Business Term Deposit
Benefits for your business
- The reassurance of a guaranteed return on your investment
- Avoid market fluctuations with a specific amount locked away¹ at a fixed interest rate
- Choose a term length that matches your business cycle
- Simple online application for existing online customers
- Manage and renew your deposit online
- No account-keeping fee. Other fees and charges may apply
- Can be used as security for a loan or bank guarantee (apply on a PC, laptop or mobile browser).²
Earn bonus interest
You may be eligible for a bonus rate on top of our standard rate
Forget the trek to your bank. If you're an existing customer, you can simply sign into your online banking to see if your banking record qualifies you for bonus interest rates on top of our standard business fixed term deposit rates.3
Popular Business Term Deposit rates
Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity.4
Other rates, terms and interest payment frequencies are available.
- 18+ years old
- Operating in Australia with an Australian address
- Minimum deposit of $5,000
- Registered for Westpac Online Banking with a business profile.
Please note that trusts and partnerships are not able to open Business Term Deposits online. Please contact your Relationship Manager or visit a branch.
What is a Business Term Deposit?
Choose from a range of terms
Decide how much you'd like to invest ($5,000 minimum investment amount), for how long, and when to get paid interest (options vary depending on terms chosen).
Leave your investment to grow
Locked away securely, your money will attract guaranteed interest - paid monthly, annually, or at maturity (depending on the term).
Cash in your earnings or interest
When the term is over, you can withdraw your money - or reinvest all or any of it in a new Business Term Deposit by simply renewing online.5, 6
Skip the trip to the bank
Frequently asked questions
You can manage your Westpac Business Term Deposit online from 8am to 9.30pm on business days and 8am to 4pm Saturdays (AEST). In Online Banking you can change where interest is paid; and at maturity you can compare interest rates for different terms, change the amount deposited, and renew or close your account.
If your Term Deposit is held as security against a loan or bank guarantee, you can manage it online. But it can only be closed once security is no longer required.
The general principle of a Term Deposit is that you are locking in a specific amount at a set interest rate for a period of time and your funds can't be accessed during that term unless you close your account.
You must provide a minimum 31 days' notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns.
You can withdraw your funds altogether or reinvest the whole amount (adding more if you wish), just the principal (withdrawing the interest), or part of the principal (receiving the remainder plus interest earned).
If we do not receive your instructions within six days of maturity, your Term Deposit will roll over automatically. This means it may be re-invested at a lower rate than the initial (standard or bonus) interest rate.
At maturity, or at the end of any notice period, the principal and any remaining interest instalments can be paid:
- Directly to an account held with Westpac that is in the same name as your Term Deposit account;
- By direct credit to an account at any Australian financial institution;
- By bank cheque (fees apply);
- In cash (advance notice may be required).
Please note, if your Term Deposit is held as security against a loan, it can only be closed once security is no longer required.
Things you should know
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 before making a decision.
1. You must provide a minimum of 31 days' notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns.
2. If your Term Deposit is held as security against a loan, it can only be closed once security is no longer required.
3. Any bonus rates offered above may only be available through Westpac Online Banking. Online Banking will be available to update Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time)
4. Rate applies for a single term. Higher or lower rates may apply for subsequent terms.
5. Customers must be registered for Online Banking and business network users must have Term Deposit entitlements turned on to be able to open or renew online on behalf of their business network.
6. 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).
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.