Westpac term deposit special offer
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
|
Date of withdrawal |
Penalty |
|---|---|
|
Less than 7 days after the beginning of the term |
No interest is paid |
|
Less than 20% of the term has elapsed |
90% of the interest earned is subtracted |
|
Less than 40% of the term has elapsed |
80% of the interest earned is subtracted |
|
Less than 60% of the term has elapsed |
60% of the interest earned is subtracted |
|
Less than 80% of the term has elapsed |
40% of the interest earned is subtracted |
|
Less than 100% of the term has elapsed |
20% of the interest earned is subtracted |
