For important information about term deposits please download the Term Deposit Term Sheet. (65Kb PDF )
For Terms 12 months or more, you can make a single withdrawal of up to 20% of your invested amount (excluding any compounding returns) without loss of interest on withdrawals approved by us. You only need to provide 32 days’ notice. For more information on our Accessible Term Deposit feature, please see here.
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. For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions.
||3.10% p.a. Interest paid monthly.
||3.05% p.a. Interest paid monthly.
||3.55% p.a. Interest paid monthly.
^SuperGold rates available to SuperGold cardholders for a range of terms, 6 months and over. Interest is paid monthly into your nominated bank account.
Term Deposit - Interest paid at maturity
For terms less than 12 months, interest is paid in full at the end of the term (unless the interest rate relates to a monthly income option or SuperGold card rate). You can also elect to have interest paid at maturity for terms 12 months or longer.
Term Deposit - Monthly income
For terms of six months or longer you can choose to have interest paid monthly 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 & regular interest
For terms 12 months or longer, you can choose to have interest paid every three (quarterly), six or 12 months. The default payment frequency is quarterly. Interest can be compounded (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. Alternatively, you can choose to have interest paid separately into any New Zealand bank account which allows you to receive a periodic income stream that is less frequent than our monthly income option.
You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited and a copy of the term sheet for Westpac Term Deposits 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.