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. *We are Australias Biggest Financial Comparison Site. Consider its appropriateness to these factors before acting on it. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here. options. Save time and open a Term Deposit using Westpac One. Cards Access your money using a range of local Westpac Cards. Easy to set up and renew with Westpac One online banking. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Commercial and Private Bank customers will need to contact their Relationship Manager. So if you want more flexibility, you might want to consider a high-interest savings account instead. Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. Get a fixed return on your investment and make the most of our bonus interest rates. * The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Term PIE account, based on a PIR of 28% and an income tax rate of either 30%, 33% or 39%. We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. Heres what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. Lending criteria apply to approval of credit products. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. Full details are available on request. to 4.00% p.a. Personal Loans A quick, easy and affordable way of making your next purchase. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. 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. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. For Westpac issued products, conditions, fees and charges apply. Consider whether this general financial advice is right for your personal circumstances. Please refer to the product disclosure statement (PDS) and CanstarsFinancial Services and Credit Guide (FSCG)for more information, and read ourdetailed disclosure, important notes and liability disclaimer. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. National Australia Bank is the only major bank not to have lost market . Target Market Determinations for the products are available. All information about performance returns is historical. A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. 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. Bear in mind these rates may not be available to all applicants. You can also choose to have interest paid at maturity for longer terms. Higher or lower rates may apply for subsequent terms. Terms and conditions apply. 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? Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. 1.75% p.a. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Consider the product disclosure statement before making a purchase decision. For Westpac issued products, conditions, fees and charges apply. 4.25% p.a. Higher or lower rates may apply for subsequent terms. Want a more competitive rate? Using an interest rate of 4.5% p.a. Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.2. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. 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. For Westpac issued products, conditions, fees and charges apply. It will be applied on top of any other bonus rates you may be eligible for. No, it is only applied to Term Deposits opened or renewed online. This includes the Westpac Life total variable rate increasing to 2.6 per cent . You can find all of our latest term deposit rates here. *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. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. 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. Learn more about scams. Our Privacy Statementexplains how we use cookies. 4.25% p.a. This was not included in the table since it is not available to new customers. *, 0.10% p.a. You can also elect to have interest paid at maturity for terms six months or longer. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). 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. 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. T&Cs apply. Term Deposits Calculator 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. Rate applies for a single term. These may change or we may introduce new ones in the future. 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. Sponsorship or Promotion fees may be higher than referral fees. Interest may be paid at maturity, monthly, or annually. 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. Download the Westpac Term PIE Fund Term Sheet. When your investment matures, choose a new term or withdraw funds into your eligible everyday account. Changes come into effect on July 15, 2022. 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). Banking Loans Home Loans Car Loans Personal Loans Margin Loans Account & Transfers Savings Accounts Transaction Accounts Term Deposits We reserve the right to withdraw, amend or extend this offer at any time. Consider its appropriateness to these factors before acting on it. For Westpac issued products, conditions, fees and charges apply. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. Rate will not be automatically applied to a renewing Term Deposit. Sponsored or Promotion products are clearly disclosed as such on website pages. Our Privacy Statementexplains how we use cookies. Or open an everyday account then apply for a Term Deposit online. You can also see how Westpac term deposits compare with other options. 437917. Do it all in Online Banking or the Westpac App if youre eligible, without having to visit a branch. 1. Please see the Term Deposit Term Sheet for further information. 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. 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. CBA, NAB, ANZ & Westpac term deposit rates. *, 0.10% p.a. Interest rates are % per annum. 1. if you open your term deposit, or renew it for another term, online. Looking for a better savings account rate? Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Add0.10% p.a. . This is in addition to a current 12-month Term Deposit offer of up to 4.10% p.a. available for Westpac customers that open or renew online. National Australia Bank, ANZ and Westpac are predicted to report the staggering profits in interim cash earnings, a jump of 27 per cent compared to the previous half of the year and a 20 per cent . However, early termination or break fees may apply. Rates for popular online Term Deposits Add 0.10% p.a. These may change or we may introduce new ones in the future. This advice is general and has not taken into account your objectives, financial situation, or needs. . If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. 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 . You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to. Not available for customers who are not able to open or renew digitally (e.g. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. 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. You can view our CDR policy by clicking on this link. Add 0.10% p.a. 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. 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. Rate will not be automatically applied to a renewing Term Deposit. Keep your account balance above $0 at all times. Rate applies for a single term. Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to, With few savings rate movements following the April Board meeting (apart from AMP Bank increasing its. * 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. Check for additional bonus rates when you sign in. 