Grow your savings – invest $5,000 or more for a fixed term and earn a fixed interest rate.
Thanks to everyone who opened an 8 month Term Deposit we have now donated 1,000 Rescue Rashies to Water Safety New Zealand's Water Skills for Life programme. There are now 1,000 primary school children with a new Rescue Rashie, helping them to enjoy a safer, greater summer.
And now you can buy or donate your own Rescue Rashie.
Together Greater.Find out more
- A simple way to invest for a fixed timeframe.
- Put away as little as $5,000.
- Earn income regularly or compound it for faster growth, depending on your term.
- Fixed interest rates to maximise your savings.
- Easy to set up and renew with Westpac One® online banking.
Interest paid at maturity
For investments of less than six months, interest is paid in full at the end of the term. You can also choose to have interest paid at maturity for longer terms.
For investments of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. This provides a predictable income stream.
For investments of six months or longer, interest can be compounded quarterly. It will be automatically added to your original investment, so your investment grows quickly.
Additional access option
For investments of 12 months or more, you may be able to take out up to 20% of the amount you've invested (excluding any compounding returns), without loss of accrued interest.
20% withdrawal conditions
- You provide 32 days' notice
- Your remaining balance does not drop below the minimum investment amount ($5000)
- You use the early access option only once during the terms of your investment
- The partial withdrawal is not linked to another early withdrawal.
- You have seven working days as a cooling off period after you take out your Term Deposit, in case you change your mind (even if you haven't yet invested any money). After that, you can only withdraw all or part of your money from your Term Deposit if we agree
- A reduced interest rate is likely to apply to early withdrawals and we will apply our Early Withdrawal Policy.
Open a term deposit.
Already registered for Westpac One®?
Save time and open a Term Deposit using Westpac One.
New to Westpac?
You can apply online in minutes for a transaction account and debit card. Have your NZ Passport or Driver Licence on hand for verification. Once you have a transaction account it is easy to open a term deposit account through Westpac One online banking.
Speak to one of our friendly specialists who can help.
Visit a branch
Drop into one of our branches.
Savings & Investment Chooser tool.
Our Savings & Investment Chooser tool is free and provides you recommendations on which of our savings and term investment options best suit you, based on your answers to some questions.
Things you should know.
Minimum $5,000 deposit. Rates are not available to financial institutions. Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac New Zealand Limited.
Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand.