Westpac Term PIE Fund

We'll help grow your savings, so you can grow in life. Put away as little as $5,000 for a fixed term and earn a competitive fixed rate of return. 

How Term PIE works

Our Term PIE is a simple way to invest for 30 days to 5 years and offers greater returns than a term deposit for investors taxed at 30% or 33%, as tax on returns is capped at 28%.

Term PIE is a cash investment offered under the Westpac Term PIE Fund and is available for NZ residents, organisations or trusts. Your money in Term PIE is invested solely in a New Zealand dollar bank account with Westpac NZ, where a $1 investment represents one unit.

If you are fixing for a term of one year and over, you may be able to access up to 20% of your investment (excluding any compounding returns) without loss of return. For more information, see our Accessible Term PIE Fund feature.

Before you invest, please ensure you have read the Westpac Term PIE Fund Term Sheet.

Tax benefits

As a Portfolio Investment Entity ("PIE"), your investment could be a smart way for you to save. With potentially less tax to pay each month, your savings could grow a little faster in a PIE than in a regular term deposit.

Find out how PIE works

Our Term PIE rates

Below is a glimpse of a few great rates. For more options see all our terms and rates.


 Rate of return

Effective rate of returnˆ


If your Income Tax Rate is 30%¹

If your Income Tax Rate is 33%²

3 months

0.40% p.a.



6 months

0.90% p.a.



8 months

0.95% p.a.



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

Term PIE – interest paid at maturity

For terms less than six month, interest is paid in full at the end of the terms. You can also elect to have the interest paid at maturity for terms six months or longer.

Term PIE – regular income

For terms six months or longer, you can choose to have interest paid monthly or quarterly into your nominated NZ bank account. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation

Term PIE – compounding interest

For terms six months or longer, interest can be compounded quarterly (added to your original investment) which allows you to earn ‘interest on your interest’, meaning the investment grows at a faster rate than if interest were paid out during the course of the investment or paid in full at maturity.

Term Sheet

For important information about the Term PIE Fund, please download the Westpac Term PIE Fund Term Sheet (PDF). We recommend you read this before making an investment.

Accessible Term PIE Fund feature – 12 months or more

For Term PIE investments of 12 months or more you can access up to 20% of your invested amount (excluding any compounding returns) without loss of returns on withdrawals approved by us, provided that:

  • You give 32 days’ notice
  • Your remaining balance does not fall below the minimum investment amount 
  • You use this option only once during the terms of your investment
  • The partial withdrawal is not linked to other early withdrawal

Please see our Early Withdrawal Policy for conditions.

Early withdrawals

Choosing to invest in a Term PIE Fund means that you’re willing to keep your money invested for a fixed time frame.

You have a seven business day cooling off period starting from the date that the Term PIE starts. After this period, you can only withdraw all or part of your Term PIE before the end of the fixed term we agreed.

In deciding whether we are 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 see our Early Withdrawal Policy for conditions.

How to apply

 For new and existing customers, please make an appointment at your local Westpac branch. 

More about Term PIE

At the end of the tax year, we’ll give you a tax certificate.

  Term Deposits Westpac Term PIE Fund
Fixed rate yes yes
Fixed term yes yes
Choice of return payment options, including monthly income and compounding returns depending on the term yes yes
Investment type Direct investment into an interest bearing account with Westpac NZ Investment in a unit trust that invests solely into a New Zealand dollar, interest bearing account with Westpac NZ
Minimum investment $5,000 $5,000
Applicable tax RWT
Current maximum rate 33%
Current maximum rate 28%
Reduced rate for early withdrawals yes yes

When you set up your investment in the Term PIE, you can choose to:

  • have your investment (plus returns) automatically reinvested for the same or another term on maturity; or,
  • have your investment paid into any New Zealand bank account when it matures

Prior to your investment in the Term PIE maturing, we’ll send you a reminder notice so you can review your reinvestment or repayment instructions and make any changes before it matures.