based on 23525 Westpac product 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 18 April 2024. 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

4.25% p.a.1 year ($5,000 to $2,000,000)

$5,000.00

yes

Term Deposit Special

4.70% p.a.11 months ($5,000 to $5,000,000)

$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
Price
Features
Customer service
Convenience
Trust

369 Reviews

Recent Westpac term deposit reviews

Westpac Term Deposit
Overall 7/10
Good in-person service

Good in-person service, and quite a few options.

Read full review

Good in-person service, and quite a few options.

Price
6/10
Features
6/10
Customer service
10/10
Convenience
9/10
Trust
7/10
Less
Cynthia, New South Wales, reviewed about 1 month ago
Westpac Term Deposit
Overall 10/10
They went out of there way for me and madepossible

When I opened my term deposit account they were so helpful and tryed to help me anyway possible I couldn't have asked for anything more and was the first bank that never got hacked or lost money and are still with them today

Read full review

When I opened my term deposit account they were so helpful and tryed to help me anyway possible I couldn't have asked for anything more and was the first bank that never got hacked or lost money and are still with them today

Price
8/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Tracey, Victoria, reviewed 6 months ago
Westpac Term Deposit
Overall 3/10
Term deposit let down

Decided to set up a term deposit through the bank's customer service phone number. Lovely lady helped me through the process of setting up a term deposit however it wasn't actioned correctly from the bank's end meaning I couldn't transfer funds into the newly set up term deposit account. Had to have another temporary account set up to transfer my term deposit funds into before it then went into the term deposit account up to five days later. Was a bit worried typing in the temporary account details as I was told if I had done it incorrectly it was on me if the funds got lost! A rather anxious few days before the funds appeared in my term deposit. When I closed the term deposit I had to go to the bank to action it, because of the funny way it was originally set up there was some flag on the account meaning I had to verify myself by visiting a branch with adequate ID. All in all not the best experience and in reality, I got a much better interest rate using their high interest savings account - it would've been great had the customer service team advised me of that prior to selecting a term deposit option.

Read full review

Decided to set up a term deposit through the bank's customer service phone number. Lovely lady helped me through the process of setting up a term deposit however it wasn't actioned correctly from the bank's end meaning I couldn't transfer funds into the newly set up term deposit account. Had to have another temporary account set up to transfer my term deposit funds into before it then went into the term deposit account up to five days later. Was a bit worried typing in the temporary account details as I was told if I had done it incorrectly it was on me if the funds got lost! A rather anxious few days before the funds appeared in my term deposit. When I closed the term deposit I had to go to the bank to action it, because of the funny way it was originally set up there was some flag on the account meaning I had to verify myself by visiting a branch with adequate ID. All in all not the best experience and in reality, I got a much better interest rate using their high interest savings account - it would've been great had the customer service team advised me of that prior to selecting a term deposit option.

Price
3/10
Features
5/10
Customer service
5/10
Convenience
8/10
Trust
5/10
Less
Penelope, New South Wales, reviewed 9 months ago
Westpac Term Deposit
Overall 10/10
Same as the above that I wrote too Westpac

I like this bank so much. Because there service is excellent thy look after the costumers well

Read full review

I like this bank so much. Because there service is excellent thy look after the costumers well

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Shirley, Queensland, reviewed over 1 year ago
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