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
- 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
SPECIAL OFFER: 2.50% p.a. fixed rate term deposit for 7 months
Open a 7 month Westpac term deposit before 29th May and receive a fixed special interest rate of 2.50% p.a for balances between $5,000 and $5,000,000. Offer available to personal customers and for new term deposits only, with interest paid at maturity. Full terms and conditions are available on Westpac's site, by clicking "Go to Site".
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.
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.
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
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.
whATS THE MINIMUM AGE OF AN ACCOUNT HOLDER
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.