Term Deposit Fixed Rate Savings
Benefits of a Westpac Term Deposit
Fixed return
With a fixed interest rate over a fixed term, you’ll know exactly how much you’re going to earn.
Choice of terms
Pick a term from 1 month to 5 years, knowing your money will be invested securely.
Easy to manage
Easily view and manage your investment in Online Banking and the Westpac App.
Options at maturity
Choose whether to withdraw funds or reinvest, or set up instructions in advance.
Fixed interest rates
Fixed Rate Special Offer1 Term Deposit for terms of 11 months:
4.85% p.a. Open or renew online |
4.65% p.a. Open or renew in-branch |
Special Offer available from 4/12/2024 on Term Deposits opened or renewed by existing Westpac customers. Available on deposits of $5,000 to $5,000,000 with interest payments paid monthly or at maturity. T&Cs apply.
Term options for interest paid at maturity:
| Term | Fixed rate p.a. when opening or renewing online2 |
Fixed rate p.a. when opening or renewing in-branch |
|---|---|---|
| 8 months - Special Offer1 | 4.90% | 4.70% |
| 3 months | 3.35% | 3.25% |
| 6 months | 3.70% | 3.60% |
| 12 months | 4.10% | 4.00% |
Rates apply to minimum deposit of $5,000 up to a maximum of $2,000,000 with interest paid at maturity. Rate may differ when interest is paid on another frequency. If you’re already with Westpac, check for additional bonus rates when you sign in.
How do I open a Term Deposit account?
Opening a Term Deposit for an individual or sole trader?
If you’re an existing customer with a Westpac Choice everyday account, you can open a new Term Deposit or renew a maturing one online.
Not a Westpac customer yet or don’t have a Westpac Choice account?
Online option: Open a Westpac Choice account now. It’ll take just minutes to open. Then, you can open, manage and renew your Term Deposit online.
Branch option: Visit any branch , and our friendly staff will help you open a Term Deposit.
Enjoy $0 monthly fees for 12 months
Open a new Westpac Choice account online by 30 September 2025 to have the monthly Account-Keeping Fee waived for the first 12 months. Pay no Account-Keeping Fee for the first 12 months on your new Westpac Choice account and save $5 a month.
You’ll then be able to open a Westpac term deposit online, using your new Choice account to deposit money into the term deposit.
T&Cs and eligibility criteria apply#
How much could I earn?
Use our calculator to find out how much your investment could earn if your applicable interest rate is paid monthly, yearly, or at maturity.
How do I manage my Term Deposit?
- Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing.
- You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to.
- Choose a new term for all or some of your funds, or withdraw funds into your eligible everyday account.
- Do it all in Online Banking or the Westpac App if you’re eligible, without having to visit a branch.
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Frequently asked questions
To open or renew a Term Deposit online you’ll need to be an existing customer with a Westpac Choice everyday account.
If you’re opening a Term Deposit for your business, as part of a trust or self-managed super fund, or you’re after a joint account, you’ll need to do it at a branch.
Help when you need it
Rates, tools and calculators
Things you should know
Any bonus rates offered above may only be available through Westpac Online Banking.
- Term Deposits of $5,000 to $5,000,000 on Terms of 8 or 11 months. Interest paid monthly or at maturity.
- For Online Bonus: Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only.
- For Online Bonus: Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend these offers at any time.
- Rates and offers apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
- Term Deposits opened or renewed during the variation period via Online Banking or the App only.
- The bonus rate will be applied in conjunction with any other offer that may apply.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Rates and offer apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
# Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. At the end of the 12-month period, the monthly Account Keeping fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.