and happy with this banking organization.
Term Deposit with this bank was easy to set up and a great way to lock away those savings for something special, whereas a normal savings account allows you to spend those savings all too easy. I love the ease of using online banking and Bankwest is just the best.
Read full reviewTerm Deposit with this bank was easy to set up and a great way to lock away those savings for something special, whereas a normal savings account allows you to spend those savings all too easy. I love the ease of using online banking and Bankwest is just the best.
I like the fact that I have a term deposit that I can access and move money to and from very easily. This is through Bankwest.
Read full reviewI like the fact that I have a term deposit that I can access and move money to and from very easily. This is through Bankwest.
TERM DEPOSIT PROS * rate is usually very competitive, when compared with other (major) banks; in fact, the term deposit rate is usually higher than other banks, especially for short-term (e.g. 2- to 3-month) term deposits. A good rate for short-term term deposits is ideal for people who are saving for a house/apartment, and you don't have to wait many months before the term deposit matures in order to get the money out. * always look around at the rates offered by other banks but don't discount smaller banks such as Bankwest: although they're not a Melbourne-based bank, their rates are competitive and product range is very good. CONS * more advertising is required when there are special term deposit rates. At times, I've missed out on a good rate because I didn't know they were offering one. In addition, any special rate (i.e. those on top of what is advertised in-branch) should be made prominent at the front of the branch so that a customer (actual or potential) knows what s/he can get. The times when I've got a special rate was by good fortune, when I happened to be inside the bank and a staff member has told me about it.
Read full reviewTERM DEPOSIT PROS * rate is usually very competitive, when compared with other (major) banks; in fact, the term deposit rate is usually higher than other banks, especially for short-term (e.g. 2- to 3-month) term deposits. A good rate for short-term term deposits is ideal for people who are saving for a house/apartment, and you don't have to wait many months before the term deposit matures in order to get the money out. * always look around at the rates offered by other banks but don't discount smaller banks such as Bankwest: although they're not a Melbourne-based bank, their rates are competitive and product range is very good. CONS * more advertising is required when there are special term deposit rates. At times, I've missed out on a good rate because I didn't know they were offering one. In addition, any special rate (i.e. those on top of what is advertised in-branch) should be made prominent at the front of the branch so that a customer (actual or potential) knows what s/he can get. The times when I've got a special rate was by good fortune, when I happened to be inside the bank and a staff member has told me about it.
In today's economy squeeze, Bankwest offers the highest interest rate for Term Deposit from all other banks. Isn't it nice to get such a generous rate from the bank? It's rare to get something extra from any bank, but here it is.
Read full reviewIn today's economy squeeze, Bankwest offers the highest interest rate for Term Deposit from all other banks. Isn't it nice to get such a generous rate from the bank? It's rare to get something extra from any bank, but here it is.
