Bankwest Online Term Deposit

Bankwest Online Term Deposit

Min. Opening Deposit


Account Keeping Fee

Go to site
Secure transfer to bank
More info

Open a Bankwest online term deposit with as little as $1,000, and choose from terms ranging from one month to 60 months.

  • $0 account keeping fee
  • Interest paid on maturity
  • Up to $5,000,000 can be invested

Product details

The minimum amount you require to open a new Bankwest online term deposit is $1,000, and you don’t have to pay any account keeping fees. The term of your deposit can vary from one month to 60 months, with a number of options in between.

If you're keen to invest your funds online, this account could be suitable.

Product Name
Bankwest Online Term Deposit
1 month interest rate
3 month interest rate
4 month interest rate
6 month interest rate
7 month interest rate
12 month interest rate
24 month interest rate
36 month interest rate
48 month interest rate
60 month interest rate
Min Deposit
Max Deposit
Joint Application
Minimum Age Requirement
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Bankwest Online Term Deposit?

If you’re considering getting a Bankwest online term deposit, take some time to go through what it has to offer.

  • Easy application process. Unlike many financial institutions that require you to visit a physical branch to open a term deposit, Bankwest gives you the ability to apply for this term deposit online. The process does not take much time, and it’s even quicker if you’re an existing Bankwest customer and apply by logging into its online banking platform.
  • Invest variable amounts. The minimum you can invest in this online term deposit is $1,000, so you can get on the savings bandwagon without requiring too much money. The maximum you can invest is $5,000,000 million.
  • Variable terms. The term you apply for should take into account how long you can comfortably stay without the money in question. You can choose from terms in between one and 12 months in monthly increments, or 24, 36, 48, and 60 months.
  • Options in earning interest. If you opt for a loan term of less than 12 months, your term deposit earns interest upon maturity. For terms of 12 months or more, you can choose to earn interest on a monthly, quarterly, bi-annual, or annual basis. In such a scenario, Bankwest requires that you earn interest at least once every year, and not just at maturity.
  • Options at maturity. When you term deposit matures you get seven grace days to decide what course of action to take. While you can renew your term deposit easily, you can also withdraw the amount, in which case Bankwest transfers the money to your nominated account.
  • Interest rate not dependent on amount invested. While a number of financial institutions offer higher rates for higher amounts, this is not the case with Bankwest, where the interest rate your term deposit attracts does not depend on the amount you invest.
  • Term dependent interest rate. The interest rate depends on the term of the deposit. While longer terms traditionally offer better rates, with Bankwest online term deposits you should check carefully, because certain shorter terms offer better interest rates than longer terms.
  • No fees. You don’t have to pay any setup or establishment fees, and you don’t have to pay any ongoing account keeping fees.


  • Invest up to $5,000,000.
  • $0 account keeping fee.
  • Wide range of terms available.


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

How do you apply for the Bankwest Online Term Deposit?

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


To begin, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria.

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


To apply, you have to provide Bankwest with different types of information, so keeping the following close at hand.

  • At least two forms of identification which can include your driver’s license, passport, Australian birth certificate, and Medicare card
  • Account number and BSB of bank account you wish to link with the term deposit, from where the funds will come initially and to where the funds go upon maturity
  • Tax file number (optional, provide this if you don’t wish to pay withholding tax)

What happens after my application is submitted?

Once you apply, the process to open the term deposit does not take long, and here’s what you can expect.

  • You receive a confirmation via email.
  • If Bankwest has all the required information, and is there is enough money in the nominated account, your term deposit opens immediately.
  • In case Bankwest requires you to complete an ID check you can do so online or by visiting any Bankwest branch or Australia Post Office. You find out about this requirement as soon as you apply.

If I have more than 5 million what is the most efficient way to invest?

Please note that is an online comparison service and is not in a position to recommend specific products, providers and services. If you’d like general advice on the Bankwest Online Term Deposit, please speak to Bankwest directly. If you would like financial advice on the best structure to invest your funds, please speak to your trusted financial planner.

I am looking at term deposits and preferable a 12 months period. However, I might need to withdraw a component at around 10 months. What are my best choices?

As is an online comparison service, we cannot recommend specific term deposit accounts. However, you may be interested to compare different short-term deposits.

Any special offers/conditions to students and card options?

There are no special offers or conditions to students, and there no card options as this is a term depots.

If we have an online fixed deposit for 24 months with the interest paid monthly, can the interest be paid into another usable account.

This is usually possible, but it depends on the bank. I’d recommend speaking to Bankwest first to see if they offer this feature.

What is the process and fees of setting up Term deposit and bank guarantee

You can start an application for this account by clicking the ‘find out more’ and ‘apply now’ buttons on this page. The bank guarantee automatically applies to balances of up to $250,000 per person per institution.

if my husband and I would need to already have an existing joint account (with any bank) in order to open a joint term deposit account?

You can open a joint term deposit with Bankwest, but the account which you use to bring funds across must be in both names.

Can you please tell me if money invested is backed by the government and if so to how much?

Bankwest deposits are covered by the Government Guarantee. This covers up to $250,000 per person, per institution.

Not an existing customer; at maturity of term deposit if total amount – P & I – is to be credited to another bank, do you charge any fee for the transfer?

There are no fees for moving your funds to another bank at maturity.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

4 Responses to Bankwest Online Term Deposit

  1. Default Gravatar
    norm | July 6, 2016

    I have a term deposit maturing 14/7/16 will the. full amount be automatically paid into my nominated bank account ?

    • Staff
      Clarizza | July 7, 2016

      Hi Norm,

      Thanks for your question.

      If you have the Bankwest Online Term Deposit account, you are given 7 days grace period once your deposit reaches maturity. During this period, you can choose to renew your term deposit or withdraw the amount. If you choose the latter, Bankwest will transfer the money to your nominated account.

      Please note, we are an online comparison website and as such, provide general advice only.

      Hope this helps.


  2. Default Gravatar
    Neill | April 26, 2016

    Hi, I have a general Q regarding your high interest bearing term deposit accounts. Our company has just over $4M to deposit and we were wondering if (a) you could offer better interest rates for a new customer than what is listed on your website, and (b) is it possible to setup the interest bearing account such that it requires two parties to electronically approve a withdrawal? It might be easier to call me on the mobile if you need to discuss -
    Regards, Neill

    • Staff
      Shirley | April 26, 2016

      Hi Neill,

      Thanks for your question.

      Since is a third party comparison and information service, we’re unable to make offers on the bank’s behalf.

      However, it is possible to set up an account that requires two signatures to approve a withdrawal – you’ll need to set this up as a joint account.

      Hope this helps.

Ask a question