Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand. No, it is only applied to Term Deposits opened or renewed online. Read the Comparison Rate Warning. Consider its appropriateness to these factors before acting on it. Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. Times when a term deposit could be useful, 4.25% p.a. Does the online bonus rate apply to special offers? Westpac Term PIE Fund - Monthly incomeFor terms of six months or longer you can choose to have returns paid monthly into your nominated bank account. Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac Home Compare Term Deposits Big 4 Term Deposits Compare Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac Looking to compare term deposits from the big four banks? Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Savings interest calculator: How much interest will you earn? Please refer to the provider for more information. Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to. Notice Saver Showing rates for Westpac Banking Loans Home Loans Car Loans Personal Loans Margin Loans Account & Transfers Savings Accounts Transaction Accounts Term Deposits Does the online bonus rate apply to special offers? Not available for Financial Institutions or Westpac Institutional Bank customers. Term Deposit Calculator | Westpac Target Market Determinations for the products are available. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Not available for customers who are not able to open or renew digitally (e.g. Lending criteria apply to approval of credit products. We use cookies for security purposes, to improve your experience on our site and tailor content for you. You can get a copy of thecurrentDisclosure Statement for Westpac New Zealand Limited, and a copy of the term sheet for Term Deposits here or from any Westpac branch in New Zealand free of charge. This information does not take your personal objectives, circumstances or needs into account. Both additional bonuses can be claimed . On Demand variable rate for all deposits: 0.05%. For Westpac issued products, conditions, fees and charges apply. 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. 2.25% p.a. Rates and product information should be confirmed with the relevant credit provider. What are your latest term deposit rates? - Help | Westpac NZ This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. A regular savings account designed for children and teenagers to support their long-term savings needs. Full details are available on request. fixed rate Term Deposit for terms of 12 to 23 months, Offer available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Higher or lower rates may apply for subsequent terms. Our Privacy Statementexplains how we use cookies. Which banks are increasing savings rates following the RBAs May decision? Please see the Term Deposit Term Sheet for further information. Bear in mind these rates may not be available to all applicants. A simple way to invest for a fixed timeframe. Our current term deposit rates are shown here. ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. Higher or lower rates may apply for subsequent terms. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Minimum $5,000 deposit. An On Demand interest rate applies during the 6-business day Variation Period following the maturity of a Term Deposit, if no instructions for renewal or account closure have been received. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; if you're an existing customer and an additional bonus rate of 0.10% p.a. Rate applies for a single term. if you open your term deposit, or renew it for another term, online. Not available for Financial Institutions or Westpac Institutional Bank customers. PDF Interest rate risk management in the New Zealand banking system. . Includes all payment frequencies. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Our Privacy Statementexplains how we use cookies. A Term Deposit account needs to be linked to an eligible transaction account. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Performance Drive. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Split-month rates may be available in-branch and if renewing a deposit online. Compare Australian Term Deposit Rates - Westpac If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. Terms and conditions apply. Bonus rates: Add 0.10% p.a. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Rate will not be automatically applied to a renewing Term Deposit. This information does not take your personal objectives, circumstances or needs into account. Or open an everyday account then apply for a Term Deposit online. deposit outflows. 5 years. Big 4 Term Deposits - ANZ, Commbank, NAB & Westpac Term deposits - build your own - BT Invest | BT Higher or lower rates may apply for subsequent terms. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. fixed rate Term Deposit for terms of 12 to 23 months Offer available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Includes all payment frequencies. 0.30% p.a. Term Deposit. Karen has a background in allied health, having completed a Bachelor of Podiatry from the Queensland University of Technology, and is currently completing the University of Queenslands Writing, Editing and Publishing program. Rates quoted are subject to change. No, it is only applied to Term Deposits opened or renewed online. Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. for new customers for the first five months. Speak to one of our friendly specialists who can help. Cards Access your money using a range of local Westpac Cards. Term Deposits that cannot be managed online are not eligible for the online bonus rate. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Research provided by Canstar Research AFSL and Australian Credit Licence No. * Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. Manage your Term Deposit in Online Banking or the Westpac App if youre eligible, without having to visit a branch. We use cookies for security purposes, to improve your experience on our site and tailor content for you. *** Individuals with taxable income of $70,001 to $180,000. 