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Special Offers

Up to 4.88% p.a. online offer for 8 months 

How your interest adds up:​

  • 4.78% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 8 months​

  • PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online

Up to 4.80% p.a. online offer for 11 months

How your interest adds up:​

  • 4.70% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 11 months​

  • PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online

Offer available from 8/02/2024 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 at maturity. T&Cs Apply.
 

To open a joint Term Deposit, or Term Deposit for a trust or self-managed super fund, please visit us in branch, or contact your Relationship Manager.
 

Not yet a Westpac customer? Please contact a Westpac Branch


Benefits of a Westpac Term Deposit

Fixed return

With a fixed interest rate over a fixed term, you’ll know exactly how much you’re going to earn.

Choice of terms

Pick a term from 1 month to 5 years, knowing your money will be invested securely.

Easy to manage

Easily view and manage your investment in Online Banking and the Westpac App.

Options at maturity

Choose whether to withdraw funds or reinvest, or set up instructions in advance.

Popular Term Deposits

3 months
3.50% p.a.

6 months
3.75% p.a.

12 months
4.25% p.a.

  • Add 0.10% p.a. to these rates if you’re already with Westpac and opening or renewing online.2
  • Check for additional bonus rates when you sign in.
     

Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. If you’re already with Westpac, see our special offer for eligible deposits.
 


 

How much could I earn?

Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity.


Who can open a Term Deposit online?

If you already use Online Banking or the Westpac App, you can renew or open a new Term Deposit online in your name. You can also check for bonus rates and manage your Term Deposit online.

To open a joint Term Deposit, or Term Deposit for a trust or self-managed super fund, please visit us in branch, or contact your Relationship Manager.
 

Safe and secure savings

When you open a Westpac Term Deposit, your money will be looked after by Australia’s oldest bank. Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.3


How do I manage my Term Deposit?

  • 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 withdraw 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. 4
     

What’s the difference between a Term Deposit and an ordinary savings account?

Learn what’s different about these savings accounts and see what’s best for your needs.

Read article

About our online bonus rate

The 0.10% p.a. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).2

Things you should know

Any bonus rates offered above may only be available through Westpac Online Banking.

1. Special Offer
  • Term Deposits of $5,000 to $5,000,000 on Terms of 8 or 11 months. Interest paid monthly or at maturity.
  • Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only. 
  • Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
  • For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
  • We reserve the right to withdraw, amend or extend these offers at any time.
  • Rates and offers apply 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).
  • If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply. 
 
2. Online Bonus Offer
  • Term Deposits opened or renewed during the variation period via Online Banking or the App only.
  • The bonus rate will be applied in conjunction with any other offer that may apply.
  • Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
  • For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
  • We reserve the right to withdraw, amend or extend the offer at any time.
  • Rates and offer apply 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).
  • If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
 
3.The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder. 
 
4.Managing Term Deposits online may not be available in some circumstances, such as when an account is held jointly with two signatories. See Online bonus rate T&Cs for other exceptions.