T&Cs apply. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. At a glance, compare variable and fixed interest rates to help you decide what type of savings account works best for your needs. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. Consider its appropriateness to these factors before acting on it. Thinking about taking out a term deposit with Westpac? Home Loans Finance via secured loans available to purchase your next home or invest in property. CommBank will also "extend the availability" of its 18-month term deposit special offer of 2.25%. *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. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. Commercial and Private Bank customers will need to contact their Relationship Manager. Source: Canstar, 02/05/2023. Consider whether this general financial advice is right for your personal circumstances. Considering a term deposit? Changes come into effect on July 15, 2022. Full details are available on request. Can I have the online bonus rate applied in branch or over the phone? A simple, fee-free way to invest $5,000 or more. Consider its appropriateness to these factors before acting on it. Not available for customers who are not able to open or renew digitally (e.g. Earn income regularly or compound it for faster growth, depending on your term. Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity. Not available for customers who are not able to open or renew digitally (e.g. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. This offer is available via Online Banking (for existing customers) or by talking to us. Check rates and bonuses for new Term Deposits online. Try our Term Deposits comparison tool to instantly compare Canstar expert rated The bonus rate will be applied in conjunction with any other bonus rate that may apply. to these rates if you're already with Westpac and you open or renew online #. Westpac offers term deposits with terms of 1 month to 5 years. Look out for scam calls and messages claiming to be from Westpac. We reserve the right to withdraw, amend or extend this offer at any time. Westpac term deposits rates are one of the most competitive interests offered in NZ, making them the best option in expanding your savings. 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). Can I have the online bonus rate applied in branch or over the phone? Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac Home Compare Term Deposits Big 4 Term Deposits Compare Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac Looking to compare term deposits from the big four banks? You can generally get a higher interest rate if you invest for longer. on 02 May 2023. Further terms and conditions may apply, so make sure to check with the individual bank for more information. Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. Minimum deposit of $5,000 Short to medium terms available 2. CBA alone forecasts a final 0.25% boost in May before the RBA leaves it steady until 2024. 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. The 0.10% p.a. RBA pushes ignition on another cash rate increase, lifting to 3.85% in May, Home loan rate changes after RBA's 0.25% rise: May 2023, House prices rise nationally for the second month in a row, Are hybrids dead? Cards Access your money using a range of local Westpac Cards. Speak to one of our friendly specialists who can help. The highest rates may be special offers available for a limited time, and with other specific criteria applying, so check with the provider for more information. Any bonus rates offered above may only be available through Westpac Online Banking. Data may not be available for some products. Westpac. Another interest rate rise expected: what will it mean for you? Copyright 2023 CANSTAR Pty Limited AR 443019, CBA, NAB, ANZ & Westpac term deposit rates. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. ING. The 0.10% p.a. 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. When the term is over you can withdraw your money, or invest some or all of it for another term. Minimum $5,000 deposit. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Target Market Determinations for the products are available. Personal Loans A quick, easy and affordable way of making your next purchase. You can also choose to have interest paid at maturity for longer terms. The banks that increased term deposit rates this week, The banks that moved term deposit rates this week. *We are Australias Biggest Financial Comparison Site. Check out the current rates on offer from ANZ, Commonwealth Bank, NAB and Westpac. Use our term deposit calculator to see how much you can earn under different investment scenarios. 4 3 months 2.00% p.a. Higher or lower rates may apply for subsequent terms. 1. Term deposit - Regular incomeFor terms of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. to these rates if you're already with Westpac and opening or renewing online. Take out an 8 month Term Deposit and we will donate $10^ to the Chopper Appeal. Open account Call 1300 889 635 BT Invest has a range of term deposits offering a variety of terms and interest payment frequencies to meet your needs. Term Deposits that cannot be managed online are not eligible for the online bonus rate. Rate applies for a single term. Full details are available on request. if you're an existing customer and an additional bonus rate of 0.10% p.a. This information does not take your personal objectives, circumstances or needs into account. Our Privacy Statementexplains how we use cookies. The . Investments made in the Westpac Term PIE Fund (the "Fund") do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited ("Westpac NZ") or other members of the Westpac group of companies. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Read the Comparison Rate Warning. Westpac Banking Corporation ABN 33 007 457 141, incorporated in NSW Australia. Lending criteria apply to approval of credit products. Access and manage your money with a range of day-to-day accounts, savings accounts and term deposits. For investments of 12 months or more, you may be able to take out up to 20% of the amount you've invested (excluding any compounding returns), without loss of accrued interest. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. On Demand variable rate for all deposits: 0.05%. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. Or open an everyday account then apply for a Term Deposit online. 437917. $5,000 min Interest at maturity, monthly or compounding 8 months 5.40 % p.a. An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App. Or open an everyday account then apply for a Term Deposit online. 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. Rates changes from the past seven days will be highlighted in green or red. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. Further terms and conditions may apply, so make sure to check with the individual bank for more information. Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand. The market leaders ANZ, CommBank, Westpac, NAB The best of the rest. Terms and conditions apply. 