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
11 months - Special Offer:
4.30% P.A. Open or renew online |
4.20% P.A. Open or renew in-branch |
Special Offer rates are available from 8/04/2025:
- On Term Deposits opened or renewed by a Westpac customer
- For deposits of $5,000 to $2,000,000 on terms of 11 months
- Interest payments paid monthly or at maturity. T&Cs apply.
If you deposit between $5,000 to $2,000,000 for 11 months, you can get the Special Offer. Please be aware that:
- The rate is only for the first term, and it might change later
- Interest is paid either every month or at the end of the term
- If you need to take out money early, you must give 31 days' notice unless in cases of hardship
- If you withdraw early, the interest rate might be lower
- To renew a Term Deposit, you need to give instructions during the variation period
- We reserve the right to withdraw or change this offer at any time.
The Online Bonus applies:
- For existing Westpac customers
- When Online Banking or the Westpac App is used to open or renew a Term Deposit during the variation period
- In conjunction with any other applicable offer.
The Online Bonus is not available to those that can’t open or renew online. These include:
- Some joint accounts
- Financial Institutions
- Westpac Institutional Bank customers
- Farm Management Deposits
- Term Deposits held as security.
Term options for interest paid at maturity:
| Term | Fixed rate p.a. when opening or renewing online |
Fixed rate p.a. when opening or renewing in-branch |
|---|---|---|
| 3 months | 3.00% | 2.90% |
| 6 months | 3.40% | 3.30% |
| 12 months | 4.00% | 3.90% |
Interest rates apply to deposits of $5,000 up to $2,000,000. Interest will be paid when the term ends. The rate may change if you choose to have interest paid at a different frequency. If you’re already a Westpac customer, check for personalised bonus rates when you sign in.
How do I open a new Term Deposit account?
To open a Term Deposit online, you need to be an:
- Existing customer with a Westpac Choice account
- Individual or sole trader.
Note: Term Deposits for joint account holders, a trust, a self-managed super fund or a business need to be opened in-branch.
Not a customer yet? Open a Westpac Choice account first. You can do this online in just minutes.
Open your Choice account online by 30 September 2025 and the $5 monthly Account-keeping fee will be waived for the first 12 months.
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.
How much could I earn?
Use our calculator to find out how much your investment could earn. Choose whether to have your interest paid monthly, yearly, or at maturity.
How do I renew or manage my Term Deposit?
In Online Banking or the Westpac App
You need to be an existing customer with a Westpac Choice account:
- Maturing Term Deposit: opt-in to get notified via email and your Online Banking Message Centre
- Renewal or withdrawal instructions: set up in advance, then update whenever you want to
- Choose a new term or withdraw funds: renew using all or some of your funds, moving the rest into your eligible everyday account.
Learn more about managing your Term Deposit.
Frequently asked questions
To open or renew a Term Deposit online, you need to be a Westpac customer with a Choice account.
If your Term Deposit is for a business, a trust, or a self-managed super fund, or if you want a joint account, you must visit 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.