MANAGE YOUR BUSINESS TERM DEPOSIT ONLINE
Most accounts can be managed in Online Banking and the Westpac App.
What can I do online?
Accounts can be managed online or in the app 8am to 11.30pm Monday to Friday and 8am to 4pm Saturdays (Sydney).
If you’re a Business Network Administrator, sign into Online Banking to give users access to manage your Term Deposit accounts.
Before maturity
- Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing
- Set up renewal or withdrawal instructions in advance online, then update them whenever you want to.
After maturity
- You have 6 business days (called the Variation Period) to provide your instructions.
- If none are received, your Term Deposit will be renewed for another term of the same length, which may be at a lower interest rate.
What are the options when my Business Term Deposit matures?
Open a new Term Deposit
Sign into Online Banking or the Westpac App to check interest rates and offers – then renew your account on the spot.
Take out some of your funds
Withdraw the funds you need and invest the rest at a new rate for a new term that matches your business cycle.
Take out all your funds
If you want access to your savings for business needs, transfer the funds into any eligible account.
- If your Business Term Deposit is held as security against a loan, it can only be closed once security is no longer required.
- If you wish to access funds prior to maturity, you must provide at least 31 days' notice (except in cases of hardship) and early withdrawal may reduce returns.
Special Offers
Up to 5.15% P.A. online offer for 12 months
How your interest adds up:
- 5.05% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 12 months
- PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
12-month Special Offer available from 28/08/2026, on Term Deposits opened or renewed by existing Westpac personal or business customers. Available on deposits of $5,000 to $2,000,000 with interest paid monthly, half yearly or at maturity. T&Cs Apply.
Not yet a Westpac customer? Please contact a Westpac Branch
Other popular Business Term Deposits
For interest paid at maturity
3 months
3.25% p.a.
6 months
3.40% p.a.
12 months
4.75% p.a.
- For term deposits with interest paid at maturity. Rate may differ when interest is paid on another frequency.
- Add 0.10% p.a. online bonus rate to these rates if you’re already with Westpac and opening or renewing online.2
- Check for any additional bonus rates you may qualify for when you sign in.
Rates apply to deposits of $5,000 - $2,000,000 with interest paid on maturity.
How to manage your Business Term Deposit
In Online Banking or the Westpac App
(If using the app, make sure you have the latest version)
1. Select the Term Deposit
2. Check that you’re happy with the Maturity instructions.
If you haven’t provided instructions, your Term Deposit will be renewed for another term for the same length, which may be at lower interest rate.
In Online Banking or the Westpac App
(If using the app, make sure you have the latest version)
1. Select the Term Deposit
2. Go to Maturity instructions and select Make changes
3. Select Make changes and renew account and then Next
4. Update the Renewal amount
5. Select Get rates to choose a rate and term, then select Next
6. Review the changes and select Renew Term Deposit.
You’ll receive an email and message centre notification confirming your Term Deposit renewal.
If a third party has access to your Term Deposit, they could direct funds to be paid to an account not in your name.
In Online Banking or the Westpac App
(If using the app, make sure you have the latest version)
- Select the Term Deposit
- Go to Maturity instructions and select Make changes
- Select Make changes and renew account and then select Next
- Enter your Renewal amount and Term
- Select Get rates to choose a rate and term, then select Next
- Review the changes and select Renew Term Deposit.
You’ll receive an email and message centre notification confirming your Term Deposit renewal.
In Online Banking or the Westpac App
(If using the app, make sure you have the latest version)
1. Select the Term Deposit
2. Go to Maturity instructions and select Make changes
3. Select Make changes and renew account and then Next
4. Update the Renewal amount and Term
5. Select Get rates to choose a rate and term, then select Next
6. Review the changes and select Renew Term Deposit.
You’ll receive an email and message centre notification confirming your Term Deposit renewal.
In Online Banking or the Westpac App
(If using the app, make sure you have the latest version)
- Select the Term Deposit
- Go to Maturity instructions and select Make changes
- Select Close account and withdraw everything and then select Next
- Select linked account or external account and then select Next
- If you don’t see a linked account tab, you might not have a linked account or access to it
- Review the details then select Close
You’ll receive an email and message centre notification confirming your Term Deposit closure.
Things you should know
Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 429KB)
Fees, charges and terms and conditions apply.
This information is general in nature and does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it, and read the Terms and Conditions (PDF 429KB) before making a decision.
- The rate is only for the first term, and it might change later
- Interest payments paid monthly, half yearly or at maturity
- If you need to take out money early, you must give 31 days' notice unless in cases of hardship
- If you withdraw early, the interest rate might be lower
- To get the Special Offers when you renew a Term Deposit, you must review and confirm your renewal instructions during the 6 business days variation period after maturity, even if you’ve already provided instructions before maturity
- We reserve the right to withdraw or change this offer at any time.
The Online Bonus applies:
- For existing Westpac customers
- When Online Banking or the Westpac App is used to open or renew a Term Deposit during the variation period
- In conjunction with any other applicable offer.
The Online Bonus Rate is not available to those that can't open or renew online. These include:
- Some joint accounts
- Financial Institutions
- Westpac Institutional Bank customers
Additionally, the Online Bonus Rate is not available on the following products:
- Farm Management Deposits
- Term Deposits held as security
Term Deposits are 'protected accounts' under the Australian Government's Financial Claims Scheme (FCS). Payments made under the FCS are subject to a limit for each depositor. For more information see the FCS website at https://www.fcs.gov.au.