Why choose a Westpac Term Deposit?
- Know exactly what your return will be with a fixed rate of return
- Invest your money with Australia’s oldest bank
- Update your maturity or renewal instructions at any time (you don’t need to wait for your Term Deposit to mature)
- Keep tabs on your Term Deposit alongside your other accounts with Online Banking and our mobile banking app
- Deposits up to $250,000 are guaranteed by the Australian government 1
Already with Westpac?
You may be eligible for a bonus rate on top of our standard rates
You can save yourself that hassle of a trip into a branch or having to give us a call. Explore your bonus rates when you sign into Online Banking.
Deposits between $5,000 and $2,000,000 Interest rates are per annum. Choose to have interest paid monthly, yearly or at maturity.
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What’s the benefit of having interest paid monthly?
You can now choose to have your interest paid monthly on all our Term Deposits. This provides you with a regular income combined with the security of a guaranteed interest rate for the length of your term. The total interest you’ll earn won't change, no matter what payment frequency you choose.
How a Term Deposit works
Choose a term that suits your needs (from 1 month to 5 years)
Lock your money away and earn a fixed rate of interest - that means you'll know exactly what your return will be
At maturity you can renew for another term, top up before renewing or cash in
What’s the difference between a term deposit and a savings account?
A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate, whereas a savings account gives you access to your money at any time but has an interest rate that can change.
Things you should know
Any bonus rates offered above may only be available through Westpac Live Online Banking.
Westpac Live will be available to update Term Deposits from 8:00 am to 9.30 pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time)