Westpac Term Deposit

Westpac Term Deposit

Min. Opening Deposit


Account Keeping Fee


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

  • Certainty of a fixed interest rate
  • Choose from 1 month to 5 years
  • $0 set-up or account keeping fees
  • Interest payable at maturity, annually or monthly (depending on term)

Product details

Open a Westpac term deposit with a minimum investment of $5,000. The maximum investment amount is $250,000. 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.

Interest is payable at maturity, monthly or annually depending on the term you choose.

Product Name
Westpac Term Deposit
1 month interest rate
3 month interest rate
4 month interest rate
6 month interest rate
9 month interest rate
12 month interest rate
24 month interest rate
36 month interest rate
48 month interest rate
60 month interest rate
Min Deposit
Max Deposit
Joint Application
Minimum Age Requirement
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Westpac Term Deposit?

Westpac term deposits come with a number of features and understanding these can help you decide if this is a suitable product.

Invest from $5,000

The minimum investment amount is $5,000 and the maximum amount stands at $250,000.

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.


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


  • 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

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 to apply online

To apply online, simply click on the ‘Go to Site’ button, but only after ensuring that you meet the following eligibility criteria.

  • You’re at least 18 years old
  • You’re an Australian resident
  • You want to invest in between $5,000 and $250,000.

Documentation to apply online

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

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.

Minimum age of term deposit, minimum investment required, annual returns on investment(percentage)

You need to be a minimum of 18 years old to open a Westpac Term deposit. The minimum is $5,000 and you can view the rates above.

Is your interest compound or simple?

Term deposits are simple interest and online savings accounts are compounded monthly.

I am the Hon. Con for Australia in Lithuania and Aussie citizen. I am planning to retire in Australia after 20 years of service overseas.I will be visiting Australia next December and I would like to open a long term deposit account with a 'solid amount: am I entitled to do so while I’m still residing overseas?

You could be eligible for most term deposits in Australia, but some term deposits require an Australian Postal Address and a Australian Phone number. Some accounts also cannot be linked to overseas accounts. It’s best to compare savings accounts and to contact the financial institution to confirm this.
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2 Responses to Westpac Term Deposit

  1. Default Gravatar
    GAGE | February 24, 2016


    • Staff
      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.

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