The changes will come into effect on 10 June 2022. Open a Term Deposit at any branch,or join us by opening a Choice everyday account online. Personal Loans A quick, easy and affordable way of making your next purchase. How did the major banks react to Mays cash rate increase? CBA, NAB, ANZ & Westpac term deposit rates. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Interest rate adjustment may apply if funds are withdrawn before maturity. 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. Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. T&Cs apply. 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. No, it is only applied to Term Deposits opened or renewed online. 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. For more information, read Canstars Financial Services and Credit Guide (FSCG) and our detailed disclosure. for 12 months (interest paid at maturity) $0 Account keeping fee Interest paid on maturity Up to $5,000,000 can be invested Go to site More info Promoted MyState Bank Online Term Deposit Earn a fixed interest rate up to 4.5% p.a. * 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%. 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. Westpac is not only the oldest bank in Australia, but it's also the countrys oldest company. . The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. Term Deposits Interest Rates With this interest rates table, you can use the arrows to sort by various options such as interest rate, provider, amount and rating. 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. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Term Deposit. This "big four" bank does not charge any set up or monthly service fees. 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. Not available for customers who are not able to open or renew digitally (e.g. For investments of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. Rate will not be automatically applied to a renewing Term Deposit. Another interest rate rise expected: what will it mean for you? Its subsidiaries include St. George Bank, Bank of Melbourne and BankSA. Term Deposit Invest $5,000 or more for a fixed term, from 30 days to 5 years and earn a fixed interest rate. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Compare Savings Accounts & Term Deposits | Westpac Personal Bank accounts Savings Compare Savings Accounts & Term Deposits What type of account are you looking for? Please refer to the provider for more information. You can also elect to have interest paid at maturity for terms six months or longer. RBA pushes ignition on another cash rate increase, lifting to 3.85% in May, Home loan rate changes after RBA's 0.25% rise: May 2023, House prices rise nationally for the second month in a row, Are hybrids dead? Performance Drive. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). 2.25% p.a. You can find all ofour latest term deposit rates here. Check rates and bonuses for new Term Deposits online. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. Source: Canstar, 02/05/2023. 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. But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four. - 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. We use cookies for security purposes, to improve your experience on our site and tailor content for you. This information does not take your personal objectives, circumstances or needs into account. Add 0.10% p.a. Our Privacy Statementexplains how we use cookies. Fixed interest rates to maximise your savings. You can generally get a higher interest rate if you invest for longer. Westpac eSaver total variable rate will increase by 0.25% p.a. At a glance, compare variable and fixed interest rates to help you decide what type of savings account works best for your needs. Home Loans Finance via secured loans available to purchase your next home or invest in property. Range available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. This is indicated in the tables by a not showing an interest rate for that product during the relevant term. * Term deposit & PIE investment rates. Higher or lower rates may apply for subsequent terms. The bonus rate will be applied in conjunction with any other bonus rate that may apply. 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. Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. Consider its appropriateness to these factors before acting on it. T&Cs apply. *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. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). 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. Rates are not available to financial institutions. This means the investment return over time is harder to predict. Rate applies for a single term. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. Includes all payment frequencies. Input the current interest rate of an . Westpac offers customers term deposit accounts, as well as home loans, credit cards, personal loans, card loans and much more. 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). **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. 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). Lending criteria apply to approval of credit products. 1. Access and manage your money with a range of day-to-day accounts, savings accounts and term deposits. Learn more about scams. Consider its appropriateness to these factors before acting on it. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Donations capped at $30,000 nationwide. It means the Westpac Life total variable rate with bonus interest will increase by 0.50 per cent to 2.35 per cent. For example, money deposited into banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) is protected by a federal government guarantee of up to $250,000 per account-holder, per ADI. For more information please see How We Get Paid. Thinking about taking out a term deposit with Westpac? fact-checking process. Rates quoted are subject to change. Westpac term deposits rates are one of the most competitive interests offered in NZ, making them the best option in expanding your savings. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Apply in branch. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). The best savings rates currently are around 4% to 5% p.a. 4 3 months 2.00% p.a. For investments of less than six months, interest is paid in full at the end of the term. Download the Westpac Term PIE Fund Term Sheet. Markets with Madison: The U.S Federal Reserve should stop hiking rates after game changing bank collapses, an American chief economist says, and an analyst reveals if New Zealand banks are any safer. Manage your Term Deposit online choosing to renew or withdraw. Commercial and Private Bank customers will need to contact their Relationship Manager. if bonus interest criteria are met, 4.25% p.a. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here. if you open your term deposit, or renew it for another term, online. Find out more about the Westpac Term PIE Fund here. 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. Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. This advice is general and has not taken into account your objectives, financial situation or needs. Full details are available on request. Easily view and manage your investment in Online Banking and the Westpac App. * For home loan customers: Look out for scam calls and messages claiming to be from Westpac. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. Our Privacy Statementexplains how we use cookies. $5,000 min Interest at maturity, monthly or compounding 12 months 5.70 % p.a. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Rates are not available to Financial Institutions. Whats the difference between a term deposit account and a savings account? Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Any bonus rates offered above may only be available through Westpac Online Banking. Special rates are 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. Look out for scam calls and messages claiming to be from Westpac. A Term Deposit account needs to be linked to an eligible transaction account. These may change or we may introduce new ones in the future. Minimum deposit of $5,000 Short to medium terms available What if I cannot manage my Term Deposit online? Bankwest Online Term Deposit Up to 4.25% p.a.