Term Deposit

A Westpac Term Deposit lets you invest your money with the certainty of a fixed interest rate and a choice of terms.

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Essentials

3 of today's special deposit rates for interest paid at maturity or annually

TermAmountRate p.a.
3 < 4 months$5,000 < $250,0003.15%
12 < 24 months$5,000 < $250,0003.30%
60 months$5,000 < $250,0004.55% 

About Westpac Term Deposits:

  • Open a term deposit with $5,000 or more
  • No set-up, monthly service or management  fees
  • Choose the period of time you want to invest your money for – fixed terms from 1 month to 5 years
  • Interest payable at maturity, annually or monthly, depending on term
  • Flexible ways to have your deposit amount paid to you when your term deposit reaches maturity
  • A range of options to reinvest all or part of your term deposit when it matures
  • Westpac Term Deposits are covered by the Australian Government Guarantee (capped at $250,000 per account holder).

More on term deposits

Rates set out above are special rates and exclude corporate, institutional and government customers. Minimum balance of $5,000, maximum balance of $10,000,000. If the rate applying to your term deposit is a special or standard rate and your term deposit rolls over automatically, it may be automatically re-invested at a lower rate than the initial rate (including any initial special rate).

More on guaranteed returns

Westpac Term Deposits are covered by the Australian Government Deposit Guarantee, capped at $250,000 per Westpac account holder.

An interest rate adjustment may apply if your term deposit funds are withdrawn before maturity.

Information is current as at 10 March 2014. 

 

Did you know?

We can negotiate rates for deposits over $250,000 or terms less than 30 days. Have a specialist call you today for more details.

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Features

Flexible interest payment options

Interest can be paid directly into your Westpac account or other bank (within Australia) in cash or cheque. Fees may apply.

When your term deposit reaches maturity:

  • Reinvest both your principal (original deposit amount) and interest
  • Reinvest your principal and get paid your interest
  • Reinvest part of your principal and get paid part of the principal and the interest
  • Receive both your principal and the interest
  • Add more funds and reinvest.

Information is current as at 10 March 2014.

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Rates

Our current term deposit rates are shown below. Interest rates are % per annum. All investment balance ranges are in Australian dollars.

Interest paid at maturity or annually
Term$5,000 <$10,000$10,000 <$20,000$20,000 <$50,000$50,000 <$100,000$100,000 <$250,000
1 < 2 months2.50%2.50%2.50%2.50%2.50%
2 < 3 months2.50%2.50%2.50%2.50%2.50%
3 < 4 months3.15%3.15%3.15%3.15%3.15%
4 < 5 months2.50%2.50%2.50%2.50%2.50%
5 < 6 months2.50%2.50%2.50%2.50%2.50%
6 < 7 months2.50%2.50%2.50%2.50%2.50%
7 < 8 months3.15%3.15%3.15%3.15%3.15%
8 < 9 months2.50%2.50%2.50%2.50%2.50%
9 < 10 months2.50%2.50%2.50%2.50%2.50%
10 < 11 months2.50%2.50%2.50%2.50%2.50%
11 < 12 months2.50%2.50%2.50%2.50%2.50%
12 < 24 months3.30%3.30%3.30%3.30%3.30%
24 < 36 months3.60%3.60%3.60%3.60%3.60%
36 < 48 months4.00%4.00%4.00%4.00%4.00%
48 < 60 months4.10%4.10%4.10%4.10%4.10%
60  months4.55%4.55%4.55%4.55%4.55%

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Special rates are highlighted in red.

Interest rates are % per annum. All investment balance ranges are in Australian dollars.

Interest paid monthly
Term$5,000 <$10,000$10,000 <$20,000$20,000 <$50,000$50,000 <$100,000$100,000 <$250,000
1  < 2 months2.30%2.30%2.30%2.30%2.30%
2 < 3 months2.30%2.30%2.30%2.30%2.30%
3 < 4 months2.95%2.95%2.95%2.95%2.95%
4 < 5 months2.30%2.30%2.30%2.30%2.30%
5 < 6 months2.30%2.30%2.30%2.30%2.30%
6 < 7 months2.30%2.30%2.30%2.30%2.30%
7 < 8 months2.95%2.95%2.95%2.95%2.95%
8 < 9 months2.30%2.30%2.30%2.30%2.30%
9 < 10 months2.30%2.30%2.30%2.30%2.30%
10 < 11 months2.30%2.30%2.30%2.30%2.30%
11 < 12 months2.30%2.30%2.30%2.30%2.30%
12 < 24 months3.10%3.10%3.10%3.10%3.10%
24 < 36 months3.40%3.40%3.40%3.40%3.40%
36 < 48 months3.80%3.80%3.80%3.80%3.80%
48 < 60 months3.90%3.90%3.90%3.90%3.90%
60 months4.35%4.35%4.35%4.35%4.35%

More on interest rates

  • Interest rates are current as at 10 March 2014.
  • Rates are subject to change
  • Special rates are not available in conjunction with any bonus interest or other special rates offered by Westpac
  • If you’re on a special or standard rate and your term deposit rolls over automatically, the term deposit may be automatically re-invested at a lower rate than the current interest rate.

Special term deposits

Call us on 1300 362 742, have a specialist call you or visit a Westpac branch if you:

  • To invest amounts over $250,000
  • If you want to open a term deposit for less than 30 days.

Your interest options

  • Interest paid at maturity is available for terms of 12 months or less
  • Interest paid monthly is available for terms of 1 to 60 months (inclusive)
  • Interest paid annually is available for terms of greater than 12 months. For terms not equalling an exact year, the remaining interest is paid at the end of the term.

Information is current as at 10 March 2014.

More on term deposits

Rates set out above exclude corporate, institutional and government customers. Minimum balance of $5,000, maximum balance of $10,000,000.

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How to apply

Ways to open a term deposit

Who can open a term deposit online?

Australian residents, 18 years or more who:

  • Have a deposit of at least $5,000 and up to $250,000
  • Want to invest for a term of 30 days (1 month) to 60 months (5 years)
  • Would like to open an account in 1 to 5 names.

Opening a special term deposit

Call us on 1300 362 742, have a specialist call you or visit a Westpac branch if you:

  • Have a deposit over $250,000
  • Want to invest for less than 30 days
  • Are investing as a trust or on behalf of a business
  • Want to open a term deposit in more than 5 names
  • Are under 18 years of age.

If you’re a non resident or live overseas and would like to apply for a term deposit, please email us at migrantbank@westpac.com.au.

What you’ll need to apply for a term deposit

If you’re a new customer you’ll need:

  • Access to BPAY® to fund the opening deposit within 3 days of receiving your account opening email
  • The account details of the Australian financial institution (your bank) where you’d like your interest paid
  • Your Tax File Number if you don’t wish to pay any withholding tax.

If you're an existing customer you'll need

  • The bank account details of your existing Westpac account (in your name); or you can use BPAY to fund your opening deposit
  • The account details of the Australian financial institution (your bank) where you'd like your interest paid.

What happens next?

  1. We'll send you an email when your account is set up - usually within 2 business days
  2. A welcome pack will then be sent to you once the funds are received into your new term deposit.
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    Apply now

    It only takes 10 minutes

    Get started
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    Give us a call

    1300 558 724

    8am-8pm, 7 days a week