Westpac has two separate series of rates for term deposits. There’s the standard range, then the special offer products, which have higher rates. The special offer rates are available for existing personal or business banking customers who open term deposit accounts via the Westpac app or online. Customers also need to give at least 31 days' notice if they intend to withdraw their funds early.
These special offer term deposits can be for the following term lengths:
6 months
12-23 months
According to the Westpac website, these special offer rates will only be available for a limited time. Deposits can range from $5,000 to $5,000,000.
Westpac term deposit review
Terms and conditions
Standard term deposits at Westpac can range from $5,000-$2,000,000
The following term lengths and interest payments are available:
1 month
End of term
2 months
Monthly, end of term
3 months
Monthly, end of term
4 months
Monthly, end of term
5 months
Monthly, end of term
6 months
Monthly, end of term
7 months
Monthly, end of term
8 months
Monthly, end of term
9 months
Monthly, end of term
10 months
Monthly, end of term
11 months
Monthly, end of term
12-23 months
Monthly, yearly, end of term
24-35 months
Monthly, yearly, end of term
36-47 months
Monthly, yearly, end of term
48-59 months
Monthly, yearly, end of term
60 months
Monthly, yearly, end of term
Penalties for early withdrawal
Like most term deposit providers, Westpac penalises customers who withdraw money early with a reduction in interest payments, according to the following schedule
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