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Westpac Term Deposit

Advertiser disclosure
The details shown below are for the Term Deposit Special
The details shown below are for the Term Deposit

Choose the version of this product that suits you best

Name
Term Deposit Special
Term Deposit
  • Term Deposit Special
  • Term Deposit
Best rate (up to 1 year)
4.70% p.a.11 months ($5,000 to $5,000,000)
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes
Best rate (up to 1 year)
4.25% p.a.1 year ($5,000 to $2,000,000)
Minimum Deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review Westpac Term Deposit - last updated: 3 May 2024

binocular icon
What's hot
  • Option to have interest paid to another bank
  • Automatic rollover available
  • Bonus rate for online customers
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 to 5 years, this term deposit offers a Special 4.70% 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.

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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 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.


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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 28 May 2024. 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

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

Other financial bits

$5,000.00

$5,000,000.00

Features

yes

yes

Interest paid monthly or annually. 31 days notice required if customers want to withdraw their funds before the maturity date.

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.

Details

Rates and fees information correct as at 28 May 2024. 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

1.25% p.a. ($5,000 to $2,000,000)

1.45% p.a. ($5,000 to $2,000,000)

3.50% p.a. ($5,000 to $2,000,000)

3.55% p.a. ($5,000 to $2,000,000)

3.65% p.a. ($5,000 to $2,000,000)

3.75% p.a. ($5,000 to $2,000,000)

3.80% p.a. ($5,000 to $2,000,000)

3.85% p.a. ($5,000 to $2,000,000)

4.00% p.a. ($5,000 to $2,000,000)

4.00% p.a. ($5,000 to $2,000,000)

4.00% p.a. ($5,000 to $2,000,000)

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

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

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

4.00% p.a. ($5,000 to $2,000,000)

4.00% p.a. ($5,000 to $2,000,000)

4.00% p.a. ($5,000 to $2,000,000)

4.00% 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.

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.

Customer Reviews

How are Westpac term deposits rated by the Mozo community?

Overall
7.3/10
Price
7.0/10
Features
6.4/10
Customer service
7.7/10
Convenience
8.1/10
Trust
7.8/10
Based on 369 Westpac term deposit reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Westpac Term Deposit

About Westpac

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Yes up to $250,000

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Yes up to $250,000

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5.00% p.a.

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Yes up to $250,000

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5.25% p.a.

$1,000.00

Yes up to $250,000

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5.25% p.a.

$1,000.00

Yes up to $250,000

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Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

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MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

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Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

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Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit

5.25% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

Term Deposit

5.00% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Term Deposit

5.00% p.a.

$5,000.00

Yes up to $250,000

Thumbnail icon for Heritage Bank
Heritage Bank

Term Deposit

4.75% p.a.

$1,000.00

Yes up to $250,000

Thumbnail icon for Judo Bank
Judo Bank

Term Deposit for SMSF

5.25% p.a.

$1,000.00

Yes up to $250,000

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