Term Deposit rates
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.
Existing customers
0.35% p.a. fixed rate for 12 months
Offer available from 26th February 2021 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
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 |
|---|---|---|
| 6 < 7 months | 0.20% | 0.20% |
| 7 < 8 months | 0.20% | 0.20% |
| 8 < 9 months | 0.20% | 0.20% |
| 9 < 10 months | 0.20% | 0.20% |
| 10 < 11 months | 0.25% | 0.25% |
| 11 < 12 months | 0.25% | 0.25% |
| Term | Interest paid yearly | Interest paid monthly |
|---|---|---|
| 12 < 24 months | 0.25% | 0.25% |
| 24 < 36 months | 0.25% | 0.25% |
| 36 < 48 months | 0.25% | 0.25% |
| 48 < 60 months | 0.25% | 0.25% |
| 60 months | 0.25% | 0.25% |
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 |
|---|---|---|---|---|
| 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
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 0.05%.
We can also...
Negotiate rates for terms less than 30 days. Call us on 1300 362 742.
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.
More options
Tools and calculators
Things you should know
Any bonus rates offered above may only be available through Westpac Online Banking.
Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.
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)