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Term Deposit

Term Deposits   Invest $5000 or more in a term deposit for a fixed term. The interest rate and term are fixed when the investment starts and rates tend to be higher than with savings accounts.  
Term Deposit investment rates
Term Deposit investment rates

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  > Westpac branches
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  > phone 0800 400 600
(7am to 11pm,
7 days a week)

Features of a term deposit
earn a fixed rate of interest for a fixed term  
competitive tiered interest rates give you higher returns for larger investments  
terms from 30 days to 5 years to suit your investment goals and your lifestyle  
choice of interest payment frequencies for fixed terms of twelve months or longer  
choose a compounding deposit option for faster growth  
choose a monthly income option for regular income  
Minimum investment for a term deposit
You can invest from as little as $5000. Interest rates for amounts of $250,000 or more are available on request.
Who is a term deposit suitable for?
Term deposits may be right for people who
like to keep things straightforward, and agree everything up front
don’t want to watch or worry about their investment.
Term deposit investment options
You can choose the investment option to suit your needs:
Compounding deposit option - may be right for people who are focussed on growth and want to keep things simple, and who can wait until the end of the term to get their investment savings and interest back.
Monthly income option - may be right for people who want their money to give them benefits sooner, rather than later, and who want to enjoy the benefits of a regular income.
Compounding deposit option
Features include
interest compounded automatically
competitive tiered interest rates are available
choice of investment terms from twelve months to 5 years
Compounding deposit interest and fees
interest rate for the whole term fixed at the start of the investment
choose how often your interest is compounded - every 3, 6 or 12 months
interest is added to your original investment, not paid out to another account
interest rates for amounts of $250,000 or more are available on request
there are no transaction or account maintenance costs for a compounding deposit.
Monthly income option
Features include
interest paid monthly - providing a reliable income for the term of your investment
choice of investment terms from six months up to maximum term of 5 years
competitive tiered interest rates.
Monthly income interest and fees
fixed interest rate from the start of the investment
interest is paid every month to another Westpac bank account or any other New Zealand bank account, free of charge
interest rates for amounts of $250,000 or more are available on request
there are no transaction or account maintenance costs for a monthly income option.
To invest in a Westpac Term Deposit
At a branch
You will need to take a current form of identification along with you e.g. NZ driver's licence or passport. You’ll get a certificate as a record of your investment this will detail your interest rate and reinvestment or repayment instructions. You can also view this investment information in Online Banking. Please visit a Westpac branch near you.
Through Online Banking
If you are registered for Online Banking you may now be able to open a new Term Deposit online.* This will automatically be added to your Online Banking service.
If you already have an existing Term Deposit, and want to add this account to your existing Online Banking service, either call us on 0800 666 001, or visit your local Westpac branch.
Once your Term Deposit is set up in Online Banking, you will be able to:
view the details online
reinvest your deposit when its due to mature. **
change your deposits maturity instructions. **
* To open a new Term Deposit you'll need to have either an existing Term Deposit or an account in your name only.
** Conditions do apply e.g. in some cases further documentation may be required.
Reinvesting or Repayments
For longer term investments
we’ll send you a reminder when your investment is due to mature
your investment (plus interest) can be automatically reinvested for the same or another term if you selected to do this
you can also have your investment paid into any New Zealand bank account you choose when it matures.
In emergencies or other special circumstances
you’ll need to talk to your branch about making the withdrawal
outside the seven day cooling off period, you can only have your term deposit repaid before the end of the fixed term if Westpac agrees
charges apply for early repayment (refer to the Term Deposit Investment Statement for details).
Term Deposit investment rates
> Term Deposit Investment Rates
You can get a copy of the 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.
The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.
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