In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bankwest term deposit

Bankwest Term Deposit
Interest rate 9 months interest rate
Up to 4.8% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0
Maximum deposit
$10,000,000

Summary

Open a Bankwest term deposit with as little as $1,000 and earn 4.80% for 9 months.

You can choose between a range of term lengths between 1 month and 5 years. Select a term that suits you, then transfer your chosen amount (minimum $1,000) from your linked bank account into your Bankwest term deposit. Your linked account can be with Bankwest or another financial institution.

Pros

  • Invest up to $10,000,000.
  • $0 account keeping fee.
  • Wide range of terms available.

Cons

  • Minimum $1,000 investment.
  • Interest paid on maturity.

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bankwest Term Deposit
3 month interest rate 3.75%
4 month interest rate 3.00%
6 month interest rate 4.25%
7 month interest rate 4.00%
9 month interest rate 4.80%
12 month interest rate 4.75%
24 month interest rate 4.40%
36 month interest rate 4.00%
48 month interest rate 4.00%
60 month interest rate 4.00%
Minimum Opening Deposit $1,000
Minimum age requirement 12
Government guarantee Yes

Eligibility

Minimum Age Requirement 12
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children under 12 years of age

Key features

Minimum investment of $1,000

The minimum you can invest in this term deposit is $1,000, so you can get on the savings bandwagon without requiring too much money. The maximum you can invest is $10,000,000.

Linked transaction account required

This account requires you to link it to an Australian transaction account held by you with Bankwest or another financial institution. The linked account must be in the same name, or names if a joint account, as the one listed on the term deposit. Interest is paid into the linked transaction account, and a withdrawal from your term deposit account can only be made to this linked account.

Launch term deposit calculator


How to apply

Applying for a Bankwest term deposit is easy, and the application does not take much time to complete.

Eligibility

  • You are at least 12 years of age
  • You have at least $1,000 to invest

Your reviews

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Ask a question

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D Lebreton

September 21, 2023

Is’ Income Direct ” Term fixed Deposit safe to invest in


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Alison Banney Finder

September 29, 2023

Hi, all Bankwest term deposits are covered under the government’s bank guarantee scheme. So your deposit up to $250k is protected under this scheme. You can read more about this here: https://www.finder.com.au/bank-protect-money


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Norman

August 22, 2019

If we are looking at a 4 or 6 month term, can the interest earned be added to the principal and term deposit renewed at maturity without the interest being paid into a nominated account?


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Ash

August 24, 2019

Hi Norman,


Thank you for contacting Finder.


Yes, you may request for the principal deposit as well as the interest earned be deposited once you renew your Term Deposit Account. You have to make the necessary request 7 days before your maturity so that Bankwest can process it. You will be sent a Confirmation Letter for the changes that you have requested to be made.


I hope this helps.


Please do not hesitate to reach out again to us if you have further questions.


Cheers,

Ash


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Margaret

July 16, 2019

I have a Bankwest Business Zero Transaction Account, and I am wondering if this can be transferred to a Term Deposit Account.


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Jhez Finder

July 16, 2019

Hi Margaret,


Thank you for your comment.


Your Bankwest Business Zero Transaction Account cannot be converted to a term deposit account. You’ll need to apply for a new separate term deposit account. To apply, please visit Bankwest’s website and make an online application.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.


Regards,

Jhezelyn


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Bob

April 09, 2019

Can you tell me if Bankwest or ME bank do 60-day term deposits? They don’t mention them on their internet sites. Thank you!


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Joshua Finder

April 09, 2019

Hi Bob,


Thanks for getting in touch with Finder. I hope all is well with you. 😃


Upon checking, both Bankwest and ME bank offers 60-day or 2-month term deposit. You can learn more about ME bank term deposits.


For Bankwest, you can read the details above.


I hope this helps. Should you have further questions, please don’t hesitate to reach out again.


Have a wonderful day!


Cheers,

Joshua


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Gallou

March 31, 2019

Rate term deposit 12 months?


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Nikki Angco

April 02, 2019

Hi Gallou,


Thanks for getting in touch! As it says on our page, the interest rate for 12 months is 2.45% and the rate displayed is paid during maturity only. As a friendly reminder, review the eligibility criteria of the account before applying and read up on the terms and conditions as well.. Feel free to reach out to the bank if you have any clarifications. Hope this helps!


Best,

Nikki


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