BUSINESS TERM DEPOSIT RATES
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
Business Term Deposit interest rates
Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity.
| Term | Fixed rate p.a. |
|---|---|
| 1 month | 1.25% p.a. |
| 2 months | 1.45% p.a. |
| 3 months | 3.50% p.a. |
| 4 months | 3.55% p.a. |
| 5 months | 3.65% 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 additional bonus rates you may qualify for when you sign in.
| Term | Fixed rate p.a. |
|---|---|
| 6 months | 3.75% p.a. |
| 7 months | 3.80% p.a. |
| 8 months | 3.85% p.a. |
| 9 months | 4.00% p.a. |
| 10 months | 4.00% p.a. |
| 11 months | 4.00% 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 additional bonus rates you may qualify for when you sign in.
| Term | Fixed rate p.a. |
|---|---|
| 12-23 months | 4.25% p.a. |
| 24-35 months | 4.00% p.a. |
| 36-47 months | 4.00% p.a. |
| 48-59 months | 4.00% p.a. |
| Over 60 months | 4.00% 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 additional bonus rates you may qualify for when you sign in.
- Check out our special rate for terms of 12 to 23 months.
How much will I earn?
Use our calculator to find out how much your investment will earn at today’s interest rates.
How does a Business Term Deposit work?
A safe investment
Avoid market fluctuations by earning a fixed interest rate on your investment, while avoiding the temptation to dip into your savings.
Your choice of terms
Pick a fixed term that matches your business cycle, from 1 month to 5 years. And choose how you want your interest to be paid.
Options at maturity
At the end of the term, choose whether to withdraw some or all of the funds or reinvest them for another term at the latest rate.
Flexibility if needed
If you really need your funds and give us enough notice, early withdrawal may be possible. But rate adjustments and reduced returns may apply.3
How do I manage my Business Term Deposit online?
- Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing.
- You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to.
- Choose a new term for all or some of your funds. Or transfer funds into your eligible everyday account.
- Do it all in Online Banking or the Westpac App if you’re eligible, without having to visit a branch.
5
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), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or 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.
3. 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.
4. 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.
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.