7.3 / 10

based on 22668 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 25 November, 2020. 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

0.60% p.a.1 year

$5,000.00

yes

Term Deposit Special

0.60% p.a.6 months

$5,000.00

yes

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

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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

363 Reviews

Recent Westpac term deposit reviews

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 3 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 6 months ago
Westpac Term Deposit review
Overall 9/10
I will be staying with them.

Always had very good service. Helped with a scam problem. Staff are very efficient and friendly.

Read full review

Always had very good service. Helped with a scam problem. Staff are very efficient and friendly.

Price
10/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Liene, Victoria reviewed 8 months ago
Westpac Term Deposit review
Overall 10/10
Great service.

Great service, would recommend.

Read full review

Great service, would recommend.

Price
10/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Angela, Victoria reviewed 12 months ago

Term deposit quick links