Business Term Deposit
Benefits for your business
Choose from a range of terms with a competitive fixed interest rate compared to our other savings products.
- The reassurance of a guaranteed return on your investment
- Avoid market fluctuations from variable interest rate investment options
- A range of term lengths available to match your business cycle
- Simple online application for existing online customers
- Ability to manage/renew online
- No set up or monthly service fees (other fees may apply).
Bonus interest rates
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.2
Popular business term deposit rates
Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity.1
Other rates, terms and interest payment frequencies are available.
What is a business term deposit?
Choose from a range of terms
Decide how much you'd like to invest ($50,000 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.3
Frequently asked questions
- Terms of 12 months or less: paid monthly or on maturity
- Terms of 1 to 60 months: paid monthly
- Terms greater than 12 months: paid annually then at the end of the term
Interim interest payments can be made:
- Directly to an account held with Westpac that is in the same name as your Term Deposit account; or
- Through direct credit to an account at any Australian financial institution.
Please note that interim interest payments cannot be made to Term Deposit accounts or Farm Management Deposit accounts.
You can manage your Westpac Business Term Deposit online from 8:00 am to 9.30 pm on a Business Day and 8:00am to 4:00pm Saturdays (AEST). In Westpac Live you can compare interest rates, change the amount and renew or close your account.
The general principle of a term deposit is that you are locking in 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 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 instructions and your term deposit rolls over automatically, 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 (advanced notice may be required).
We’ve made it quick and easy for you to renew your savings account.
- Avoid the need to visit a branch
- Manage your renewal in minutes in online banking.
Things you should know
Fees, charges and terms and conditions apply.
This information does not take into account your personal objectives, financial situation or needs. Read the terms and conditions below before making a decision and consider whether the product is appropriate for you.
1. Rate applies 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). Early withdrawal may reduce returns.
2. Any bonus rates offered above may only be available through Westpac Live Online Banking. Westpac Live 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)
3. 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. 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 Financial Claims Scheme (FCS). Payments under the FCS are subject to a limit for each depositor. For more information see the APRA website at apra.gov.au.