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Term Deposit

Term Deposit Fixed Rate Savings. After a fixed return on your investment? Open or renew a Term Deposit now online or in-branch.

Term depositsBank updated 21 Sept 2026
Product page ↗Fees and pricing ↗Terms ↗

At a glance

Best rate
5.20% for 12m
12 months
5.20%
Min deposit
$5,000

How it compares

This term deposit in ink, against the best that every other institution publishes for anyone to apply for. Each figure is counted the same way for all of them.

This term deposit: 3.25%Every other institution's highest, 54 in all

Best rate for 3 months. One dot per institution, at its highest 3-month term deposit rate anyone can apply for; hover or tap a dot for its name.

RateThis term depositBest anywhereTypical institutionWhere it sits
3-month term depositBest rate for 3 months3.25%5.30%Heartland Bank's Broker Term Deposit4.60%of 55 institutions51st highest of 55, level with one other
6-month term depositBest rate for 6 months3.40%5.47%Heartland Bank's Broker Term Deposit5.10%of 63 institutions59th highest of 63
12-month term depositBest rate for 12 months5.20%5.75%Suncorp Bank's Term Deposit5.30%of 65 institutions47th highest of 65, level with 5 others
5-year term depositBest rate for 5 years4.00%5.65%Judo Bank's Personal Term Deposits4.00%of 27 institutions14th highest of 27

Rates

Every rate Westpac publishes for this term deposit, 42 in all.

Its best rate at each term

  1. 1 mo1.40%
  2. 2 mo1.65%
  3. 3 motypical 4.60%3.25%
  4. 4 mo3.40%
  5. 5 mo3.45%
  6. 6 motypical 5.10%3.40%
  7. 7 mo3.55%
  8. 8 mo3.60%
  9. 9 mo3.65%
  10. 10 mo3.70%
  11. 11 mo3.75%
  12. 1 yrtypical 5.30%5.20%
  13. 23 mo4.75%
  14. 35 mo4.50%
  15. 47 mo4.00%
  16. 59 mo4.00%
  17. 5 yrstypical 4.00%4.00%
This term depositTypical institution's best for the term
TypeApplies toTermBandRateComparisonConditions
BonusAn additional online bonus rate will be added when you open or renew online. Applies across any rate and term, as well as on our special rate offer for terms mentioned above. Rate applies for a singl…---0.10%-paid at maturity; Online only
FixedInterest paid at maturity-1 mo-1.40%-paid at maturity; Min deposit amount
FixedInterest paid monthly-1 mo-1.40%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity-10 mo-3.70%-paid at maturity; Min deposit amount
FixedInterest paid monthly-10 mo-3.65%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity-11 mo-3.75%-paid at maturity; Min deposit amount
FixedInterest paid monthly-11 mo-3.70%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity-1 yr-4.75%-paid at maturity; Min deposit amount
FixedOffer available for a limited time only on Term Deposits opened or renewed by Westpac personal and business customers. Terms and conditions apply.-1 yr-5.20%-paid at maturity; Online only
FixedInterest paid monthly-1 yr-4.70%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-1 yr-4.70%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-2 mo-1.65%-paid at maturity; Min deposit amount
FixedInterest paid monthly-2 mo-1.60%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity (Annually)-23 mo-4.75%-paid at maturity; Min deposit amount
FixedInterest paid monthly-23 mo-4.70%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-23 mo-4.70%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-3 mo-3.25%-paid at maturity; Min deposit amount
FixedInterest paid monthly-3 mo-3.20%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity (Annually)-35 mo-4.50%-paid at maturity; Min deposit amount
FixedInterest paid monthly-35 mo-4.45%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-35 mo-4.45%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-4 mo-3.40%-paid at maturity; Min deposit amount
FixedInterest paid monthly-4 mo-3.35%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity (Annually)-47 mo-4.00%-paid at maturity; Min deposit amount
FixedInterest paid monthly-47 mo-3.95%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-47 mo-3.95%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-5 mo-3.45%-paid at maturity; Min deposit amount
FixedInterest paid monthly-5 mo-3.40%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity (Annually)-59 mo-4.00%-paid at maturity; Min deposit amount
FixedInterest paid monthly-59 mo-3.95%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-59 mo-3.95%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-6 mo-3.40%-paid at maturity; Min deposit amount
FixedInterest paid monthly-6 mo-3.35%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity (Annually)-5 yrs-4.00%-paid at maturity; Min deposit amount
FixedInterest paid monthly-5 yrs-3.95%-paid every 1 mo; Min deposit amount
FixedInterest paid half-yearly-5 yrs-3.95%-paid every 6 mo; Min deposit amount
FixedInterest paid at maturity-7 mo-3.55%-paid at maturity; Min deposit amount
FixedInterest paid monthly-7 mo-3.50%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity-8 mo-3.60%-paid at maturity; Min deposit amount
FixedInterest paid monthly-8 mo-3.55%-paid every 1 mo; Min deposit amount
FixedInterest paid at maturity-9 mo-3.65%-paid at maturity; Min deposit amount
FixedInterest paid monthly-9 mo-3.60%-paid every 1 mo; Min deposit amount

Fees

4 fees published, grouped by when they're charged.

When you make a transaction3

  • Bank cheque Online
    No fee
  • Bank cheque
    $10
  • Refunding a Bank cheque no longer required - original presented
    No fee

When particular things happen1

  • Refunding / Replacing a Bank cheque - original lost, stolen or destroyed
    No fee

Features

Digital bankingFraud protectionRelationship manager
  • Fixed return: With a fixed interest rate over a fixed term, you?ll know exactly how much you?re going to earn
  • Choice of terms: Pick a term from 1 month to 5 years, knowing your money will be invested securely.
  • Options at maturity: Choose whether to withdraw funds or reinvest, or set up instructions in advance.
  • On Term Deposits opened or renewed by a Westpac customer. T&Cs apply.
  • For deposits of $5,000 to $2,000,000 on terms of 12 months.
  • Personal Customers can open account either by Branch, Phone or Online.
  • Statements sent includes confirmation, maturity, renewal and repayment advices
  • For 12-month terms: interest can be paid monthly, half yearly or at maturity.
  • Add 0.10% p.a. online bonus rate to these rates if you?re already with Westpac and opening or renewing online
  • Online, Term Deposits can only be opened with a minimum term of one month, however once matured they can be renewed for terms ranging from 7 days to 5 years: if opened through a staff member, they ca…

Eligibility and limits

  • Residency: Those with an Australian residential address and who are currently in Australia.
  • Minimum balance $5,000
  • Personal customers of all ages. If the Account Holder is under 14, the account must be opened by an adult authorised signatory. Account Holders under 12 are not eligible for electronic access.
  • Online Application - To open a Term Deposit online, you need to be an Existing customer with a Westpac Choice account, Individual or sole trader.

Published by Westpac under the Consumer Data Right, last changed by them on 21 Sept 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.