Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. If you apply in Online Banking, you may also be eligible for multiple bonus rates. If youre already with Westpac, see our special offer for eligible deposits. Term deposit - Compounding interestFor terms six months or longer, interest can be compounded quarterly (added automatically to your original investment) which allows you to earn 'interest on your interest', meaning your investment grows at a faster rate than if interest were paid out during the course of the investment or paid in full at maturity. The above rates are not available to financial institutions. Check out our Term Deposit special offer rate. Online bonus rate is only available for Term Deposits between $5,000 -$5,000,000 opened or renewed by existing customers via Online Banking (during the Variation Period). Apply in branch. You could earn up to 4.35% p.a. Rates are not available to Financial Institutions. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. Download the Westpac Term PIE Fund Term Sheet. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. 1. Or open an everyday account then apply for a Term Deposit online. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Rate applies for a single term. Early termination fee applies if the Term Deposit is ended before the full term. *, 0.10% p.a. Bear in mind rates may be subject to change. 1. You could earn up to 4.70% p.a. The table is based on an investment of $50,000 in a personal, non-compounding deposit with any payment frequency. Our Privacy Statementexplains how we use cookies. But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four. This was not included in the table since it is not available to new customers. NAB. Earn income regularly or compound it for faster growth, depending on your term. . We reserve the right to withdraw, amend or extend this offer at any time. Open a Term Deposit at any branch,or join us by opening a Choice everyday account online. These may change or we may introduce new ones in the future. By growing your savings, you can help save the lives of many across the country. Conditions, fees and charges apply and may change. for 12 months (interest paid at maturity) $0 Account keeping fee Interest paid on maturity Up to $5,000,000 can be invested Go to site More info Promoted MyState Bank Online Term Deposit Earn a fixed interest rate up to 4.5% p.a. These savings accounts need to be linked to an eligible transaction account. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate. Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to pause the cash rate at 3.60%. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac. James Eyers Senior Reporter. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Manage your Term Deposit online choosing to renew or withdraw. Source: Canstar, 02/05/2023. Rate will not be automatically applied to a renewing Term Deposit. Westpac Term PIE Fund A potentially better after-tax return for investors taxed at 30%, 33% or 39%, so it may grow your money faster. Another interest rate rise expected: what will it mean for you? We use cookies for security purposes, to improve your experience on our site and tailor content for you. In extreme scenarios it can contribute to a bank run. fixed rate Notice Deposit for terms of 12 to 23 months. You are able to quickly compare interest rates, lenders, products and terms. Use our term deposit calculator to see how much you can earn under different investment scenarios. Easy to set up and renew with Westpac One online banking. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. Look out for scam calls and messages claiming to be from Westpac. if bonus interest criteria are met, 4.25% p.a. Rate will not be automatically applied to a renewing Term Deposit. 1.75% p.a. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. For example, one-year fixed rate mortgages could be matched with one-year fixed rate funding (e.g. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. * *, 0.10% p.a. This information does not take your personal objectives, circumstances or needs into account. All investment balance ranges are $5,000 - $5,000,000 Australian dollars. Lending criteria apply to approval of credit products. A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. Any bonus rates offered above may only be available through Westpac Online Banking. What changes are coming to your superannuation? This information does not take your personal objectives, circumstances or needs into account. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. Learn more about scams. Find out more about the Westpac Term PIE Fund here. Term deposit - Interest paid at maturityFor terms less than six months, interest is paid in full at the end of the term. Bear in mind these rates may not be available to all applicants. . Bear in mind these rates may not be available to all applicants. for the first 5 months (new eSaver customers only), Total variable rate includes fixed introductory bonus of 3.15% p.a. Compare Savings Accounts & Term Deposits | Westpac