3. What if I cannot manage my Term Deposit online? You can also see how Westpac term deposits compare with other options. to these rates if you're already with Westpac and you open or renew online #. Popular Business Term Deposit rates Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. What do SMSF trustees need to prepare ahead of the tax deadline? A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. You can also elect to have interest paid at maturity for terms six months or longer. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Canstar provides an information service. Available on deposits of $5,000 to $5,000,000 with support paid monthly or annually. Rate will not be automatically applied to a renewing Term Deposit. Higher or lower rates may apply for subsequent terms. Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. Consider its appropriateness to these factors before acting on it. Compare Term Deposit Rates Big 4 Banks - CBA, NAB, ANZ & Westpac - Canstar term deposits), so that . These may change or we may introduce new ones in the future. The changes will come into effect on 10 June 2022. 2. Look out for scam calls and messages claiming to be from Westpac. A simple, fee-free way to invest $5,000 or more. These may change or we may introduce new ones in the future. This information does not take your personal objectives, circumstances or needs into account. Interest rates Australia: ANZ, Westpac, NAB, CBA all pass on interest If youre already with Westpac, see our special offer for eligible deposits. The . Check for additional bonus rates when you sign in. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. 1. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. 4 3 months 2.00% p.a. Any bonus rates offered above may only be available through Westpac Online Banking. If you apply in Online Banking, you may also be eligible for multiple bonus rates. Three of big four banks pass on official rate rise to savers It is not personal advice. 1. Westpac offers term deposits with terms of 1 month to 5 years. Westpac eSaver total variable rate will increase by 0.25% p.a. Split-month rates may be available in-branch and if renewing a deposit online. Term Deposit - Westpac With few savings rate movements following the April Board meeting (apart from AMP . . - 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. Rates for popular online Term Deposits Add 0.10% p.a. ANZ ANZ was the second of the big four banks to pass on the rate rise, lifting its variable interest rates by 0.5 per cent and offering a term-deposit rate of 2.5 per cent for 11 months from July 11. as an example, according to the savings calculator above you could earn $2,297 of interest after 1 . RBA Interest Rate Rise: Westpac, NAB, Commonwealth Bank, ANZ pass on You can get a copy of the term sheet for Westpac term deposits from any Westpac branch free of charge or find out more about term desposits here. Rate applies for a single term. With a term deposit, the rate is fixed for the set term of the investment, and so the investment outcome is typically highly predictable. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Look out for scam calls and messages claiming to be from Westpac. You can generally get a higher interest rate if you invest for longer. The highest rates may be special offers available for a limited time, and with other specific criteria applying, so check with the provider for more information. Term Deposit | Westpac Term Deposit Rates Comparison Australia - Canstar James Eyers Senior Reporter. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. These may change or we may introduce new ones in the future. Can I have the online bonus rate applied in branch or over the phone? You might be tempted to go with one of the big four banks because of name recognition or because you already have another product with them. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Calculate your earnings, then add in any bonuses youre eligible for. Just make 3 purchases in the 1st 30 days. 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. This offer is available via Online Banking (for existing customers) or by talking to us. 4.25% p.a. Use our interest rate tables to find the best term deposit rates online from most NZ lenders. See Online bonus rate T&Cs for other exceptions. Rates are not available to Financial Institutions. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here. Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. All investment balance ranges are $5,000 - $5,000,000 Australian dollars. We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. How will the online bonus rate be displayed? Rates are not available to financial institutions. RBA pushes ignition on another cash rate increase, lifting to 3.85% in May, Home loan rate changes after RBA's 0.25% rise: May 2023, House prices rise nationally for the second month in a row, Are hybrids dead? Lending criteria apply to approval of credit products. Please refer to the product disclosure statement (PDS) and CanstarsFinancial Services and Credit Guide (FSCG)for more information, and read ourdetailed disclosure, important notes and liability disclaimer. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. to 4.00% p.a. Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. ^Interest rate current as at 14 April, and subject to change without notice. Its subsidiaries include St. George Bank, Bank of Melbourne and BankSA. Consider the product disclosure statement before making a purchase decision. Look out for scam calls and messages claiming to be from Westpac. See our Early Withdrawal Policy for more details. It will be applied on top of any other bonus rates you may be eligible for. Learn more about scams. Term deposit | Westpac NZ For more information please see How We Get Paid. Term Deposits Interest Rates With this interest rates table, you can use the arrows to sort by various options such as interest rate, provider, amount and rating. Donations capped at $30,000 nationwide. Manage your Term Deposit online choosing to renew or withdraw. CBA, ANZ and NAB join Westpac passing on full rate rise of 0.5pc This is indicated in the tables by a not showing an interest rate for that product during the relevant term. