Term Deposit

This is investing at its most straightforward. Put away a lump sum for a fixed term and earn a competitive fixed interest rate. Choose to have interest paid out as regular income during the term, or leave it to grow. 

It's for you if:

• You have $5,000 or more to invest
• You want a choice of terms – anything from 30 days to 5 years – to match your business savings plan
• You want the certainty of a fixed return, or prefer the option of receiving your interest as a regular income
• You don’t need access to your funds for the period of the investment

You can even split your Term Deposits to get a better overall return. See our Split Term Calculator here.

Key benefits

• A simple, straightforward way to invest for a fixed timeframe, with absolutely no
surprises. Everything is agreed upfront
• A competitive fixed interest rate
• No transaction or account maintenance fees. A Westpac Term Deposit is free to set up
• You could earn regular income from your investment or have it compounded for faster
growth (depending on your term)
• With terms of a year or more, you might also be able to withdraw up to 20% of your
investment without losing any interest*

* Conditions apply. See our Early Withdrawal Policy for details.

How it works

Open a new Westpac Term Deposit

To open a Term Deposit, contact your local Business Manager or visit your nearest Westpac branch with your driver's licence or passport for identification.

If you already have a Westpac Term Deposit or Term PIE Fund, you can call us on 0800 400 600.

Before you invest, you’ll need to have read the latest term sheet, here.

Choose your reinvestment and repayment options

When you set up your Term Deposit, you can choose to:

• Have your investment (plus returns) automatically reinvested for the same or another term; or,
• Have your investment paid into any New Zealand bank account when it matures

Before your investment matures, we’ll send you a reminder notice so you can review your instructions and make any changes if required.

Withdraw up to 20% of your Term Deposit

For Term Deposits of one year or more, you can access up to 20% of your invested amount (excluding any compounding returns) without loss of interest, as long as:

• You give 32 days’ notice
• Your remaining balance does not fall below the minimum investment amount of your Term Deposit
• You use this option only once during the duration of your Term Deposit
• The partial withdrawal is not linked to any other early withdrawal

The withdrawal will need to be approved by Westpac. Please see our Early Withdrawal Policy for conditions.

Early withdrawals

Choosing to invest in a Term Deposit means you’re willing to keep your money invested for a fixed time frame.

There’s a seven business days cooling off period starting on the date you take out your Term Deposit. After this period, you can only withdraw all or part of your Term Deposit before the end of the fixed term if we agree.

In deciding whether to agree, we refer to our Early Withdrawal Policy, which may change from time to time. A reduced interest rate will apply, unless determined otherwise under the Early Withdrawal Policy.

How interest is paid

Choose the investment option that suits you

With a Westpac Term Deposit, you can choose to have your interest paid at maturity, paid out regularly, or you can let your investment grow with the compounding option.

Interest paid at maturity

For terms of less than 12 months, interest is paid in full at the end of the term (unless the interest rate relates to a monthly income option or SuperGold card rate).

For terms of 12 months or longer, you can elect to have interest paid at maturity. But remember, if the interest rates are the same, the compounding option allows you to earn more. See below for more details.

Monthly income

For terms of six months or more, your interest can be paid out monthly, providing you with a regular income. The interest can be paid to any nominated New Zealand bank account.

This may be a good option if:

• You want a regular income during the term of your investment (and possibly want to supplement other income)
• You like to manage your finances according to a fixed budget

Compounding interest

For terms of 12 months or more, you have several choices. You can automatically compound or reinvest your interest quarterly, six monthly or annually.

Compounding means you earn ‘interest on your interest’. This grows your investment at a faster rate than if you had interest paid out during the course of the investment, or paid in full at maturity.

This may be a good option if:

• You want maximum growth
• You can wait until the end of the term to get your investment funds and interest back

Regular interest

For terms of 12 months or more, you can choose the regular interest option, with interest paid out every three, six or twelve months.

This may be a good option if:
• You want to receive a periodic income stream (that’s less frequent than a monthly income) to supplement your other earnings



Interest rates

Westpac Term Deposit interest rates

Rates for amounts of $250,000 or more are available on request.

For important information about term deposits please download the Term Deposit Term Sheet