Manage your Term Deposit
Renew your Term Deposit in Online Banking or the Westpac App^ - without having to call or visit a branch.
Special Term Deposit offer
0.30% p.a. fixed rate for 5 months
Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by Westpac personal customers. Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity. Terms and conditions apply.
Manage online in minutes
Manage on the go
Manage or renew your Term Deposit in Online Banking or the Westpac App, without having to visit a branch.^
Complete control
Update your maturity or renewal instructions at any point (you don’t need to wait for your Term Deposit to mature).
Compare different rates
Easily access all available rates and terms and you may be eligible for a bonus rate on top of our standard rates. Explore your bonus rates when you sign into Online Banking.
You can also
- Close or withdraw and have the funds paid directly into your Westpac account (or other bank account within Australia).
- Opt to receive notifications via email and your Online Banking Message Centre when your Term Deposit is maturing.
- At maturity you will also have 6 business days (called the Variation Period) beginning on the maturity date where you can change or provide maturity instructions once, this includes adding funds, withdrawing funds or closing.
1
How to renew online
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
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Things you should know
Any bonus rates offered above may only be available through Westpac Online Banking. You will, however, have 6 business days (called the Variation Period) beginning on the maturity date to tell us what you’d like to do. You’ll need to give us 31 days’ notice to access the funds before maturity, except in cases of hardship as defined by us. If you withdraw the funds early, we may recalculate all interest paid or to be paid on your Term Deposit at a reduced rate, and you may lose any interest accrued. If no new or varied instructions are received during the period of 6 Business days, the Account will be renewed in accordance with instructions advised before Maturity or (if none) under the same conditions as applied to the previous term (where available), using the standard interest rate applicable at Maturity.
^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)
1'Variation period’ means 6 Business Days from the date the Term Deposit matures.
Westpac Mobile Banking applications are only available for use by Westpac Australia customers. Internet connection is needed to access Westpac Online Banking and the Westpac App. Normal mobile data charges apply.