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. for new customers for the first five months. Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. . Either way, the Big Four banks agree . * Fixed interest rates to maximise your savings. Lending criteria apply to approval of credit products. Bear in mind these rates may not be available to all applicants. 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. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited and a copy of the term sheetfor Westpac Term Deposits from any Westpac branch in New Zealand free of charge. Any bonus rates offered above may only be available through Westpac Online Banking. If you want to calculate repayment changes for interest-only repayments, please use our home loan repayment calculator. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; . Westpac Term PIE Fund - Returns paid at maturityFor terms less than six months, returns are paid in full at the end of the term. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Any bonus rates offered above may only be available through Westpac Online Banking. Commercial and Private Bank customers will need to contact their Relationship Manager. to 4.00% p.a. We reserve the right to withdraw, amend or extend this offer at any time. What if I cannot manage my Term Deposit online? We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. Look out for scam calls and messages claiming to be from Westpac. Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. We use cookies for security purposes, to improve your experience on our site and tailor content for you. This article was reviewed by our Deputy Editor, Canstar T&Cs apply. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. Download the Westpac Term PIE Fund Term Sheet. Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. 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. A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. A term deposit is a cash investment held at a financial institution (e.g. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Our Privacy Statementexplains how we use cookies. Not available for customers who are not able to open or renew digitally (e.g. Our Privacy Statementexplains how we use cookies. Term Deposit Invest $5,000 or more for a fixed term, from 30 days to 5 years and earn a fixed interest rate. This information does not take your personal objectives, circumstances or needs into account. For example, money deposited into banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) is protected by a federal government guarantee of up to $250,000 per account-holder, per ADI. For more information please see How We Get Paid. 6 months 2.55% p.a. Times when a term deposit could be useful, 4.25% p.a. Notyet a Westpac customer? Conditions, fees and charges apply and may change. 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). An On Demand interest rate applies during the 6-business day Variation Period following the maturity of a Term Deposit, if no instructions for renewal or account closure have been received. How will the online bonus rate be displayed? *, 0.10% p.a. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. for the first 5 months for new eSaver customers, Ensure your account balance is higher at the end of the month than the beginning, and. Term Deposits that cannot be managed online are not eligible for the online bonus rate. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Figures from RateCity released on Friday show Judo Bank pays the highest 1-year term deposit rate of 2.7 per cent, and the highest 2-year term deposit rate of 3.5 per cent. "We will again increase the rate on our ANZ plus save account, taking it to 4.25 per cent pa, and introduce a new 12-month advance notice term deposit rate of 4.40 per cent pa." READ MORE: High . For Westpac issued products, conditions, fees and charges apply. Higher or lower rates may apply for subsequent terms. Rates and product information should be confirmed with the relevant financial institution. We use cookies for security purposes, to improve your experience on our site and tailor content for you. ^Interest rate current as at 14 April, and subject to change without notice. This is indicated in the tables by a not showing an interest rate for that product during the relevant term. Easy to set up and renew with Westpac One online banking. 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. Consider its appropriateness to these factors before acting on it. Westpac Term PIE Fund - Compounding & regular returnFor terms six months or longer, you can choose to have returns paid every three months. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. term deposit for 5 months. Split-month rates may be available in-branch and if renewing a deposit online. 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. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Canstar provides an information service. Find out more about the Westpac Term PIE Fund here. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. $5,000 min Interest at maturity, monthly or compounding Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. You could earn up to 4.70% p.a. Heres what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. Consider the product disclosure statement before making a purchase decision. Not available for Financial Institutions or Westpac Institutional Bank customers. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You could earn up to 4.35% p.a. A simple way to invest for a fixed timeframe. 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. These may change or we may introduce new ones in the future. You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to. For Westpac issued products, conditions, fees and charges apply. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Deposits up to $250,000 are guaranteed by the Australian government. Choose a new term for all or some of your funds, or withdraw funds into your eligible everyday account. . If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. This material is provided for information purposes only and is not a recommendation or opinion in relation to any Term Deposits. However, early termination or break fees may apply. for the first 5 months (new eSaver customers only), Total variable rate includes fixed introductory bonus of 3.15% p.a. T&Cs apply. Sponsorship or Promotion fees may be higher than referral fees. These may change or we may introduce new ones in the future. Bear in mind rates may be subject to change. 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 New Zealand Limited. Learn whats different about these savings accounts and see whats best for your needs. *, 0.10% p.a. p.a. Both additional bonuses can be claimed . For more information, read ourdetailed disclosure,important notes and liability disclaimer. Get a fixed return on your investment and make the most of our bonus interest rates. What are deeming rates and what are the current rates? 1. Weve listed rates for terms between six months and five years. You can also elect to have returns paid at maturity for terms six months or longer. Does the online bonus rate apply to special offers? Check out the highest term deposit rates from all providers on our database, not just the big four. online bonus rate for existing Westpac customers that open or renew online1. 