Westpac term deposit special offer

Westpac has two separate series of rates for term deposits. There’s the standard range, then the special offer products, which have higher rates. The special offer rates are available for existing personal or business banking customers who open term deposit accounts via the Westpac app or online. Customers also need to give at least 31 days' notice if they intend to withdraw their funds early.

These special offer term deposits can be for the following term lengths:

  • 6 months

  • 12-23 months

According to the Westpac website, these special offer rates will only be available for a limited time. Deposits can range from $5,000 to $5,000,000.

Westpac term deposit review

Terms and conditions

Standard term deposits at Westpac can range from $5,000-$2,000,000

The following term lengths and interest payments are available:

1 month

End of term

2 months

Monthly, end of term

3 months

Monthly, end of term

4 months

Monthly, end of term

5 months

Monthly, end of term

6 months

Monthly, end of term

7 months

Monthly, end of term

8 months

Monthly, end of term

9 months

Monthly, end of term

10 months

Monthly, end of term

11 months

Monthly, end of term

12-23 months

Monthly, yearly, end of term

24-35 months

Monthly, yearly, end of term

36-47 months

Monthly, yearly, end of term

48-59 months

Monthly, yearly, end of term

60 months

Monthly, yearly, end of term

Penalties for early withdrawal

Like most term deposit providers, Westpac penalises customers who withdraw money early with a reduction in interest payments, according to the following schedule

Date of withdrawal

Penalty

Less than 7 days after the beginning of the term

No interest is paid

Less than 20% of the term has elapsed

90% of the interest earned is subtracted

Less than 40% of the term has elapsed

80% of the interest earned is subtracted

Less than 60% of the term has elapsed

60% of the interest earned is subtracted

Less than 80% of the term has elapsed

40% of the interest earned is subtracted

Less than 100% of the term has elapsed

20% of the interest earned is subtracted