Bankwest Gold Term Deposit

Bankwest Gold Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0

Put your earnings to work for you in a high interest earning term deposit account from Bankwest.

  • No account keeping fees
  • 7 days of grace when your term matures to decide what to do with your funds
  • Minimum deposit of at least $5,000

Product details

The flexibility provided by the Bankwest Gold Term Deposit lets you grow your savings on your terms. With a competitive rate offered for just a 6 month term, you have the chance to reach your short term financial goals with little effort. This is a fee free savings product that allows you to customise the features to suit your financial goals.

Product Name
Bankwest Gold Term Deposit
1 month interest rate
1.50%
3 month interest rate
2.30%
4 month interest rate
2.50%
6 month interest rate
2.30%
9 month interest rate
1.50%
12 month interest rate
2.70%
24 month interest rate
2.60%
36 month interest rate
2.60%
48 month interest rate
2.65%
60 month interest rate
2.65%
Min Deposit
$5,000
Max Deposit
$2,000,000
Joint Application
Yes
Minimum Age Requirement
12
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Bankwest Gold Term Deposit?

With Bankwest, you have the following features to think about:

  • Monthly account keeping fees. You will pay no monthly charges for this high interest savings account.
  • Interest rates. With the term deposit from Bankwest the fixed interest rates are tiered so that the more you invest and the longer the terms the higher the interest rate. The only exception is with a three or six month term which applies a rate to your balance that is higher than any other that is under one year.
  • Interest payments. The interest is calculated on the balance daily. For terms of less than one year, the interest will be paid at maturity. For longer terms you can choose to have the interest paid into the account monthly, quarterly, six monthly or annually. Interest payments can be made into another Bankwest account, by cheque, direct credit to an account with another bank or by having it added to your deposit at maturity.
  • Minimum investment. You will need to deposit and maintain a balance of at least $5,000 for this term deposit account.
  • Terms. The terms start at one month but can go as high as five years.
  • Accessibility. If you need to access your money before the terms mature you must give at least 31 days notice. Be advised that you will be charged a fee and that the interest rate will be adjusted to meet your new terms.
  • Account maturity. You are given a seven day grace period when the account matures to decide if you are going to roll the savings into a new term deposit or make your withdrawal. If you do not make a decision the money will automatically be rolled over and new rates may be applied.

Pros

  • No fees apply.

Cons

  • Minimum deposit of $5000.

How do I apply for the Bankwest Gold Term Deposit online?

After weighing your term deposit account options you find that the one offered by Bankwest has everything that you need, you can apply by visiting your local branch or giving them a call. There are some eligibility requirements that you will have to meet first in order for your application to be considered:

  • Minimum age. Applicants should be at least 12 years of age to be considered for a term deposit.
  • Residency requirement. Bankwest offers this savings product to residents of Australia. If you are currently living overseas and have plans on making a move to Australia in the near future, you can contact Bankwest now to begin making your savings plans.
  • Depository requirements. You must be able to make an initial deposit of at least $5,000 to open a Bankwest Term Deposit.

If you are able to meet all of those requirements gather together the following documentation before making the trip to your Bankwest branch to fill out your application:

  • Tax file number. Providing your tax file number (TFN) or TFN exemption code prevents you from having to pay withholding tax on your interest earning.
  • Identification. If you are new to Bankwest you will need the following; one primary photo identification document or two forms of primary identification without a photo or one primary identification document without a photo and one secondary form of identification such as a utility bill.

A Bankwest representative will go over all of your account details with you while you are applying, and provide you with the information you need to manage your term deposit account.

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