7.3 / 10

based on 22837 Westpac reviews as rated by Mozo community

Westpac term deposits

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

Westpac offers the following term deposits

Rates and fees verified as correct at 24 June, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Best rate (up to 1 year) Minimum deposit Interest paid to another bank?
Term Deposit

0.35% p.a.1 year

$5,000.00

yes

How are Westpac term deposits rated?

Mozo users have rated Westpac term deposits on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of term-deposits
Westpac term deposits
Overall
7.5/10
Price
Features
Customer service
Convenience
Trust

365 Reviews

Recent Westpac term deposit reviews

Westpac Term Deposit review
Overall 6/10
Reliable, but unexciting.

Westpac are reliable and I have faith that my money is safe with them, but they offer no rewards and their interest rates are ridiculously low (like all other mainstream banks). Their customer service however is excellent and has helped me with various problems quickly and efficiently.

Read full review

Westpac are reliable and I have faith that my money is safe with them, but they offer no rewards and their interest rates are ridiculously low (like all other mainstream banks). Their customer service however is excellent and has helped me with various problems quickly and efficiently.

Price
5/10
Features
3/10
Customer service
9/10
Convenience
7/10
Trust
4/10
Less
Paul, Queensland, reviewed 7 months ago
Westpac Term Deposit review
Overall 9/10
Make $$ for doing literally nothing!

With my Westpac term deposit I make what I call huge profits for my money just sitting there. It's awesome.

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With my Westpac term deposit I make what I call huge profits for my money just sitting there. It's awesome.

Price
8/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Sabrina, Victoria, reviewed 7 months ago
Westpac Term Deposit review
Overall 8/10
Great service for term depositors

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.

Read full review

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.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Sharon, Western Australia, reviewed 10 months ago
Westpac Term Deposit review
Overall 6/10
Convenient.

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.

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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.

Price
5/10
Features
6/10
Customer service
5/10
Convenience
9/10
Trust
7/10
Less
Bernadette, Queensland, reviewed about 1 year ago

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