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.
This term deposit is only available online.
- Product Name
- Bankwest Online Term Deposit
- 1 month interest rate
- 1.30%
- 3 month interest rate
- 1.60%
- 4 month interest rate
- 1.30%
- 6 month interest rate
- 1.55%
- 7 month interest rate
- 1.30%
- 9 month interest rate
- 1.50%
- 12 month interest rate
- 1.50%
- 24 month interest rate
- 1.40%
- 36 month interest rate
- 1.40%
- 48 month interest rate
- 1.50%
- 60 month interest rate
- 1.55%
- Min Deposit
- $1,000
- Minimum Age Requirement
- 12
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.
Pros
- Invest up to $5,000,000.
- $0 account keeping fee.
- Wide range of terms available.
Cons
- 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.
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?
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
I have a Bankwest Business Zero Transaction Account, and I am wondering if this can be transferred to a Term Deposit Account.
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
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!
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
Rate term deposit 12 months?
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
Where is the application form for online term deposits? I searched the page and couldn’t find it.
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
is term deposit or hero savings account better
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
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,
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
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
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
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
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
Is there a minimum age requirement?
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