Westpac Term Deposit

Invest your money with the peace of mind of a fixed rate with a Westpac term deposit. Open one in 5 - 10 minutes.

Open a Westpac term deposit with a minimum investment of $5,000. The maximum investment amount is $2,000,000. The term of your deposit can vary from 1 month to 5 years. There are no set-up or monthly fees, so you can put more towards your investment.

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Shirley Liu

Last Updated Jan 5, 2021

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Details

Product Name	Westpac Term Deposit
3 month interest rate	0.07%
4 month interest rate	0.07%
6 month interest rate	0.15%
7 month interest rate	0.20%
9 month interest rate	0.20%
12 month interest rate	0.25%
24 month interest rate	0.30%
36 month interest rate	0.30%
48 month interest rate	0.30%
60 month interest rate	0.30%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	14

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	14
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children under 14 years of age

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

Key features

SPECIAL OFFER: 2.25% p.a. fixed rate term deposit for 12 to 23 month terms

Open a 12 to 23 months Westpac Term Deposit or renew and receive a special fixed interest rate of 2.25% p.a for balances between $5,000 and $5,000,000. Offer available for a limited time only to personal and business customers with interest paid monthly. Full terms and conditions are available on Westpac's site.

Invest from $5,000

The minimum investment amount is $5,000. The interest rates displayed above are based on a maximum deposit amount of $2,000,000. Deposits above $2,000,000 are possible, however you'll need to contact Westpac to discuss the interest rates that are available on deposits of this size.

A range of investment terms

You can choose terms from 1 month to 5 years.

Tiered interest rate structure

Longer investments tend to be rewarded with higher interest rate. Westpac also offers special rates for certain terms.

Choose when your interest is paid

Depending on the term of your deposit, you can choose to earn interest at maturity or on a monthly or annual basis. Interest can go directly into your Westpac or external bank account, or you can get it in the form of a cheque. You can compare other Westpac bank accounts here.

$0 Set-up and account keeping fees

Westpac term deposits don't attract any setup, account keeping, or account management fees.

A range of reinvestment options

When your term deposit reaches maturity you can reinvest both, the principal and interest. You can get the interest and reinvest just the principal or you can get part of the principal along with the interest and reinvest only a portion of the principal. Also, you can add extra funds to the existing total and reinvest or you can simply receive the principal and the interest.

Accessing funds before maturity

If you wish to access funds in your term deposit before it matures you have to give Westpac a notice of at least 31 days, except in the event of financial hardship.

Easy application process

While a number of banks require you to apply for term deposits in person, Westpac enables you to open a term deposit using a simple online process. If you're already a Westpac customer, you can log into its online banking platform and save some time.

Statements

Westpac sends you confirmation, maturity and renewal advices as the term progresses. It also sends you an interest paid statement annually.

Covered by the Australian Government Guarantee

Westpac is an Authorised Deposit-talking Institution (ADI). It protects your deposits of up to $250,000 per person, per institution.

Launch term deposit calculator

How to apply

How do I apply for the Westpac Term Deposit?

You can apply for a Westpac term deposit by visiting any Westpac branch, you can apply online, and you can apply over the phone.

Eligibility

You're at least 14 years old. Children under 14 must have at least one signatory on the account, and are unable to open a joint account.
You're an Australian resident

You want to invest in between $5,000 and $2,000,000.

Documentation needed

Bear in mind you'll need the following to apply for a Westpac term deposit.

BPAY access to fund your deposit within three days of receiving the account opening email
Account details of an Australian bank account where you want the interest paid
Tax file number, in case you don't want to pay withholding tax

Existing Westpac customers will need the following

Westpac account details or BPAY access to fund the deposit
Account details of an Australian bank account where you want the interest paid

What happens after I submit my application?

After you apply and Westpac opens your account, it sends you an email, normally within two business days. It sends a welcome pack after funds transfer into your new term deposit.

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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4 Comments

Barry
February 21, 2019

What is the best interest rate for $2,000,000 for 12 months fixed?

Reply
- finder Customer Care
  
  Joshua
  February 24, 2019
  
  Hi Barry,
  
  Thanks for getting in touch with Finder. I hope all is well with you. :)
  
  If you want to open a Westpac term deposit account, the maximum deposit you can make is $250,000. For this reason, you might want to break up your investment and open multiple accounts. We also have a list of term deposit accounts that you might want to check. You can use our table to conveniently compare term deposit rates. You can also compare based on income earned and minimum deposits. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.
  
  I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
  
  Have a wonderful day!
  
  Cheers,
  Joshua
  
  Reply
GAGE
February 24, 2016

whATS THE MINIMUM AGE OF AN ACCOUNT HOLDER

Reply
- finder Customer Care
  
  Shirley
  February 24, 2016
  
  Hi Gage,
  
  Thanks for your question.
  
  The minimum age to apply online is 18 years old. However, if you’re younger than this you can apply for one over the phone or within a branch.
  
  Hope this helps.
  
  Reply

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