Westpac Business Term Deposit

Last updated: Aug 26, 2020

Safer returns for fixed terms with Westpac Business Term Deposits.

Interest rates on fixed term deposits tend to be higher than other savings products. Banks are able to hold liquid assets for predetermined periods of time, allowing them to invest in higher gain financial products. Westpac Business Term Deposits are available in fixed terms for 12, 24 or 36 months. With a minimum investment of $5,000, you can track your savings online with $0 monthly service or management fees and no set-up.

Up to 0.8% p.a.

Interest rate

24 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

$250,000

Maximum deposit

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Details

Product Name	Westpac Business Term Deposit
3 month interest rate	0.40%
4 month interest rate	0.50%
6 month interest rate	0.50%
7 month interest rate	0.60%
9 month interest rate	0.60%
12 month interest rate	0.70%
24 month interest rate	0.80%
36 month interest rate	0.80%
48 month interest rate	0.80%
60 month interest rate	0.80%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

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.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Pros

Certainty of a fixed interest rate
Choose from 1 month to 5 years
Special term deposits rates available
No set-up or account keeping fees
Interest payable at maturity, annually or monthly, depending on term
Flexible ways to have your deposit amount paid

Cons

High, minimum investment amount

Clarizza Fernandez

Clarizza Fernandez was Finder's assistant publisher for banking and investments.

Key features

Secure your interest rate

Westpac offers three fixed term deposit rates: from 0.7% p.a. for 12-24 months, 0.8% p.a. for 24-36 months and 0.8% p.a. for 36 months.

Interest return

Depending on your term, interest is payable monthly or annually or at maturity.

Easy set-up

Apply online or over the phone and receive quick approval on your proposed investment.

Online access and email alerts

Renew, review or close your term deposit account online. Westpac will email you updates as your deposit matures.

Third party access

Westpac allows for third parties to have online access to your Business Term Deposit Account. Third parties have the ability to transfer funds on closure of the account.

Options for reinvestment

Westpac provides multiple reinvestment options at maturity, including part-payment and full reinvestment.

Payment options

At maturity, or determined intervals, interest can be paid directly into a Westpac account (under the same name), to an account held by another Australian financial institution, as a bank cheque or cash. It can also be disbursed amongst multiple accounts if desired.

Track your interest

Current monthly rate increases for your fixed term deposit are available to view before you make the commitment.

Minimum notice period

31 days notice is the minimum requirement for withdrawal of funds at maturity or determined end of contract.

Closing your term deposit early

Early closure or closure before maturity may result in loss of interest or principal investment. Be sure to monitor online and check with a branch representative with queries or concerns.

Covered by the Government Guarantee

Westpac Business Term Deposits are protected accounts under the Australian Government Deposit Guarantee scheme (capped at $250,000 per account holder).

View more Westpac banking products.

Calculate your return

Calculate your expected return online with our term deposit calculator.

Launch term deposit calculator

How to apply

Eligibility

Eligible Australian business owners must provide a current ABN, ACN, ABRN or ARSN to apply for a Westpac Business Term Deposit. Applications must be made by an individual acting on behalf of an Australian Business:

Of at least 18 years old;
Currently residing within the country;

With a term deposit of minimum $5,000

Documentation needed

It is not necessary to provide a Tax File Number at the time of application, however it is necessary to provide accredited photo identification and supporting documents which are current at the time of application. If unable to attend in person, a Certified Identification Form can be submitted, along with certified copies of all documentation.

What happens after I submit my application?

A business search or review may be conducted to verify the eligibility of your application. An associated fee may apply.

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Westpac Business Term Deposit