Term deposit

It’s investing at its most simple. 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 to match your savings plans - anything from 30 days to 5 years
  • you want the certainty of a fixed return, or alternatively you want the option of getting your interest as a regular income
  • you don't require access to your funds for the period of the investment.
Benefits

Key benefits

  • a simple, straightforward way to invest for a fixed timeframe – with everything agreed upfront
  • a competitive fixed interest rate to maximise your savings
  • depending on your term, the option to earn regular income from your investment or have it compounded for faster growth
  • special monthly income interest rates for SuperGold Card holders (see Rates tab)
  • for terms one year and over, you may be able to access up to 20% of your investment without loss of interest.
How it works

Fees at a glance

There are no transaction or account maintenance fees for a term deposit - it’s free to set up and operate.

Opening a new Westpac Term Deposit

You can invest by contacting your local Business Manager or visiting 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 investment, you can also invest by calling us on 0800 400 600. 

If you already have  a Westpac Term Deposit or Term PIE Fund, you can also invest by calling us on 0800 400 600.Before you invest, you need to have received and read the latest Term Depositinvestment statement.
You can also invest by visiting your closest Westpac branch with your driver’s licence or passport for identification.*Conditions do apply.  In some cases, further documentation or authorisationmaybe required to remove a 'restricted' status.  For details on ‘restricted’ accounts,see our General Online Banking FAQs.

Before you invest, you need to have received and read the latest term sheet. You can obtain a copy of the latest sheets by visiting any Westpac branch in New Zealand or by clicking on one the following links: Term deposit, Term PIE Fund

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. 

Prior to your investment maturing, we’ll send you a reminder notice so you can review your instructions and make any changes before it matures.

Access up to 20% of your Term Deposit for longer terms

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 on withdrawals approved by us provided:

  • 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 term of your Term Deposit; and
  • the partial withdrawal is not linked to any other early withdrawal.

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

Please refer to our Early Withdrawal Policy for more information.

How interest is paid

Choose the investment option to suit your needs

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 - up to 12 months

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).

You can also choose to have interest paid at maturity for terms of 12 months or longer, but remember, if the interest rates are the same, the compounding option allows you to earn more.

Monthly income - six months or more

For terms of six months or more, you can choose the monthly income option.

Your interest is 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 like a NZ Superannuation
  • you like to manage your finances according to a fixed budget

Compounding interest - 12 months or more

For terms of 12 months or more, you have the option to automatically compound or reinvest your interest quarterly, six monthly or annually.

By earning ‘interest on your interest’, compounding 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 - 12 months or more

For terms of 12 months or more, you can choose the regular interest option. You can choose to have your 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 is 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. (65Kb PDF )

Term Deposit
TermInterest Frequency$5,000-$9,999$10,000-$249,999
30 - 59 days At Maturity 0.50% p.a. 0.50% p.a.
60 - 89 days At Maturity 1.50% p.a. 1.50% p.a.
90 - 119 days At Maturity 1.50% p.a. 2.50% p.a.
120 - 149 days At Maturity 2.00% p.a. 2.70% p.a.
150 - 179 days At Maturity 2.00% p.a. 2.80% p.a.
180 - 269 days At Maturity
Monthly
2.00% p.a.
2.00% p.a.
3.50% p.a. <span>Not available to financial institutions or investments over $5,000,000.</span>
3.50% p.a. <span>Not available to financial institutions or investments over $5,000,000.</span>
270 days < 12 months At Maturity
Monthly
2.00% p.a.
2.00% p.a.
3.10% p.a.
3.10% p.a.
12 months < 18 months At Maturity
Monthly
Compounding
2.50% p.a.
2.50% p.a.
2.50% p.a.
3.20% p.a.
3.10% p.a.
3.10% p.a.
18 months < 2 years At Maturity
Monthly
Compounding
2.50% p.a.
2.50% p.a.
2.50% p.a.
3.20% p.a.
3.10% p.a.
3.10% p.a.
2 years < 3 years At Maturity
Monthly
Compounding
2.50% p.a.
2.50% p.a.
2.50% p.a.
3.25% p.a.
3.10% p.a.
3.10% p.a.
3 years < 4 years At Maturity
Monthly
Compounding
3.00% p.a.
3.00% p.a.
3.00% p.a.
3.30% p.a.
3.10% p.a.
3.10% p.a.
4 years < 5 years At Maturity
Monthly
Compounding
3.00% p.a.
3.00% p.a.
3.00% p.a.
3.35% p.a.
3.15% p.a.
3.15% p.a.
5 years At Maturity
Monthly
Compounding
3.00% p.a.
3.00% p.a.
3.00% p.a.
3.40% p.a.
3.20% p.a.
3.20% p.a. 

Term Deposit - SuperGold (monthly income)^
TermRateMinimum investment
180 days 3.50% p.a. Interest paid monthly. Not available to financial institutions or investments over $5,000,000. $5,000
12 months 3.10% p.a. Interest paid monthly $5,000
2 years 3.10% p.a. Interest paid monthly $5,000

^SuperGold rates available to SuperGold cardholders. For terms 6 months and over. Interest is paid monthly into your nominated bank account.

Term Deposit - Interest paid at maturity
For terms 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). You can also elect to have interest paid at maturity for terms 12 months or longer.

Term Deposit - Monthly income
For terms of six months or longer you can choose to have interest paid monthly into your nominated bank account. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation.

Term Deposit - Compounding interest & regular interest
For terms 12 months or longer, you can choose to have interest paid every three (quarterly), six or 12 months. The default payment frequency is quarterly. Interest can be compounded (added automatically to your original investment) which allows you to earn ‘interest on your interest’, meaning your investment grows at a faster rate than if interest were paid out during the course of the investment or paid in full at maturity. Alternatively, you can choose to have interest paid separately into any New Zealand bank account which allows you to receive a periodic income stream that is less frequent than our monthly income option.