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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 5 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 1.40% 1.35%
7 < 8 months 1.30% 1.25%
8 < 9 months 1.30% 1.25%
9 < 10 months 1.35% 1.30%
10 < 11 months 1.35% 1.30%
11 < 12 months 1.35% 1.30%
Term Interest paid yearly   Interest paid monthly
12 < 24 months 1.55% 1.50%
24 < 36 months 1.50% 1.45%
36 < 48 months 1.50% 1.45%
48 < 60 months 1.50% 1.45%
60  months 1.50% 1.45%



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

*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)

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