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. That opens up a rather sharp difference that is not being driven by wholesale rates - yet, anyway. Pay off HECS/HELP debt before indexation? 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. Look out for scam calls and messages claiming to be from Westpac. Lending criteria apply to approval of credit products. Research provided by Canstar Research AFSL and Australian Credit Licence No. All If you want to calculate repayment changes for interest-only repayments, please use our home loan repayment calculator. Rate applies for a single term. Consider its appropriateness to these factors before acting on it. Split-month rates may be available in-branch and if renewing a deposit online. ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. When the term is over you can withdraw your money, or invest some or all of it for another term. It was first established in 1817 as the Bank of New South Wales. 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. 6 months 2.55% p.a. The banks that increased term deposit rates this week, The banks that moved term deposit rates this week. 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). online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. On Demand variable rate for all deposits: 0.05%. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. The changes will come into effect on 10 June 2022. to these rates if you're already with Westpac and opening or renewing online. Main image source: robuart/Shutterstock.com. These savings accounts need to be linked to an eligible transaction account. Rate applies for a single term. The 0.10% p.a. The . You could earn up to 4.70% p.a. Interest rate adjustment may apply if funds are withdrawn before maturity. And five year rates are 50 basis points lower. Source: Canstar, 02/05/2023. This means the investment return over time is harder to predict. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. Please open inbranch. 4.25% p.a. 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). In extreme scenarios it can contribute to a bank run. Which banks moved term deposit rates this week? Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. How will the online bonus rate be displayed? CommBank will also "extend the availability" of its 18-month term deposit special offer of 2.25%. 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). Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. 1. Full details are available on request. Copyright 2023 CANSTAR Pty Limited AR 443019, CBA, NAB, ANZ & Westpac term deposit rates. It is also passing on the rate hike to bonus interest account Progress Saver and ANZ Plus in full. Apply in branch. Compare Term Deposit Rates Big 4 Banks - CBA, NAB, ANZ & Westpac Considering taking out a term deposit? Notice Saver Not available for Financial Institutions or Westpac Institutional Bank customers. Which banks are increasing savings rates following the RBAs May decision? For rates applicable to amounts in excess of $5,000,000, please contact us. The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. Bear in mind these rates may not be available to all applicants. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. This information does not take your personal objectives, circumstances or needs into account. $5,000 min Interest at maturity, monthly or compounding 8 months 5.40 % p.a. See all rates & terms 6 months 5.30 % p.a. If you apply in Online Banking, you may also be eligible for multiple bonus rates. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. 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. Look out for scam calls and messages claiming to be from Westpac. This "big four" bank does not charge any set up or monthly service fees. The market leaders ANZ, CommBank, Westpac, NAB The best of the rest. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. Further terms and conditions may apply, so make sure to check with the individual bank for more information. You can generally get a higher interest rate if you invest for longer. Its now one of the big four banks in Australia, with almost 14 million customers, 1,200+ branches, 39,000 staff and 3,000+ ATMs. This article was reviewed by our Deputy Editor, Canstar Thinking about taking out a term deposit with Westpac? Full details are available on request. See Online bonus rate T&Cs for other exceptions. Higher or lower rates may apply for subsequent terms. Minimum deposit of $5,000 Short to medium terms available All investment balance ranges are $5,000 - $5,000,000 Australian dollars. 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). This information does not take your personal objectives, circumstances or needs into account. Learn more about scams. Any bonus rates offered above may only be available through Westpac Online Banking. . before it was updated, as part of our Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Westpac Banking Corporation ABN 33 007 457 141, incorporated in NSW Australia. Higher or lower rates may apply for subsequent terms. You may need financial advice from a qualified adviser. Compare Savings Accounts & Term Deposits | Westpac Personal Bank accounts Savings Compare Savings Accounts & Term Deposits What type of account are you looking for? NAB. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. Rates are not available to financial institutions. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. This advice is general and has not taken into account your objectives, financial situation or needs. These may change or we may introduce new ones in the future. 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? Rates are not available to Financial Institutions. For investments of less than six months, interest is paid in full at the end of the term. ANZ ANZ was the second of the big four banks to pass on the rate rise, lifting its variable interest rates by 0.5 per cent and offering a term-deposit rate of 2.5 per cent for 11 months from July 11. Any bonus rates offered above may only be available through Westpac Online Banking. But unlike term deposits, youll need to meet conditions and the rate could change at any time, based on market conditions. 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. 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. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Includes all payment frequencies. Check rates and bonuses for new Term Deposits online. May 1, 2023 - 5.44pm. Lending criteria apply to approval of credit products. 4 3 months 2.00% p.a. Learn more about scams. Whats the difference between a term deposit account and a savings account? 2.25% p.a. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Rates updated 14 hour (s) ago Deposit term How did the major banks react to Mays cash rate increase? Conditions, fees and charges apply and may change. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. deposit outflows. Consider its appropriateness to these factors before acting on it. Westpac is not only the oldest bank in Australia, but it's also the countrys oldest company. Popular Business Term Deposit rates Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity.
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