Bankwest Term Deposit Rates
What terms are available on Bankwest term deposits?
According to Bankwest, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on Bankwest term deposits?
Bankwest’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- At maturity
It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does Bankwest have a notice period and charge an early withdrawal fee for withdrawals?
Bankwest requires you to provide notice of 31 days if you need to access your money early.
Bankwest does not charge an early withdrawal fee but they do apply an interest rate adjustment if you withdraw your money before the end of the term. For example, at the time of writing, if less than 50% of the term has elapsed, an interest reduction of 1.20% p.a. would apply.
Bankwest’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does Bankwest charge any other fees for term deposits?
At the time of writing, Bankwest does not charge any monthly account of transaction fees on its term deposits.
For current information on fees and how they apply, please check the Product Disclosure Statement or contact Bankwest.
How to apply for a Bankwest term deposit
Before applying for a Bankwest term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider Bankwest’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s license or passport
- Personal details, including your residential address, contact information and potentially information on your current job
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.
To see if you can apply online for a Bankwest term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Bankwest’s website.
According to Bankwest, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 12 years old (for the Gold Term Deposit product)
- You must be an Australian resident
- You must be investing a minimum deposit of $5,000
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
You are also unable to invest more than $2,000,000 in Bankwest term deposits.
What happens to a Bankwest term deposit when it reaches maturity?
According to Bankwest, when a term deposit reaches the end of its term, your deposit and the interest earned will be renewed at the same investment as originally agreed to at the current Bankwest interest rate.
Bankwest was founded in 1895 by the state government to provide for farmers, under the name Agricultural Bank of Western Australia. In a mission to serve customers across the wide and sparsely populated state of WA, Bankwest staff would hit the road and travel for miles between farms, sleeping on the side of the road. In 2008, Bankwest joined the Commonwealth Bank Group.
Target Market Determinations for Bankwest products are available on Bankwest’s website.