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Why open a Westpac Term Deposit?

  • You’ll get a set return with a fixed interest rate from Australia’s oldest bank
  • Choose a term from 1 month to 5 years to suit your needs 
  • There are no set up or monthly service fees
  • Deposits up to $250,000 are guaranteed by the Australian government1

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.

1.50% p.a. for 6 months fixed rate Term Deposit

Offer available for a limited time only on new Term Deposits opened by Westpac personal customers.

Terms and conditions apply* Find out more

Current Term Deposit interest rates

If you’re an existing customer, you can sign into Online Banking to explore your bonus rates you may be eligible for.

Special rates are highlighted in red.

 

Term Interest paid at maturity Interest paid monthly
6 < 7 months 1.15% 1.10%
7 < 8 months 1.10% 1.05%
8 < 9 months 1.10% 1.05%
9 < 10 months 1.10% 1.05%
10 < 11 months 1.10% 1.05%
11 < 12 months 1.10% 1.05%
Term Interest paid yearly   Interest paid monthly
12 < 24 months 1.20% 1.15%
24 < 36 months 1.20% 1.15%
36 < 48 months 1.20% 1.15%
48 < 60 months 1.20% 1.15%
60  months 1.20% 1.15%

The 'On Demand' (at call) standard interest rates may apply to periods between Maturity and renewal or repayment of an Account.  These rates are variable.

 

$5,000 < $10,000 $10,000 < $20,000 $20,000 < $50,000 $50,000 < $100,000 $100,000 < $25,000,000
0.15% 0.15% 0.15% 0.15% 0.15%
What is the Term Deposit Variation Period rate?

Westpac Term Deposits have a 6 business day Variation Period, starting from the date of maturity. During this time you can make one change, including withdrawing funds or closing your account, without incurring a fee (or a reduction in your interest return for interest earned during the immediately preceding term).  If you do close your account during the Variation Period you will be paid any undispersed interest earned throughout your term plus the Variation Period interest rate on your balance for the period between the date of maturity and the date the account was closed. The Variation Period rate is a variable rate, and is currently 0.15%.

 

 

We can also...

Negotiate rates for deposits over $250,000 or for terms less than 30 days. Call us on 1300 362 742.


Term deposit vs a savings account

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.
 

Find out more

Things you should know

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


Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 3MB)

Important Information Document (PDF 119KB)

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

 

* Rate is available for new Term Deposits from $5,000 to $5,000,000. Personal customers only. Private Bank customers may need to contact their Relationship Manager to obtain this rate. Not available for business, corporate, institutional or government customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any bonus interest or other special rates offered on Westpac Term Deposits. 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 normally apply.

 

  1. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.

 

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)