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. Term deposits earn a fixed interest rate for a fixed period of time - from 30 days to five years. This provides a predictable income stream. This material is provided for information purposes only and is not a recommendation or opinion in relation to any Term Deposits. A quick look at Canstar data shows that while the big four are offering a maximum term deposit rate of 2.5 per cent over 12 months, they are averaging only 1.73 per cent. Westpac Banking Corporation ABN 33 007 457 141, incorporated in NSW Australia. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. 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. Can I have the online bonus rate applied in branch or over the phone? The 0.10% p.a. - The partial withdrawal is not linked to another early withdrawal. online bonus rate for existing Westpac customers that open or renew online1. Learn more about scams. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. CBA, Westpac, NAB and ANZ: Savings changes after June cash rate hike Open a Term Deposit at any branch, give us a call, or join us by opening a Choice everyday account online. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. All information about performance returns is historical. Look out for scam calls and messages claiming to be from Westpac. Apply in branch. This "big four" bank does not charge any set up or monthly service fees. Try our Term Deposits comparison tool to instantly compare Canstar expert rated Open now Find out more Aged 18-29? Deposits up to $250,000 are guaranteed by the Australian government. Another interest rate rise expected: what will it mean for you? available for Westpac customers that open or renew online. Look out for scam calls and messages claiming to be from Westpac. 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). online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. But ANZ has now raised fixed mortgage rates by 55 basis points or 35 basis points. 12 months 3.85% p.a. Know how you can make your money grow by inquiring with Westpac term deposit. *We are Australias Biggest Financial Comparison Site. You could earn up to 4.35% p.a. Consider whether this advice is right for you. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund's performance, returns or repayment of capital. Which banks moved term deposit rates this week? The best savings rates currently are around 4% to 5% p.a. Find out more Learn whats different about these savings accounts and see whats best for your needs. This was not included in the table since it is not available to new customers. Easy to set up and renew with Westpac One online banking. Personal Loans A quick, easy and affordable way of making your next purchase. 'Prudent': How NZ banks are managing interest rate risk We use cookies for security purposes, to improve your experience on our site and tailor content for you. Rates changes from the past seven days will be highlighted in green or red. Source: Canstar, 02/05/2023. How did the major banks react to Mays cash rate increase? * Term deposit & PIE investment rates. Rate applies for a single term. Super Obvious: Ethical investing tailored to generation-next, Regulators set to ban credit cards to fund online gambling, ING to axe international ATM operator fee rebate, Soft retail sales figures point to possible rate pause at April's RBA meeting, Stables teams up with Mastercard to launch Australias first stablecoin wallet, Retail sales bounce back 1.9% in January following Decembers decline, A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking, Get a Welcome bonus of $20. Westpac Papua New Guinea Our best term deposit rates | Open online | Westpac - Compare Westpac Apply in branch. $5,000 min Interest at maturity, monthly or compounding 12 months 5.70 % p.a. This was not included in the table since it is not available to new customers. NAB and Westpac claim the RBA is done for this tightening cycle, posting a 3.60% cash rate until rates drop in 2024, while ANZ maintains the May meeting is "live", meaning it could go either way (hike or no hike). For rates applicable to amounts in excess of $5,000,000, please contact us. View Cash PIE and Term PIE rates here NEW: Click on a provider's name or logo to see all their rates. *Westpac has a 4.25% limited time offer rate for 12-23 month term deposit for existing customers, with an additional 0.10% for existingcustomers that open or renew online. 437917. This information does not take your personal objectives, circumstances or needs into account. * For home loan customers: Westpac Term Deposit | Review & Compare Term Deposits | RateCity Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.2. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. Canstar is a comparison website, not a product issuer, so its important to check any product information directly with the provider. You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited and a copy of the term sheetfor Westpac Term Deposits from any Westpac branch in New Zealand free of charge. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Westpac Bank Term Deposit Review | Compare And Save | Savvy T&Cs apply. Full details are available on request. It means the Westpac Life total variable rate with bonus interest will increase by 0.50 per cent to 2.35 per cent. special. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. Lending criteria apply to approval of credit products. The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. 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. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. Online bonus rate is only available for Term Deposits between $5,000 -$5,000,000 opened or renewed by existing customers via Online Banking (during the Variation Period). You can connect with Karen via Linkedin. Investments made in the Westpac Term PIE Fund (the "Fund") do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited ("Westpac NZ") or other members of the Westpac group of companies.