If youre already with Westpac, see our special offer for eligible deposits. 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). 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. ), savers are anticipating boosts this month. Will the RBA hike the cash rate in May 2023? CBA, ANZ, NAB, and Westpac Term Deposits Calculator Term deposits earn a fixed interest rate for a fixed period of time - from 30 days to five years. Notyet a Westpac customer? Westpac offers term deposits with terms of 1 month to 5 years. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. See all rates & terms 6 months 5.30 % p.a. 1. fixed rate Term Deposit for terms of 12 to 23 months, Offer available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. Look out for scam calls and messages claiming to be from Westpac. Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. All Interest Rates for Westpac - depositrates.co.nz Interest Rates for Westpac Visit Westpac Website Choose lender (s): Hold down Ctrl key to select multiple providers. When you open a Westpac Term Deposit, your money will be looked after by Australias oldest bank. . variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Earn income regularly or compound it for faster growth, depending on your term. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. Westpac. You can generally get a higher interest rate if you invest for longer. available for Westpac customers that open or renew 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. We reserve the right to withdraw, amend or extend this offer at any time. Check out our Term Deposit special offer rate. Westpac offers customers term deposit accounts, as well as home loans, credit cards, personal loans, card loans and much more. 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? 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. Know how you can make your money grow by inquiring with Westpac term deposit. Either way, the Big Four banks agree . Compare Savings Accounts & Term Deposits | Westpac Personal Bank accounts Savings Compare Savings Accounts & Term Deposits What type of account are you looking for? 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. Look out for scam calls and messages claiming to be from Westpac. Notyet a Westpac customer? Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. Our Privacy Statementexplains how we use cookies. Interest rate adjustment may apply if funds are withdrawn before maturity. Which banks are increasing savings rates following the RBAs May decision? Check rates and bonuses for new Term Deposits online. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Term Deposit - Westpac Interest rate changes for Westpac customers | Westpac For rates applicable to amounts in excess of $5,000,000, please contact us. - The partial withdrawal is not linked to another early withdrawal. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. For Westpac issued products, conditions, fees and charges apply. Fact Checked. Choose whether to withdraw funds or reinvest, or set up instructions in advance. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. Look out for scam calls and messages claiming to be from Westpac. 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. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. Macquarie household deposits surge as major banks jockey for savings. At the end of the term, you can either roll over your money into a new term deposit (which could have a lower interest rate) or you can withdraw some or all of it. The above rates are not available to financial institutions. 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. For example, one-year fixed rate mortgages could be matched with one-year fixed rate funding (e.g. Learn more about scams. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. 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. We use cookies for security purposes, to improve your experience on our site and tailor content for you. 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. to these rates if you're already with Westpac and opening or renewing online. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Our Privacy Statementexplains how we use cookies. 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. Interest may be paid at maturity, monthly, or annually. When your investment matures, choose a new term or withdraw funds into your eligible everyday account. - 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. This information does not take your personal objectives, circumstances or needs into account. Karen is a Content Producer at Canstar, working to help the company produce informative yet easy-to-digest financial content for Australian consumers. James Eyers Senior Reporter. Macquarie household deposits surge as major banks jockey for savings Using an interest rate of 4.5% p.a. It will be applied on top of any other bonus rates you may be eligible for. Full details are available on request. Commercial and Private Bank customers will need to contact their Relationship Manager. 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. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. for new customers for the first five months. 6 months 2.55% p.a. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Electric vehicle sales outpace the old breed, How NSW motorists can claim the $750 toll rebate scheme, Car sales reach four-year high despite supply chain hurdles, SMSF voluntary contributions fall $23 billion over five years, Superhero expands superannuation investment options available to members. Term Deposit. Open a Term Deposit at any branch, give us a call, or join us by opening a Choice everyday account online. 'Prudent': How NZ banks are managing interest rate risk Westpac Bonus Saver - base rate : $1-----Westpac Bonus Saver - Potential Rate : $1-----Return to top Savings . Includes all payment frequencies. Westpac Banking Corporation ABN 33 007 457 141, incorporated in NSW Australia. for the first 5 months (new eSaver customers only), Total variable rate includes fixed introductory bonus of 3.15% p.a. Compare Australian Term Deposit Rates - Westpac This offer is available via Online Banking (for existing customers) or by talking to us. Westpac Term Deposit NZ - Calculator, Interest Rates - Glimp Easy to set up and renew with Westpac One online banking. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. Our best term deposit rates | Open online | Westpac - Compare Westpac Get a fixed return on your investment and make the most of our bonus interest rates. Input the current interest rate of an . Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Term investment rates. Easily view and manage your investment in Online Banking and the Westpac App. Pay off HECS/HELP debt before indexation? Use our term deposit calculator to see how much you can earn under different investment scenarios. However, early termination or break fees may apply. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. 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. 12 months 3.85% p.a. This was not included in the table since it is not available to new customers. Changes come into effect on July 15, 2022. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. It will be automatically added to your original investment, so your investment grows quickly. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Our Privacy Statementexplains how we use cookies. Term Deposit Calculator | Westpac to 4.00% p.a. before it was updated, as part of our Savings interest calculator: How much interest will you earn? Bonus rates: Add 0.10% p.a. 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). Manage your Term Deposit online choosing to renew or withdraw. Just make 3 purchases in the 1st 30 days. 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. Term deposit - Interest paid at maturityFor terms less than six months, interest is paid in full at the end of the term. For investments of six months or longer, interest can be compounded quarterly. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Banking Loans Home Loans Car Loans Personal Loans Margin Loans Account & Transfers Savings Accounts Transaction Accounts Term Deposits Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.2. Rate applies for a single term. Any bonus rates offered above may only be available through Westpac Online Banking. Rate applies for a single term. online bonus rate for existing Westpac customers that open or renew online1. What are your latest term deposit rates? - Help | Westpac NZ 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. For Westpac issued products, conditions, fees and charges apply. This means the investment return over time is harder to predict. 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. ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a.