Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

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.

0.30% p.a. fixed rate for 5 months

Offer available from 2nd July 2021 for a limited time on Term Deposits opened or renewed by Westpac personal customers.

Terms and conditions apply* Find out more

Current Term Deposit interest rates

Deposits between $5,000 and $2,000,000 Interest rates are per annum. Choose to have interest paid monthly, yearly or at maturity. 


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
1 < 2 months 0.05% 0.05%
2 < 3 months 0.05% 0.05%
3 < 4 months 0.07% 0.07%
4 < 5 months 0.07% 0.07%
5 < 6 months 0.10% 0.10%



We can also...

Negotiate rates 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 Online Banking.


* Rate is available for new Term Deposits from $5,000 to $2,000,000 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 If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply.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


Westpac Online Banking will be available to update Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time)