Help

How do I open a term deposit in Westpac One® digital banking?

Its quick and easy to open a term deposit in Westpac One digital banking – in the app or online.

In the app:

  1. Go to Accounts from the bottom menu
  2. Choose + Open/Apply
    (if you have a lot of accounts you may need to scroll down)
  3. Scroll and choose KiwiSaver & investments, then go to Apply  

  4. Go to Term deposit and choose Apply

  5. Check who should own the account under Ownership 
  6. Choose a term under How long would you like to invest for?

  7. Choose the account you want the money to come from under Which account should fund this investment?
  8. Type the amount you’d like to invest in the box under How much you would like to invest?

     
  9. Choose when you’d like to be paid interest under When would you like the interest paid to you?


  10. Choose one of the options under What should happen at the end of your investment’s term?  
    • Reinvest the original amount and interest
    • Reinvest the original amount and pay the interest, or
    • Pay the original amount and interest.
  11. Check the details, then go to Open term deposit.

In online banking:

  1. Go to Accounts from the side menu
  2. Choose +Open/Apply
  3. Choose KiwiSaver & investments, then go to Apply  
  4. Under Term deposit, go to Apply
  5. Check who should own the account under Ownership
  6. Choose a term under How long would you like to invest for?
  7. Choose the account you want the money to come from under Which account should fund this investment?
  8. Type the amount you’d like to invest in the box under How much you would like to invest?
  9. Choose when you’d like to be paid interest under When would you like the interest paid?
  10. Choose one of the options under What should happen at the end of your investment’s term?
    • Reinvest the original amount and interest
    • Reinvest the original amount and pay the interest, or
    • Pay the original amount and interest.
  11. Check the details, then go to Open term deposit.

Things you should know.

If you change your mind, there’s a cooling off period of 7 working days, so you can cancel your term deposit by contacting us. We may also agree to make other changes within the cooling off period.

If you chose to pay your term deposit into another account when it matures, the funds from your matured term deposit will show in your nominated account on the morning of the maturity date.

If the name of your joint or organisation account is showing under Ownership, you’ll be able to open your term deposit in digital banking. If it’s not listed, you’ll need to contact us to open a term deposit for that account.

You’ll need at least $5,000 to invest in a term deposit.