Westpac Business Term Deposit
- Interest rate 12 months interest rate
- Up to 4.25% p.a.
- Minimum opening deposit
- Account keeping fee
- Maximum deposit
The Westpac Business Term Deposit offers a choice of term lengths between 1 month and 5 years, with a minimum investment of $5,000. Westpac regularly offers special, higher rates on select term lengths.
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
High, minimum investment amount
|Product Name||Westpac Business Term Deposit|
|3 month interest rate||3.50%|
|4 month interest rate||3.55%|
|6 month interest rate||3.75%|
|7 month interest rate||3.80%|
|9 month interest rate||4.00%|
|12 month interest rate||4.25%|
|24 month interest rate||4.00%|
|36 month interest rate||4.00%|
|48 month interest rate||4.00%|
|60 month interest rate||4.00%|
|Minimum Opening Deposit||$5,000|
|Minimum age requirement||18|
|Minimum Age Requirement||18|
|Joint account availability||Yes|
|Available to children||Not available for children|
Secure your interest rate
Westpac offers three fixed term deposit rates: from 4.25% p.a. for 12 months, 4% p.a. for 24-36 months and 4% p.a. for 36 months.
Depending on your term and the option you choose, interest is payable monthly, annually or at maturity. The rates in the table above are for interest paid on maturity.
Apply online or over the phone and receive quick approval.
Online access and email alerts
You can renew, review or close your term deposit account online. Westpac will email you updates as your deposit matures.
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.
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.
Minimum notice period
31 days' notice is the minimum requirement for withdrawal of funds.
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).
Calculate your return
Calculate your expected return online with our term deposit calculator.
How to apply
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
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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