Get the Finder app 🥳

Connect your accounts & save

Bankwest online term deposit

Last updated:  

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

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.

Up to 1.2% p.a.

Interest rate

48 months interest rate

$1,000

Minimum opening deposit

$0

Account keeping fee

$5,000,000

Maximum deposit

Details

Product NameBankwest Online Term Deposit
3 month interest rate0.95%
4 month interest rate0.95%
6 month interest rate1.00%
7 month interest rate0.95%
9 month interest rate0.95%
12 month interest rate1.05%
24 month interest rate1.05%
36 month interest rate1.05%
48 month interest rate1.20%
60 month interest rate1.20%
Minimum Opening Deposit$1,000
Minimum Age Requirement12
The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Key features

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.

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 online term deposit is easy, and the online 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

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

32 Comments

  1. Default Gravatar
    Norman
    August 23, 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?

    • Default Gravatar
      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

  2. Default Gravatar
    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.

    • Avatarfinder Customer Care
      Jhez
      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

  3. Default Gravatar
    Bob
    April 9, 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!

    • Avatarfinder Customer Care
      Joshua
      April 9, 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. If you want to know more about ME bank’s term deposit, please click this link. On that page, you will learn more about ME’s term deposit.

      For Bankwest, you can read the details above.

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

      Have a wonderful day!

      Cheers,
      Joshua

  4. Default Gravatar
    Gallou
    April 1, 2019

    Rate term deposit 12 months?

    • Default Gravatar
      Nikki
      April 2, 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

  5. Default Gravatar
    Graeme
    October 3, 2018

    Where is the application form for online term deposits? I searched the page and couldn’t find it.

    • Avatarfinder Customer Care
      Jhez
      October 3, 2018

      Hello Graeme,

      Thank you for your comment.

      If you’re referring to the online application of Bankwest Online Term Deposit, you can see the form when you visit Bankwest’s website, search for the Online Term Deposit and click apply today.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  6. Default Gravatar
    kate
    October 17, 2017

    is term deposit or hero savings account better

    • Default Gravatar
      Gru
      October 18, 2017

      Hello Kate,

      Thank you for reaching out to us.

      Please note that finder is a comparison website and general information service. As we do not represent any of the companies featured on our pages and we can provide you with general advice and guide you in making an informed decision.

      In terms of deciding on which product would work better for you, it would be best to weigh each one’s pros and cons then select the one that would best suit your needs.

      Note that for term deposits:
      – Up to 2.55% p.a. for 12 months (interest paid at maturity)
      – $0 Account keeping fee
      – Interest paid on maturity
      – Up to $5,000,000 can be invested

      For the Bankwest Hero Saver Account:
      – Ongoing, variable 2.60% p.a. when you deposit at least $200 and make no withdrawals
      – $0 account maintenance fees or transaction fees
      – Funds available 24/7 at-call via online and phone banking
      – No linked account required

      At the end of the day, you would be the best person to make that choice.

      Hope this helped.
      If you need further assistance in the future, please do not hesitate to reach out to us again.

      Cheers,
      Gru

  7. Default Gravatar
    Katy
    September 20, 2017

    How do I open a new term deposit account if I’m not an existing account holder and am not living in Australia? Any information is greatly appreciated.

    Thank you,

    • Default Gravatar
      Jonathan
      September 20, 2017

      Hello Katy,

      Thank you for your inquiry.

      Bankwest Online Term Deposit can be applied online through the bank’s website. Meaning, you don’t need to be in Australia during this time. As long as you have these requirements, you can complete the account opening process:

      – linked account details to move money in and out of your Online Term Deposit (BSB and account number of an everyday bank account you hold with any Australian financial institution)
      – sufficient funds to transfer as an opening deposit on the day your new account is opened
      – an Australian residential address
      – at least 2 forms of the following identification: Driver’s Licence, Medicare, Passport
      – Tax File Number (optional, you can provide it to us later on if you wish to avoid paying withholding tax)

      Hope this helps.

      Cheers,
      Jonathan

  8. Default Gravatar
    Kevin
    August 16, 2017

    Hi. I’m about to make a 3 month term deposit and I’m trying to figure out how the interest is calculated. The interest rate is 2.35% but it doesn’t say whether it’s P/A or if the interest is paid monthly to the term deposit account so it becomes accumlitave or not. It does say that the total interest will be paid to me at the end of the term.
    Any information would be greatly appreciated.
    Kev

    • Avatarfinder Customer Care
      Dee
      August 16, 2017

      Hi Kevin,

      Thanks for your question.

      The term deposit rates we feature on our page including the 2.35% interest for a term deposit with 3-month maturity are stated on a per annum (p.a).

      In regards to whether the interest is compounded or not, that depends on the terms and conditions of the account. If you want a term deposit account that earns a compounded interest, look for an account where you have the option of monthly interest payments into your account so that each month you are earning interest on the principal and previous interest payments. You may compare your options here.

      Cheers,
      Anndy

  9. Default Gravatar
    Beverley
    May 12, 2017

    I am trying to deposit a TD for a club where 2 signatories are required.
    Can I go to a Bankwest Branch to conduct this transaction?

    Regards,

    Beverley

    • Avatarfinder Customer Care
      Dee
      May 14, 2017

      Hi Beverly,

      Thanks for your question.

      Kindly note that Bankwest Online Term Deposit account is available only to individual applicants and not for organizations or businesses.

      If you are looking to open a term deposit account for your group, you may want to compare to compare your term deposit options here.

      Cheers,
      Anndy

  10. Default Gravatar
    Ali
    February 26, 2017

    Is there a minimum age requirement?

    • Avatarfinder Customer Care
      Dee
      February 26, 2017

      Hi Ali,

      Thanks for your question.

      To apply for the Bankwest Online Term Deposit account, you must be at least 12 years old.

      If you are looking for other kids term deposit accounts, you can visit this page. Term deposit accounts for adults are listed here.

      Cheers,
      Anndy

Ask a question
Go to site