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. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Rate will not be automatically applied to a renewing Term Deposit. You could earn up to 4.70% p.a. Pay off HECS/HELP debt before indexation? Pick a term from 1 month to 5 years, knowing your money will be invested securely. Lending criteria apply to approval of credit products. RateCity research director Sally Tindall said although Westpac has put a 2.25 per cent 12-month term deposit on the table, "it is hugely disappointing to see the bank has not passed anything onto . 1.75% p.a. For more information, read Canstars Financial Services and Credit Guide (FSCG) and our detailed disclosure. See all rates & terms 6 months 5.30 % p.a. Full details are available on request. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. How will the online bonus rate be displayed? Know how you can make your money grow by inquiring with Westpac term deposit. Bonus interest is payable each month that you: For bonus interest rate qualification, a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month. Performance Drive. May 1, 2023 - 5.44pm. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Special rates not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. Rates for popular online Term Deposits Add 0.10% p.a. It was first established in 1817 as the Bank of New South Wales. No, it is only applied to Term Deposits opened or renewed online. Higher or lower rates may apply for subsequent terms. 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. term deposits), so that . Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Meanwhile, the best in the market averages 2.17 per cent, with a top offer of 3.3 per cent. Check rates and bonuses for new Term Deposits online. It will be automatically added to your original investment, so your investment grows quickly. Apply in branch. Popular Business Term Deposit rates Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity. If youre 18+ and already bank online with us, you can sign into your account, check for bonus rates, and open a TermDeposit in your name or renew one. That opens up a rather sharp difference that is not being driven by wholesale rates - yet, anyway. Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. Check rates and bonuses for new Term Deposits online. This means the investment return over time is harder to predict. By Hanan Dervisevic. According to Westpac - the country's second-largest bank - a staggering $257 billion, or just over 60 of its Australian deposits, now earn an interest rate of 25 basis points or less. 2.25% p.a. ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. Research provided by Canstar Research AFSL and Australian Credit Licence No. The best savings rates currently are around 4% to 5% p.a. . If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. If youre already with Westpac, see our special offer for eligible deposits. fixed rate Notice Deposit for terms of 12 to 23 months. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. And five year rates are 50 basis points lower. This offer is available via Online Banking (for existing customers) or by talking to us. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. CBA, NAB, ANZ & Westpac term deposit rates. Choose whether to withdraw funds or reinvest, or set up instructions in advance. *** Individuals with taxable income of $70,001 to $180,000. Donations capped at $30,000 nationwide. Open a Term Deposit at any branch, give us a call, or join us by opening a Choice everyday account online. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Save time and open a Term Deposit using Westpac One. It is not personal advice. Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. 4.25% p.a. The National Housing Finance and Investment . 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. 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. So if you want more flexibility, you might want to consider a high-interest savings account instead. For Westpac issued products, conditions, fees and charges apply. Using an interest rate of 4.5% p.a. - Your remaining balance does not drop below the minimum investment amount ($5000), - You use the early access option only once during the terms of your investment. Find out more See our Early Withdrawal Policy for more details. Compare Savings Accounts & Term Deposits | Westpac Personal Bank accounts Savings Compare Savings Accounts & Term Deposits What type of account are you looking for? Higher or lower rates may apply for subsequent terms. Click here to learn more. We use cookies for security purposes, to improve your experience on our site and tailor content for you. You can find all of our latest term deposit rates here. * For home loan customers: some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. 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). You are able to quickly compare interest rates, lenders, products and terms. This includes the Westpac Life total variable rate increasing to 2.6 per cent . It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. After that, you can only withdraw all or part of your money from your Term Deposit if we agree, A reduced interest rate is likely to apply to early withdrawals and we will apply our. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. Manage your Term Deposit online choosing to renew or withdraw. The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. Our Privacy Statementexplains how we use cookies. Consider the product disclosure statement before making a purchase decision. 4.25% p.a. All information about performance returns is historical. Interest rate adjustment may apply if funds are withdrawn before maturity. Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. This information does not take your personal objectives, circumstances or needs into account. 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). James Eyers Senior Reporter. ** Individuals with taxable income of $48,001 to $70,000. For Westpac issued products, conditions, fees and charges apply. Interest rates are % per annum. Add 0.10% p.a. Early termination fee applies if the Term Deposit is ended before the full term. 1 Please refer to the provider for more information. You can also see how Westpac term deposits compare with other options. 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. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. Just make 3 purchases in the 1st 30 days. You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to. Main image source: robuart/Shutterstock.com. online bonus rate for existing Westpac customers that open or renew online1. Target Market Determinations for the products are available. Input the current interest rate of an . 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. special. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Rate applies for a single term. 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).