Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Save time by managing your Term Deposit accounts in Online Banking and the Westpac App.

What updates can I make to my Term Deposit accounts online?

You can make the following changes to your Term Deposits:

  • Update your maturity instructions during the Variation Period1
  • Select the duration or term and applicable interest rate of a maturing Term Deposit
  • Disburse some or all your funds on a maturing Term Deposit to a linked account or another Australian financial institution
  • Receive notifications and emails when your Term Deposit is maturing.

How do I manage my Term Deposit accounts online?

1. Administrators – give yourself and your selected Users access to manage the relevant Term Deposit in Online Banking from a Desktop

2. Check your renewal details and renew online or make changes to your Term Deposit.

  •  Changes you can make to your Term Deposit:
    • Amount
    • Term
    • Interest Payment frequency and account details.


You can update Term Deposits in Online Banking from 8.00am to 9.30pm Monday to Friday and from 8.00am to 4.00pm on Saturdays (AEST time).

 


How-to guides

How do I review my Term Deposits instructions?

1. Select the Term Deposit 

2. Under Maturity instructions, check the details are correct. 

Your Term Deposit will roll over at the end of the Variation Period1 and will follow the instructions displayed. 

How do I change the amount deposited in my Term Deposit?

1. Select the Term Deposit

2. Under Maturity instructions, review current instruction, then select Make changes.

Important Note: Deposits can only be managed within the 6-day variation period once matured.

3. Select Make changes and renew account then select Next

4. Update your Renewal amount, then select Get Rates. Select the rate and term, then select Next

Important Note: If a third party has access to manage your Term Deposit they are able to direct the portion withdrawn to be paid to other accounts which may not necessarily be in your name.

5. Review the changes and select Renew Term Deposit.

You will receive a notification in Message centre and by email to confirm the details of your renewed Term Deposit.

How do I change the term of my term deposit?

1. Select the Term Deposit

2. Under Maturity instructions, review current instruction then select Make changes

Important Note: Deposits can only be managed within the 6-day variation period once matured.

3. Select Make changes and renew account then select Next

4. Enter your Renewal amount then your Term and compare interest rates by selecting Get rates. Select either your current term or a different rate and term. Then select Next

5. Review the changes and select Renew Term Deposit.

You will receive a notification in Message centre and by email to confirm the details of your renewed Term Deposit.

How do I change the frequency of interest payments?

1. Select the Term Deposit

2. Under Maturity instructions, review current instruction, then select Make changes

Important Note: Deposits can only be managed within the 6-day variation period once matured.

3. Select Make changes and renew account, then select Next

4. Under Interest paid and Pay interest to, enter the frequency and the account you wish to pay interest into

Important Note: If a third party has access to manage your Term Deposit they are able to direct the interest to be paid to other accounts which may not necessarily be in your name.

5. Review the changes and select Renew Term Deposit.

You will receive a notification via Message centre and by email confirming the details of your renewed Term Deposit.

How do I close and disburse my Term Deposit?

1. Select the Term Deposit

2. Under Maturity instructions, review current instruction, then select Make changes

Important Note: Deposits can only be managed within the 6-day variation period once matured

3. Select Close account and withdraw everything, then select Next

4. Choose to pay the closing balance to either a linked account or an external account, then select Next

Important Note: If a third party has access to manage your Term Deposit they can to direct the balance to be paid to other accounts which may not necessarily be in your name.

Tip: If you don't see a ‘Linked account’ tab, you may not have a Westpac Account eligible for transfers or  you may not have the access to transact on that account. Please check with your Administrator.

5. Review the details, then select Close

You will receive a notification via Message centre and email about your closed Term Deposit.


 

Things you should know

1 'Variation period' means 6 business days from the maturity date of the Term Deposit.