Term Deposit rates

Why open a Westpac Term Deposit?

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).

Existing customers

Open a new account Sign in to check rates Renew an account Renew an account

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.

Rates for 1 to 6 months term

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%

Rates for 6 to 12 months term

Term	Interest paid at maturity	Interest paid monthly
6 < 7 months	0.80%	0.80%
7 < 8 months	0.85%	0.85%
8 < 9 months	0.90%	0.90%
9 < 10 months	1.00%	1.00%
10 < 11 months	1.05%	1.05%
11 < 12 months	1.10%	1.10%

Rates for more than 12 months

Term	Interest paid yearly	Interest paid monthly
12 < 24 months	1.10%	1.10%
24 < 36 months	1.50%	1.50%
36 < 48 months	1.75%	1.75%
48 < 60 months	2.00%	2.00%
60 months	2.25%	2.25%

'On Demand' Interest

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.

Find out more

About the online bonus rate

How do I access 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.

How will the online bonus rate be displayed?

Does the online bonus rate apply to special offers?

What if I cannot manage my Term Deposit online (e.g. if it is a joint account)?

Can I have the online bonus rate applied in branch or over the phone?

Already with Westpac?

Find rates in minutes
- no need to go into branch

New to Westpac

Open a new Term Deposit in branch

Already have a Term Deposit

Manage your Term Deposit online^*

More options

Tools and calculators

Things you should know

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

Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 227KB)

Important Information Document (PDF 1MB)

Find out what information you need to provide to become a customer (PDF 657KB)

* 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.

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)