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 Offer
Up to 4.80% p.a. online offer for 11 months
How your interest adds up:
4.70% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 11 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Offer available from 1/03/2024 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 at maturity. 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 274KB)
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 274KB) before making a decision.
- Term Deposits of $5,000 to $5,000,000 on Terms of 11 months. Interest paid monthly or at maturity.
- Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend these offers at any time.
- Rates and offers apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- 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 usually apply.
- Term Deposits opened or renewed during the variation period via Online Banking or the App only.
- The bonus rate will be applied in conjunction with any other offer 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.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Rates and offer apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- 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 usually apply.
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.