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Summary

Open a Bankwest online term deposit with as little as $1,000 and earn 5.00% for 9 months.

You can choose between a range of term lengths between 1 month and 5 years. Select a term that suits you, then transfer your chosen amount (minimum $1,000) from your linked bank account into your Bankwest term deposit. Your linked account can be with Bankwest or another financial institution.

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.

Details

Key details

Product Name	Bankwest Online Term Deposit
3 month interest rate	3.75%
4 month interest rate	3.00%
6 month interest rate	4.25%
7 month interest rate	4.00%
9 month interest rate	5.00%
12 month interest rate	4.90%
24 month interest rate	4.85%
36 month interest rate	4.00%
48 month interest rate	4.00%
60 month interest rate	4.00%
Minimum Opening Deposit	$1,000
Minimum age requirement	12
Government guarantee	Yes

Eligibility

Minimum Age Requirement	12
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children under 12 years of age

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.

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.

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

You have an Australian residential address

Documentation needed

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 I submit my application?

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.

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D Lebreton

September 21, 2023

Is’ Income Direct ” Term fixed Deposit safe to invest in

Alison Banney Finder

September 29, 2023

Hi, all Bankwest term deposits are covered under the government’s bank guarantee scheme. So your deposit up to $250k is protected under this scheme. You can read more about this here: https://www.finder.com.au/bank-protect-money

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Norman

August 22, 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?

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

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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.

Jhez Finder

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

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Bob

April 09, 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!

Joshua Finder

April 09, 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. You can learn more about ME bank term deposits.

For Bankwest, you can read the details above.

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

Have a wonderful day!

Cheers,

Joshua

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Gallou

March 31, 2019

Rate term deposit 12 months?

Nikki Angco

April 02, 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

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Bankwest online term deposit

Pros

Cons

Key features

Minimum investment of $1,000

Linked transaction account required

A range of variable terms

How often is my interest paid?

Your options when your term deposit matures

Interest rate not dependent on amount invested

Term dependent interest rate

Make withdrawals with 31 days notice

$0 Account keeping fees

Easy application process

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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