Product details
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.
- Product Name
- Westpac Business Term Deposit
- 1 month interest rate
- 1.50%
- 3 month interest rate
- 2.00%
- 4 month interest rate
- 1.85%
- 6 month interest rate
- 2.05%
- 9 month interest rate
- 1.90%
- 12 month interest rate
- 2.30%
- 24 month interest rate
- 2.40%
- Min Deposit
- $5,000
- Max Deposit
- $250,000
- Minimum Age Requirement
- 18
What are the features of the Westpac Business Term Deposit?
Secure your interest rate
Westpac offers three fixed term deposit rates: from 2.30% p.a. for 12-24 months, 2.40% p.a. for 24-36 months and 2.50% 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.
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
What you’ll need to know before applying
Eligibility 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
Documentation required
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.
