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.
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 elect to have interest paid at maturity for terms six 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 six months or longer, you can choose to have interest paid every three months. Alternatively, 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.
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.