Best rate (up to 1 year)
0.35% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review Westpac Term Deposit

Last updated: 28 July 2020.

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What's hot
  • Option to have interest paid to another bank
  • Automatic rollover available
What's not
  • 31 days notice to withdraw funds
Mozo snapshot

If you’ve got a decent chunk of change to tuck away for a little while, consider the Westpac Term Deposit. With flexibility and terms between 1 month and five years, the Westpac Term Deposit can get you on your way to hitting your savings goals.

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Key features

Fancy a term deposit with a big bank? Then you might want to check out the Westpac Term Deposit. This term deposit offers a range of terms from as little as one month to five years. However, you’ll need a balance of over $5,000 to apply.

While there’s no problem to have your interest paid to another bank, you will need to let Westpac know 31 days in advance if you plan to make a withdrawal, which can be an issue if you need the cash fast. And remember, your interest rate will be adjusted if you take cash out before it reaches maturity.

Another thing to keep in mind is that the Westpac Term Deposit features an automatic rollover, so if you no longer want to keep your term deposit open after it reaches maturity, you will need to let Westpac know.


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Who is it good for

The Westpac Term Deposit could be a great pick for Aussie savers looking to open a term deposit with a big bank who have a minimum deposit of $5,000.

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Any catches

While the Westpac Term Deposit aims to give you the best return on your savings stash during your chosen term, just keep in mind that there is an automatic rollover. So if you no longer want to keep the term deposit open, you’ll need to let Westpac know before the maturity date.

Details

Rates and fees information correct as at 30 November 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
  • 0.05% p.a. ($5,000 to $2,000,000)

  • 0.10% p.a. ($5,000 to $2,000,000)

  • 0.20% p.a. ($5,000 to $2,000,000)

  • 0.20% p.a. ($5,000 to $2,000,000)

  • 0.25% p.a. ($5,000 to $2,000,000)

  • 0.25% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $2,000,000.00

Features
  • 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 Westpac term deposits rated by the Mozo community?

Overall
7.5/10
Price
7.0/10
Features
6.4/10
Customer service
7.7/10
Convenience
8.1/10
Trust
7.8/10

Latest reviews of Westpac Term Deposit

  • Overall 7/10
    Good customer service and easy to deal with

    The staff are courteous and friendly. They will take the time to explain things. When we told them about interest rates at other banks they met them.

    Read full review

    The staff are courteous and friendly. They will take the time to explain things. When we told them about interest rates at other banks they met them.

    Price
    7/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Jacqueline, Queensland reviewed almost 7 years ago
  • Overall 10/10
    Competitive features

    Love it for its great rate.

    Read full review

    Love it for its great rate.

    Price
    9/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Louise, Victoria reviewed almost 7 years ago
  • Overall 10/10
    Comprehensive explanations and value

    I opened a term deposit yesterday. I was explained the benefits of a 12 month term. Everything was organised with the view of keeping the customer happy. Loved it.

    Read full review

    I opened a term deposit yesterday. I was explained the benefits of a 12 month term. Everything was organised with the view of keeping the customer happy. Loved it.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Cheryle, Victoria reviewed about 7 years ago
  • Overall 7/10
    Friendly service staff

    We have always had good service at this bank, they offer good rates.

    Read full review

    We have always had good service at this bank, they offer good rates.

    Price
    6/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Megan, Victoria reviewed almost 7 years ago
  • Overall 10/10
    Great customer service

    This is a great item. I fully trust them.

    Read full review

    This is a great item. I fully trust them.

    Price
    5/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Louise, Victoria reviewed almost 7 years ago
Westpac

About Westpac

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.

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