Why choose Westpac

Benefits

  • Easy branch access
  • Oldest bank in Australia

Drawbacks

  • Moderate to low rates

Westpac Term Deposits

Deposit amount

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Deposit term (in months)

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4.25%

for 12 months

$5,000

4.00%

for 36 months

1.45%

for 2 months

Term Deposit
  • 36 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

4.90%

for 12 months

$5,000

4.90%

for 12 months

4.90%

for 12 months

Term Deposit - Special
  • 12 months
  • Automatic maturity rollover
  • Joint application available
  • Maturity alert by email

Term Deposits calculator

Use our term deposit calculator to see how much you can earn under different investment scenarios.

$
months

Final balance at the end of term would be

at interest rate 1.25 %

About 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 term deposits review

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. 

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.