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.
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.
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 interest is paid upon maturity. Interest is paid into your linked transaction account, which can be with Bankwest or another financial institution. For terms of 12 months or more, you can choose to be paid interest on a monthly, quarterly, bi-annual, or annual basis. In such a scenario, Bankwest requires that you are paid 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.
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.
$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
- 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.