Choose the version of this product that suits you best
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Term Deposit Special |
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Term Deposit |
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 to 5 years, this term deposit offers a Special 4.80% p.a. fixed term rate, as well as an extra 0.10% for renewals. The Westpac Term Deposit can get you on your way to hitting your savings goals.
Fancy a term deposit with a big bank? Then you might want to check out the Westpac Term Deposit. This term deposit offers a special competitive interest rate of 4.70% p.a. on 11 month terms. However, you’ll need a balance of over $5,000 to apply.
Westpac is currently also offering an extra 0.10% p.a. when you are an existing customer and open or renew your term deposit online. So you can ratchet up your 11 month term up to 4.80% p.a.
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.
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.
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.
4.70% p.a. ($5,000 to $5,000,000) |
$5,000.00 |
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$5,000,000.00 |
yes |
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yes |
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Interest paid monthly or annually. 31 days notice required if customers want to withdraw their funds before the maturity date. |
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Existing customers receive an additional 0.10% p.a. online bonus rate when you open or renew (within 6 business days) online. |
Different interest rates apply to different amounts or different interest payment frequencies.
1.25% p.a. ($5,000 to $2,000,000) |
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1.45% p.a. ($5,000 to $2,000,000) |
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3.50% p.a. ($5,000 to $2,000,000) |
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3.55% p.a. ($5,000 to $2,000,000) |
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3.65% p.a. ($5,000 to $2,000,000) |
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3.75% p.a. ($5,000 to $2,000,000) |
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3.80% p.a. ($5,000 to $2,000,000) |
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3.85% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.25% p.a. ($5,000 to $2,000,000) |
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4.25% p.a. ($5,000 to $2,000,000) |
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4.25% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
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4.00% p.a. ($5,000 to $2,000,000) |
$5,000.00 |
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$2,000,000.00 |
yes |
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yes |
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31 days notice required if customers want to withdraw their funds before the maturity date. |
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Existing customers receive an additional 0.10% p.a. online bonus rate when you open or renew (within 6 business days) online. |
Different interest rates apply to different amounts or different interest payment frequencies.
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 reviewThe 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.
Love it for its great rate.
Read full reviewLove it for its great rate.
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 reviewI 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.
We have always had good service at this bank, they offer good rates.
Read full reviewWe have always had good service at this bank, they offer good rates.
This is a great item. I fully trust them.
Read full reviewThis is a great item. I fully trust them.