Term Deposit is an investment that pays a fixed interest rate, and has a choice of terms and interest payment frequencies. The following features and benefits apply:
There are no set up costs, no monthly service fee or management fees.
If you would like to withdraw your money from your Term Deposit before maturity, we will attempt to meet your request. If we agree to this, in most instances we will adjust the interest rate that we pay as follows:
|Portion of term completed||Interest rate adjustment|
|Less than 25%||-2.50% p.a.|
|25% to 50%||-2.00% p.a.|
|50% to 75%||-1.50% p.a.|
|75% to 90%||-1.00% p.a.|
|90% or more||-0.50% p.a.|
We reserve the right to vary the interest rate adjustment at any time. This adjustment will not apply where a Term Deposit is repaid prior to maturity due to the death of the depositor.
No interest will be paid if the Term Deposit is repaid within the first seven days of a term.
If interim interest has been paid, the Bank may need to recover this from the Term Deposit if it is repaid before maturity.
Please note, for deposits opened on or after 1 January 2001, an early termination fee of $30 will also apply. However, this fee will be refunded if the:
Interest is calculated on the daily closing balance of the deposit using the following formula:
( X / 365 ) x ( Y / 100 ) ( where X = Daily closing balance, and Y = Interest rate )
Interest is calculated daily and can be paid either monthly, yearly or at maturity (if the term is 12 months or less). If the term you select is longer than 12 months, interest will be paid (at least) yearly.
Interest payments on a Term Deposit are made in the following ways.
For payments at maturity there is a choice of the following options:
For interim interest payments, these are to be made directly to your nominated account at any financial institution.
Term Deposit interest rates will vary according to:
Term Deposit interest rate changes only apply on new or renewed deposits and are calculated on a tiered structure.
For the latest interest rates on our Term Deposit go to "Today's Rates" from the main menu on our site.
If you have any problems or disputes with the services we provide, we would like to hear about them. When you provide feedback, we have an opportunity to improve our service to you.
You can contact us 24 hours a day, 7 days a week from anywhere in Australia, by:
We will aim to resolve the matter when you first contact us. In resolving complaints, we will commit to taking the following steps:
Step 1 - Let you know who is handling your complaint.
Step 2 - Keep you informed of what is happening.
Step 3 - Aim to resolve your complaint within five working days.
Once your complaint has been resolved, we will check with you to make sure you are satisfied with how your complaint was handled.
Please note we comply with the Electronic Funds Transfer Code of Conduct complaint investigation and resolution procedures in connection with electronic funds transfer transactions to which the Code applies.
If you feel your complaint has not been properly handled or resolved, we invite you to contact our Customer Advocate on 1300 301 977 for a further review. The Advocate's role is to understand and represent customer's interests within the Bank and help us to ensure you have the best possible experience. If you are still not satisfied, you are able to refer your complaint to the Banking and Financial Services Ombudsman, for an independent review of the complaint and result. Their contact details are:
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
Phone: 1300 780 808
You can also contact the Australian Securities & Investments Commission (ASIC) to make a complaint and to obtain further information about your rights. They also have a free call Info line - 1300 300 630 and an e-mail contact address - firstname.lastname@example.org
For further information on solving problems and disputes, please ask at any branch or call Telephone Banking for our feedback brochure called "Every Comment Counts'.
In addition to the Bank's duties under legislation, it has a general duty of confidentiality towards you except in the following circumstances:
This account is provided by:
Westpac Banking Corporation ABN 33 007 457 141
60 Martin Place
Sydney NSW 2000
Australian Financial Services Licence Number 233714.
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