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Summary

Choose from a range of term lengths and earn a fixed return on your business cash.

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.

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

Details

Key details

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
Government guarantee	Yes

Eligibility

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

Key features

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.

Interest payments

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.

Easy set-up

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.

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.

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).

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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Alison Finder

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Westpac Business Term Deposit

Pros

Cons

Key features

Secure your interest rate

Interest payments

Easy set-up

Online access and email alerts

Third-party access

Options for reinvestment

Payment options

Minimum notice period

Closing your term deposit early

Covered by the Government Guarantee

Calculate your return

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Your reviews

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