Westpac term deposits

Westpac offers term deposits with terms of 1 month to 5 years. Deposits up to $250,000 are guaranteed by the Australian government. Interest may be paid at maturity, monthly, or annually. 

This “big four” bank does not charge any set up or monthly service fees. However, early termination or break fees may apply. 

Westpac’s interest rates are not the highest on the market. However, being Australia’s oldest bank, a Westpac term deposit offers a certain level of stability and convenience to its customers. It also offers easy access to multiple branches across the country. 

Westpac offers moderate to low term deposit rates. However, choosing a term deposit with Westpac means choosing a certain level of stability and convenience that comes with Australia’s oldest bank. 

Westpac offers a range of financial products, meaning you can have your transaction account, home loan and a term deposit with the one lender. Plus, if you rely on face-to-face contact with your bank, choosing a Westpac term deposit means you’ll have access to over 1,200 branches, including branches in rural areas.