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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 $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.
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
18
Joint account availability
Yes
Min Deposit
$5,000
Available to children
Not available for children
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
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.
Key features
SPECIAL OFFER: 1.00% p.a. fixed rate term deposit for 8 months
Open an 8 month Westpac Term Deposit and receive a special fixed interest rate of 1.00% p.a for balances between $5,000 and $5,000,000. Offer available for a limited time only to personal customers and for new term deposits, with interest paid at maturity. 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 $250,000. Deposits above $250,000 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.
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 18 years old
You're an Australian resident
You want to invest in between $5,000 and $250,000.
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.
Ask an expert
To ask a question simply log in via your email or Facebook or create an account.
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. Please go to this page.
On that page, you will see a table that allows you 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 us out again.
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