Term Deposit

We'll help grow your savings, so you can grow in lifePut away as little as $5,000 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.

Highlights of a Term Deposit

  • 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
  • for terms one year and over, you may be able to access up to 20% of your investment without loss of interest

Interest rates & how it works

Our term deposits are a simple fee-free way to invest $5,000 or more. They earn a fixed interest rate for a fixed period of time.

Our Term Deposit Rates

Below is a glimpse of a few great rates, for more options see all of our terms and rates

3 months

At Maturity, Monthly or Compounding

0.35% p.a

6 months

At Maturity, Monthly or Compounding

0.80% p.a

8 months

At Maturity, Monthly or Compounding

0.85% p.a

 ^Special rates cannot be used in conjunction with any other Westpac promotion, offer or package benefit.

Term Deposit - Interest paid at maturity
For terms less than six months, interest is paid in full at the end of the term. You can also select to have interest paid at maturity for terms six months or longer.

Term Deposit - Regular income
For terms of six months or longer, you can choose to have interest paid monthly or quarterly 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
For terms six months or longer, interest can be compounded quarterly (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.

Accessible Term Deposit feature - 12 months or more

For Term Deposits of 12 months or more, you can access up to 20% of your invested amount (excluding any compounding returns) without loss of accrued 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.

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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.

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