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You may be eligible for a bonus rate on top of our standard rate

Bonus interest rates

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.1

 


You could get higher returns on your surplus cash with our range of fixed term deposits

Our current business term deposit rates are shown below. Look out for our latest special rates marked in red. You should note that:

  • Rates for new or renewal term deposits are subject to change at any time. However, once a term deposit account is opened the rate applicable to the account will not change unless the deposit or any part of it is repaid early
  • Rates shown for a term, e.g. month(s) or year(s) apply up to the start of the next term shown. For rates on other balances, terms and interest payment frequencies please call 132 142 (8am-8pm, 7 days a week).

 

Interest rates paid on investments of between $5,000 and $2,000,000

Term Interest paid at maturity or annually  Interest paid monthly
6 months 0.50% p.a. 0.50% p.a.
7 months 0.60% p.a. 0.60% p.a.
8 months 0.60% p.a. 0.60% p.a.
9  months 0.60% p.a. 0.60% p.a.
10 months 0.60% p.a. 0.60% p.a.
11 months 0.60% p.a. 0.60% p.a.
Term Interest paid at maturity or annually  Interest paid monthly
12-23 months 0.70% p.a. 0.70% p.a.
24-35 months 0.80% p.a. 0.80% p.a.
36-47 months 0.80% p.a. 0.80% p.a.
48-59 months 0.80% p.a. 0.80% p.a.
Over 60 months 0.80% p.a. 0.80% p.a.


Flexible interest payment options

  • Interest paid at maturity is available for terms of 12 months or less
  • Interest paid monthly is available for terms of 1 to 60 months (inclusive)
  • Interest paid annually is available for terms of greater than 12 months (for terms not equalling an exact year, the remaining interest is paid at the end of the term).
     

Reinvestment options upon maturity

When your term deposit matures, you can reinvest:

  • Principal and interest
  • Principal and interest, and add more funds
  • Principal only and pay out interest
  • Part principal and pay out both the remainder of the principal and interest earned.

Ways to access funds

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.

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).

If some or all your business term deposit is repaid early:

  • In most cases an interest rate adjustment will apply
  • We reserve the right to vary the interest rate adjustment at any time
  • If interim interest has been paid and the Term Deposit is repaid before maturity, we reserve the right to recover repayment of this interest
  • No interest will be paid if the Term Deposit is repaid within the first 7 days of a Term.

The interest rate adjustment will not apply where a Term Deposit is repaid prior to maturity due to the death of the depositor.

Call us on 132 142 or visit a branch:

  • To invest amounts over $2,000,000
  • If you want to open a Term Deposit for a term other than those shown above.

Manage your Term Deposit online:

Things you should know

Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 202KB)

Important Information Document (PDF 1MB)

Find out what information you need to provide to become a customer (PDF 768KB)

 

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 (PDF 202KB) below before making a decision and consider whether the product is appropriate for you.

 

1. 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)


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.

 

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