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3.00% p.a. fixed rate term deposit offer

Offer available from 8th August 2022 for a limited time on Term Deposits opened or renewed by Westpac personal customers.

Terms and conditions apply* Find out more

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

Earn bonus interest if you’re with Westpac

You may be eligible for multiple bonus rates

1. A bonus rate, shown during the online process, added on top of your standard rate.

2. An additional 0.10% p.a. online bonus rate when you open or renew online (included in the bonus rate shown).

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 0.20% 0.20%
2 < 3 months 0.25% 0.25%
3 < 4 months 0.35% 0.35%
4 < 5 months 0.40% 0.40%
5 < 6 months 0.60% 0.60%

 

 

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

About the 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.

Things you should know

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


 

* Rate is available for new or renewed Term Deposits for 12-23 month terms, from $5,000 to $5,000,000. Rate will not be automatically applied to a renewing Term Deposit. Commercial and Private Bank customers will need to contact their Relationship Manager. Not available for Financial Institutions or Westpac Institutional Bank customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. 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. This offer is available via Online Banking (for existing customers) or by talking to us.
# Online bonus rate is only available for Term Deposits between $5,000 - $5,000,000 opened or renewed by existing customers via Online Banking. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Not available for Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate will not be automatically applied to a renewing Term Deposit. 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. We reserve the right to withdraw, amend or extend this offer at any time.
  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 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)