Choose a new term for all or some of your funds, or withdraw funds into your eligible everyday account. The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. Minimum deposit of $5,000 Short to medium terms available They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Can I have the online bonus rate applied in branch or over the phone? Karen is a Content Producer at Canstar, working to help the company produce informative yet easy-to-digest financial content for Australian consumers. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. Term Deposit - Westpac The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Input the current interest rate of an . For investments of less than six months, interest is paid in full at the end of the term. . Westpac eSaver total variable rate will increase by 0.25% p.a. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Choose whether to withdraw funds or reinvest, or set up instructions in advance. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Click here to learn more. Whats the difference between a term deposit account and a savings account? A quick look at Canstar data shows that while the big four are offering a maximum term deposit rate of 2.5 per cent over 12 months, they are averaging only 1.73 per cent. Has my bank increased interest rates yet? - ABC *** Individuals with taxable income of $70,001 to $180,000. Mixed in with ANZ's floating mortgage rate & term deposit rate hikes The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. Main image source: robuart/Shutterstock.com. Terms and conditions apply. 1. You have seven working days as a cooling off period after you take out your Term Deposit, in case you change your mind (even if you haven't yet invested any money). With a term deposit, the rate is fixed for the set term of the investment, and so the investment outcome is typically highly predictable. 1 Look out for scam calls and messages claiming to be from Westpac. Historical Term Deposit Interest Rates in Australia | Finder We use cookies for security purposes, to improve your experience on our site and tailor content for you. You may need financial advice from a suitably qualified adviser. This was not included in the table since it is not available to new customers. Data may not be available for some products. Victorian Government announces second round of $250 energy payments, Aussies look to no interest loans to ease back-to-school costs, Home loan volumes back to pre-pandemic levels, More than a quarter of Australian businesses continue to report job vacancies, Jobseekers urged to watch for scammers in 2023, HECS/HELP debt to be indexed at 7.1% from 1 June. CBA, Westpac, NAB and ANZ: Savings changes after June cash rate hike Find the best term deposit interest rates online with our rates table We use cookies for security purposes, to improve your experience on our site and tailor content for you. Includes all payment frequencies. Rate will not be automatically applied to a renewing Term Deposit. $5,000 min Interest at maturity, monthly or compounding 12 months 5.70 % p.a. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. Westpac Term PIE Fund - Returns paid at maturityFor terms less than six months, returns are paid in full at the end of the term. A Term Deposit account needs to be linked to an eligible transaction account. The bonus rate will be applied in conjunction with any other bonus rate that may apply. You can get more information and free copies of the Disclosure Statement for Westpac NZ and the term sheet for the Fund from any Westpac branch or online. A Flourish table Why are the big banks lagging? You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. The changes will come into effect on 10 June 2022. Using an interest rate of 4.5% p.a. Term Deposit Calculator | Westpac 0.30% p.a. *Westpac has a 4.25% limited time offer rate for 12-23 month term deposit for existing customers, with an additional 0.10% for existingcustomers that open or renew online. Cards Access your money using a range of local Westpac Cards. 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. if you're an existing customer and an additional bonus rate of 0.10% p.a. Open a Term Deposit at any branch,or join us by opening a Choice everyday account online. Personal Loans A quick, easy and affordable way of making your next purchase. Westpac Bonus Saver - base rate : $1-----Westpac Bonus Saver - Potential Rate : $1-----Return to top Savings . The rate is applied from maturity up to the day when instructions are received; and after 6 days without instructions the deposit will be reinvested for the same term as previously, but at the fixed interest rate in place at the time. Notyet a Westpac customer? All savings accounts Short term savings Longer term savings Kids and under 18s Easy access Select up to 3 accounts ( 0/3) Compare details Aged 18-29? See Online bonus rate T&Cs for other exceptions. 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. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. Rates are not available to financial institutions. What are deeming rates and what are the current rates? This material is provided for information purposes only and is not a recommendation or opinion in relation to any PIE funds managed by BT Funds Management (NZ) Limited. How did the major banks react to Mays cash rate increase? Rates and product information should be confirmed with the relevant financial institution. Check for additional bonus rates when you sign in. Source: Canstar, 02/05/2023. The market leaders ANZ, CommBank, Westpac, NAB The best of the rest. Why savers are turning their backs on term deposits Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. That opens up a rather sharp difference that is not being driven by wholesale rates - yet, anyway. Karen has a background in allied health, having completed a Bachelor of Podiatry from the Queensland University of Technology, and is currently completing the University of Queenslands Writing, Editing and Publishing program. 5 years. The best savings rates currently are around 4% to 5% p.a. fixed rate Notice Deposit for terms of 12 to 23 months. Performance Drive. Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. Higher or lower rates may apply for subsequent terms. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Lending criteria apply to approval of credit products. Or open an everyday account then apply for a Term Deposit online. Term deposit providers. 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). Source: Canstar, 02/05/2023. $5,000 min Interest at maturity, monthly or compounding You might be tempted to go with one of the big four banks because of name recognition or because you already have another product with them. for the first 5 months (new eSaver customers only), Total variable rate includes fixed introductory bonus of 3.15% p.a. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. Westpac Term PIE Fund - Monthly incomeFor terms of six months or longer you can choose to have returns paid monthly into your nominated bank account. Want a more competitive rate? When comparing term deposits, you may want to consider factors such as: Make sure you carefully read the terms and conditions, as well as the target market determination (TMD) and any other documentation the institution provides to you. If youre already with Westpac, see our special offer for eligible deposits. Consider the product disclosure statement before making a purchase decision. If you decide to take out your money early, you may be charged a penalty fee or earn a reduced rate of interest. Bachelor of Podiatry from the Queensland University of Technology, University of Queenslands Writing, Editing and Publishing, Canstars Financial Services and Credit Guide (FSCG), Financial Services and Credit Guide (FSCG). if you open your term deposit, or renew it for another term, online. The . Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. For more information, read ourdetailed disclosure,important notes and liability disclaimer. All Interest Rates for Westpac - depositrates.co.nz NAB and Westpac claim the RBA is done for this tightening cycle, posting a 3.60% cash rate until rates drop in 2024, while ANZ maintains the May meeting is "live", meaning it could go either way (hike or no hike). Check rates and bonuses for new Term Deposits online. online bonus rate for existing Westpac customers that open or renew online1. available for Westpac customers that open or renew online. For Westpac issued products, conditions, fees and charges apply. Compare Term Deposit Rates Big 4 Banks - CBA, NAB, ANZ & Westpac - Canstar Please see the Term Deposit Term Sheet for further information. Alternatively, returns can be compounded (added automatically to your original investment) which allows you to earn 'returns on your returns', meaning your investment grows at a faster rate than if returns were paid out during the course of the investment or paid in full at maturity. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. It will be applied on top of any other bonus rates you may be eligible for. These may change or we may introduce new ones in the future. Rates changes from the past seven days will be highlighted in green or red. Bear in mind these rates may not be available to all applicants. Look out for scam calls and messages claiming to be from Westpac. Commercial and Private Bank customers will need to contact their Relationship Manager. Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.2. If you apply in Online Banking, you may also be eligible for multiple bonus rates. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Sponsorship or Promotion fees may be higher than referral fees. Term deposit - Interest paid at maturityFor terms less than six months, interest is paid in full at the end of the term. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. * Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Rate applies for a single term. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar.