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.
This term deposit is only available online.
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.
Minimum investment of $1,000
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.
A range of 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.
How often is my interest paid?
If you opt for a 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.
Your options when your term deposit matures
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.
$0 Account keeping fees
You don’t have to pay any setup or establishment fees, and you don’t have to pay any ongoing account keeping fees.
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. You can compare other Bankwest banking products on our Bankwest page.
- 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.
Eligibility to apply online
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
Documentation required for your online application
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 finder.com.au 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 finder.com.au 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.