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. You don’t pay any fees unless you make an approved early withdrawal. 

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 regular income

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
  • convenient set up and reinvestment with Online Banking
  • special monthly income interest rates for SuperGold Card holders (see Rates tab)

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, as long as you don’t withdraw from your investment before the fixed term ends.

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. 

Early withdrawals

Choosing a term deposit means you are willing to keep your money invested for a fixed timeframe.

When you set up a new investment or reinvest, you have a seven day cooling off period during which time you can cancel your term deposit and receive a full refund of your investment without interest. Outside the seven-day cooling off period, you generally can’t have your term deposit repaid before the end of the fixed term. If your circumstances change and you need to get your money out, you’ll need to talk with us about your early withdrawal options.

A reduced rate of interest will apply to funds withdrawn before maturity. To find out more, see the Term Deposit Investment Statement. (65Kb PDF )

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 Investment Statement.(65Kb PDF )

 

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$5,000-$9,999$10,000-$49,999$50,000-$99,999$100,000-$249,999
30 - 59 days 2.00% p.a. 3.25% p.a. 3.25% p.a. 3.25% p.a.
60 - 89 days 2.60% p.a. 3.25% p.a. 3.25% p.a. 3.25% p.a.
90 - 119 days 2.75% p.a. 3.60% p.a. 3.60% p.a. 3.60% p.a.
120 - 149 days 3.00% p.a. 3.75% p.a. 3.75% p.a. 3.75% p.a.
150 - 179 days 3.00% p.a. 3.75% p.a. 3.75% p.a. 3.75% p.a.
180 - 269 days 3.00% p.a. 4.10% p.a. 4.10% p.a. 4.10% p.a.
270 days < 12 months 3.00% p.a. 4.15% p.a. 4.15% p.a. 4.15% p.a.
12 months < 18 months 3.75% p.a. 4.30% p.a. 4.30% p.a. 4.30% p.a.
18 months < 2 years 3.85% p.a. 4.60% p.a. 4.60% p.a. 4.60% p.a.
2 years < 3 years 3.90% p.a. 4.75% p.a. 4.75% p.a. 4.75% p.a.
3 years < 4 years 4.10% p.a. 5.00% p.a. 5.00% p.a. 5.00% p.a.
4 years < 5 years 4.15% p.a. 5.25% p.a. 5.25% p.a. 5.25% p.a.
5 years 4.20% p.a. 5.50% p.a. 5.50% p.a. 5.50% p.a.

 

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$5,000-$9,999$10,000-$49,999$50,000-$99,999$100,000-$249,999
180 - 269 days 3.00% p.a. 4.10% p.a. 4.10% p.a. 4.10% p.a.
270 days < 12 months 3.00% p.a. 4.15% p.a. 4.15% p.a. 4.15% p.a.
12 months < 18 months 3.75% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a.
18 months < 2 years 3.85% p.a. 4.50% p.a. 4.50% p.a. 4.50% p.a.
2 years < 3 years 3.90% p.a. 4.55% p.a. 4.55% p.a. 4.55% p.a.
3 years < 4 years 4.05% p.a. 4.80% p.a. 4.80% p.a. 4.80% p.a.
4 years < 5 years 4.10% p.a. 5.05% p.a. 5.05% p.a. 5.05% p.a.
5 years 4.15% p.a. 5.30% p.a. 5.30% p.a. 5.30% p.a.

 

Term Deposit - SuperGold (monthly income)^
^Special rates available to SuperGold cardholders. For terms 6 months and over. Interest is paid monthly into your nominated bank account.
TermRateMinimum investment
180 days 4.10% p.a. Interest paid monthly $5,000
12 months 4.25% p.a. Interest paid monthly $5,000
2 years 4.55% p.a. Interest paid monthly $5,000

 

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.
Term$5,000-$9,999$10,000-$49,999$50,000-$99,999$100,000-$249,999
12 months < 18 months 3.75% p.a. 4.25% p.a. 4.25% p.a. 4.25% p.a.
18 months < 2 years 3.85% p.a. 4.50% p.a. 4.50% p.a. 4.50% p.a.
2 years < 3 years 3.90% p.a. 4.55% p.a. 4.55% p.a. 4.55% p.a.
3 years < 4 years 4.10% p.a. 4.80% p.a. 4.80% p.a. 4.80% p.a.
4 years < 5 years 4.15% p.a. 5.05% p.a. 5.05% p.a. 5.05% p.a.
5 years 4.20% p.a. 5.30% p.a. 5.30% p.a. 5.30% p.a.

Registered for Online Banking? Open a term deposit online now.

Login to Online Banking

If you are registered for Online Banking and you have an existing individual or joint Westpac account or an existing term deposit that you can operate on your own, you can open and manage a new term deposit online.

Simply log in and away you go. Login to Online Banking

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If you're an existing Westpac customer, it's really easy to register for Online Banking. You can give us a call on 0800 400 600 (7am to 11pm, 7 days a week) and we'll sort it out over the phone (+64 9 912 8000 from overseas - international toll charges apply). 

If you are already registered for Phone Banking you can use your Phone Banking ID and password. Login now.

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You can get a copy of current disclosure statement for Westpac New Zealand Limited and a copy of the investment statement for any securities for which an investment statement is required from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand.