Westpac Term Deposit Rates
What terms are available on Westpac term deposits?
According to Westpac, 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 Westpac term deposits?
Westpac’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 Westpac have a notice period and charge an early withdrawal fee for withdrawals?
Westpac requires you to provide notice of 31 days if you need to access your money early.
Westpac 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.
Westpac’s website and Product Disclosure Statement should provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does Westpac charge any other fees for term deposits?
At the time of writing, no additional fees were listed by Westpac in relation to its term deposits, although certain fees may apply in certain situations.
For current information on fees and how they apply, please check the Product Disclosure Statement or contact Westpac.
How to apply for a Westpac term deposit
Before applying for a Westpac term deposit, aim to first compare it with other term deposits on the market to ensure it is the right one for you.
If applying, consider Westpac’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 Westpac term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Westpac’s website.
According to Westpac, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be at least 18 years old
- 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)
What happens to a Westpac term deposit when it reaches maturity?
According to Westpac, when a term deposit reaches the end of its term, if no instructions have been provided at the beginning of the term or in the six days following the maturity date, then the money will be reinvested according to the same terms at the interest rate applicable at maturity.
Westpac was Australia’s ‘first bank’, and its first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers.
Westpac is one of the big four Australian banks and they own a number of other banking brands including St. George, Bank of Melbourne, BankSA, and RAMS.