Bankwest Gold Term Deposit Review | Up to 1.50% p.a. for 6 months

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: 1.50%

4 month interest rate: 2.35%

6 month interest rate: 1.50%

9 month interest rate: 1.50%

12 month interest rate: 2.55%

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?

Below are some of the main features to be aware of when considering the Bankwest term deposit. If you don't think a term deposit is the best fit for you, take a look at the other savings and transaction account offered by Bankwest.

No account keeping fees

You will pay no monthly charges for this term deposit.

Choose when to receive 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.

$5,000 minimum investment

You will need to deposit and maintain a balance of at least $5,000 for this term deposit account.

Chose your term length

The terms start at one month but can go as high as five years.

Make withdrawals with 31 days notice

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.

Automatic roll-over

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.

Launch term deposit calculator

Pros

$0 Account keeping fees
7 days of grace when term matures to decide whether to reinvest or withdraw fund
Wide ranges of terms from from 1 month to 5 years

Cons

31 days advance notice required in case of withdrawing funds before maturity
Minimum investment of $5,000

How do I apply for the Bankwest Gold Term Deposit?

If you believe the Gold Term Deposit offered by Bankwest has everything that you need, you can apply by visiting your local branch or giving them a call. Unfortunately you cannot apply for this account online.There are some eligibility requirements that you will have to meet first in order for your application to be considered:

Eligibility requirements

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.

Documentation needed

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.

What happens next?

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. Then, you're ready to go!