Manage your Term Deposit
Special Offers
Up to 5.10% p.a. online offer for 12 to 23 months
How your interest adds up:
5.00% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 12 to 23 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Up to 4.2% p.a. online offer for 6 months
How your interest adds up:
4.1% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 6 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Offer available from 10/11/2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. T&Cs Apply.
Not yet a Westpac customer? Please contact a Westpac Branch
How will I know my Term Deposit is maturing?
In Online Banking or the Westpac App:
- Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing.
- Set up renewal or withdrawal instructions in advance online, then update them whenever you want to.
From the date of maturity, you’ll still have 6 business days (called the Variation Period) during which you can provide or change instructions. If no instructions are received after that time, the funds will be reinvested for the same term at the interest rate that applied on the date of maturity.
What are my options at maturity?
Open a new Term Deposit
Check rates and bonuses in Online Banking or the Westpac App, looking out for any special offers.
Take out some of your funds
You can choose a new term and fixed rate for the rest.
Take out all your funds
If you’re done saving, transfer your funds into your Westpac standard savings account or other eligible account.
Manage your Term Deposit in the Westpac App
You have 6 business days to renew or manage your Term Deposit once it matures.
- Search Manage Term Deposit in the Smart Search bar
- Select either Make changes and renew account or Close account and withdraw everything
- Tap Next
- To renew: Select the Renewal amount, Term and Interest paid. Tap Get Rates then Renew
- To close: Select the account to credit, tap Next, confirm details and then tap Close
Things you should know
Any bonus rates offered above may only be available through Westpac Online Banking.
- Term Deposits of $5,000 to $5,000,000 on Terms of 6 months or 12 to 23 months. Interest paid monthly, at maturity or at minimum yearly on 12 to 23 month terms.
- Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend these offers at any time.
- Rates and offers apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- 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 usually apply.
- Term Deposits opened or renewed during the variation period via Online Banking or the App only.
- The bonus rate will be applied in conjunction with any other offer that may apply.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Rates and offer apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- 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 usually apply.