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Essentials

Open a new Term Deposit at 3.00% p.a. for 12 months. Apply online in 5 - 10 minutes.

3 of today's special deposit rates for interest paid at maturity or annually
Term Amount Rate p.a.
12 < 24 months $5000 < $250000 3.00%
24 < 36 months $5000 < $250000 3.10%
36 months $5000 < $250000 3.20%

About Westpac Term Deposits

  • Open a term deposit with $5,000 or more
  • No set-up, monthly service or management fees
  • Choose the period of time you want to invest your money for – fixed terms from 1 month to 5 years
  • Manage your Term Deposit online including comparing interest rates, changing the amount and renewing and/or closing your Term Deposit
  • Interest payable at maturity, annually or monthly, depending on term
  • Flexible ways to have your deposit amount paid to you when your term deposit reaches maturity
  • A range of options to reinvest all or part of your term deposit when it matures
  • Westpac Term Deposits are protected accounts under the Australian Government Deposit Guarantee scheme (capped at $250,000 per account holder)

Did you know?

You can now renew your Term Deposit in Online Banking.


Features

Manage your Term Deposit online

You can manage your Term Deposit online without having to call us or visit a branch. To manage your Term Deposit online, simply sign in and go to Services & preferences and select Manage Term Deposit under Account services.

More on term deposits

Rates set out above are special rates and exclude corporate, institutional and government customers. Minimum balance of $5,000, maximum balance of $10,000,000. 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).

More on guaranteed returns

Westpac Term Deposits are covered by the Australian Government Deposit Guarantee, capped at $250,000 per Westpac account holder.

Customers must provide a minimum 31 days' notice to access funds prior to maturity from 01/01/2015 (except in cases of hardship). Interest rate adjustments will normally apply where funds are withdrawn prior to maturity.

Information is current as at 8th August 2016.

Flexible interest payment options

Interest can be paid directly into your Westpac account or other bank (within Australia) in cash or cheque. Fees may apply

When your term deposit reaches maturity:

Reinvest both your principal (original deposit amount) and interest
Reinvest your principal and get paid your interest
Reinvest part of your principal and get paid part of the principal and the interest
Receive both your principal and the interest
Add more funds and reinvest

Manage your Term Deposit online

Westpac Live allows you to manage your eligible Term Deposit online during the Six Business Day Variation Period.

Information is current as at 8th August 2016.

Ways to open a term deposit

Who can open a term deposit online?

Australian residents, 18 years or more who:

  • Have a deposit of at least $5,000 and up to $250,000
  • Want to invest for a term of 30 days (1 month) to 60 months (5 years)
  • Would like to open an account in 1 to 5 names

Opening a special term deposit

Call us on 1300 362 742 or visit a Westpac branch if you:

  • Have a deposit over $250,000
  • Want to invest for less than 30 days
  • Are investing as a trust or on behalf of a business
  • Want to open a term deposit in more than 5 names
  • Are under 18 years of age.

If you're a non resident or live overseas and would like to apply for a term deposit, please email us at migrantbank@westpac.com.au.

What you'll need to apply for a term deposit

If you're a new customer you'll need:

  • Access to BPAY® to fund the opening deposit within 3 days of receiving your account opening email
  • The account details of the Australian financial institution (your bank) where you’d like your interest paid
  • Your Tax File Number if you don’t wish to pay any withholding tax
  • Identification Checklist for Individual Customers  (PDF 42KB)


If you're an existing customer you'll need

  • The bank account details of your existing Westpac account (in your name); or you can use BPAY to fund your opening deposit
  • The account details of the Australian financial institution (your bank) where you'd like your interest paid.

What happens next?

  1. We'll send you an email when your account is set up - usually within 2 business days
  2. A welcome pack will then be sent to you once the funds are received into your new term deposit.