MANAGE YOUR BUSINESS TERM DEPOSIT ONLINE
What can I do online?
Accounts can be managed online or in the app 8am to 9.30pm 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 5.10% p.a. online offer for 12 to 23 months
How your interest adds up:
5.00% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 12 to 23 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Up to 4.2% p.a. online offer for 6 months
How your interest adds up:
4.1% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 6 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Offer available from 10/11/2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. T&Cs Apply.
Not yet a Westpac customer? Please contact a Westpac Branch
Other popular Business Term Deposits
3 months
3.50% p.a.
6 months
3.75% p.a.
12 months
4.25% p.a.
- 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 - $5,000,000 with interest paid monthly, yearly, or 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.
Things you should know
Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 227KB)
Important Information Document (PDF 1MB)
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 227KB) before making a decision.
1. Rate is available for new or renewed Term Deposits for 12-23 month terms, from $5,000 to $5,000,000. Rate will not be automatically applied to a renewing Term Deposit. Commercial and Private Bank customers will need to contact their Relationship Manager. Not available for Financial Institutions or Westpac Institutional Bank customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. This offer is available via Online Banking (for existing customers) or by talking to us.
2. Online bonus rate is only available for Term Deposits between $5,000 - $5,000,000 opened or renewed by existing customers via Online Banking (during the Variation Period). The bonus rate will be applied in conjunction with any other bonus rate that may apply. Not available for customers who are not able to open or renew digitally (e.g. some joint accounts), Financial Institutions, Institutional Bank customers, Farm Management Deposits and Term Deposits held as security. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate will not be automatically applied to a renewing Term Deposit. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. We reserve the right to withdraw, amend or extend this offer at any time.
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.