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.
Fees at a glance
There are no transaction or account maintenance fees for a term deposit - it’s free to set up and operate.
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
Please see our Early Withdrawal Policy for conditions.
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.