Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. Open a Term Deposit at any branch, give us a call, or join us by opening a Choice everyday account online. But ANZ has now raised fixed mortgage rates by 55 basis points or 35 basis points. 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. Split-month rates may be available in-branch and if renewing a deposit online. Try our Term Deposits comparison tool to instantly compare Canstar expert rated What if I cannot manage my Term Deposit online? Check out Westpac term deposit rates NZ with glimp and find the right one that suits you best. Banking Loans Home Loans Car Loans Personal Loans Margin Loans Account & Transfers Savings Accounts Transaction Accounts Term Deposits Rate will not be automatically applied to a renewing Term Deposit. Westpac Term PIE Fund - Compounding & regular returnFor terms six months or longer, you can choose to have returns paid every three months. With few savings rate movements following the April Board meeting (apart from AMP . Not available for customers who are not able to open or renew digitally (e.g. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. Source: Canstar, 02/05/2023. Westpac Term PIE Fund - Returns paid at maturityFor terms less than six months, returns are paid in full at the end of the term. Personal Loans A quick, easy and affordable way of making your next purchase. See our Early Withdrawal Policy for more details. Learn whats different about these savings accounts and see whats best for your needs. If you apply in Online Banking, you may also be eligible for multiple bonus rates. Here are some of the interest rates currently on offer from the big four Australian banks: ANZ, Commonwealth Bank, NAB and Westpac. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. May 1, 2023 - 5.44pm. term deposits), so that . 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. *, 0.10% p.a. 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. ^Interest rate current as at 14 April, and subject to change without notice. The 0.10% p.a. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Do it all in Online Banking or the Westpac App if youre eligible, without having to visit a branch. Learn more about scams. A Term Deposit account needs to be linked to an eligible transaction account. Further terms and conditions may apply, so make sure to check with the individual bank for more information. Target Market Determinations for the products are available. Look out for scam calls and messages claiming to be from Westpac. A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate, whereas a savings account gives you access to your money at any time but has an interest rate that can change. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; You can also elect to have interest paid at maturity for terms six months or longer. Add 0.10% p.a. *** Individuals with taxable income of $70,001 to $180,000. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. 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. This provides a predictable income stream. For Westpac issued products, conditions, fees and charges apply. Rate will not be automatically applied to a renewing Term Deposit. The 0.10% p.a. before it was updated, as part of our ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. * The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Term PIE account, based on a PIR of 28% and an income tax rate of either 30%, 33% or 39%. At the end of the term, you can either roll over your money into a new term deposit (which could have a lower interest rate) or you can withdraw some or all of it. Mobile/tablet users, scroll sideways to view full table . Keep your account balance above $0 at all times. If youre 18+ and already bank online with us, you can sign into your account, check for bonus rates, and open a TermDeposit in your name or renew one. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Further terms and conditions may apply, so make sure to check with the individual bank for more information. Open account Call 1300 889 635 BT Invest has a range of term deposits offering a variety of terms and interest payment frequencies to meet your needs. Full details are available on request. to these rates if you're already with Westpac and you open or renew online #. Consider its appropriateness to these factors before acting on it. 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. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. **** Individuals with taxable income over $180,000. Special rates are not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. This was not included in the table since it is not available to new customers. Lending criteria apply to approval of credit products. Target Market Determinations for the products are available. Thinking about taking out a term deposit with Westpac? Does the online bonus rate apply to special offers? 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. But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four. NAB. It is not personal advice. This includes the Westpac Life total variable rate increasing to 2.6 per cent . deposit outflows. 12 months 3.85% p.a. 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? 1. Add0.10% p.a. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. for new customers for the first five months. Bear in mind these rates may not be available to all applicants. 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. Download the Westpac Term PIE Fund Term Sheet. Pick a term from 1 month to 5 years, knowing your money will be invested securely. Easy to set up and renew with Westpac One online banking. 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? Rate will not be automatically applied to a renewing Term Deposit. to these rates if you're already with Westpac and opening or renewing online.1 Check for additional bonus rates when you sign in. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Rates are not available to Financial Institutions. if you open your term deposit, or renew it for another term, online. At a glance, compare variable and fixed interest rates to help you decide what type of savings account works best for your needs. if bonus interest criteria are met, 4.25% p.a. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. Get a fixed return on your investment and make the most of our bonus interest rates. Macquarie household deposits surge as major banks jockey for savings. CBA, NAB, ANZ & Westpac term deposit rates. Want a more competitive rate? Take out an 8 month Term Deposit and we will donate $10^ to the Chopper Appeal. 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. . If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. For example, money deposited into banks, building societies and credit unions (known as authorised deposit-taking institutions or ADIs) is protected by a federal government guarantee of up to $250,000 per account-holder, per ADI. This information does not take your personal objectives, circumstances or needs into account. Available on deposits of $5,000 to $5,000,000 with support paid monthly or annually. Victorian Government announces second round of $250 energy payments, Aussies look to no interest loans to ease back-to-school costs, Home loan volumes back to pre-pandemic levels, More than a quarter of Australian businesses continue to report job vacancies, Jobseekers urged to watch for scammers in 2023, HECS/HELP debt to be indexed at 7.1% from 1 June. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. 437917. Consider whether this advice is right for you. if you're an existing customer and an additional bonus rate of 0.10% p.a. 6 months 2.55% p.a. Rates updated 14 hour (s) ago Deposit term Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity. You can get more information and free copies of the Disclosure Statement for Westpac NZ and the term sheet for the Fund from any Westpac branch or online. Look out for scam calls and messages claiming to be from Westpac. Check out the highest term deposit rates from all providers on our database, not just the big four. These savings accounts need to be linked to an eligible transaction account. 2. Rates quoted are subject to change. Another interest rate rise expected: what will it mean for you? * This is in addition to a current 12-month Term Deposit offer of up to 4.10% p.a. Please refer to the provider for more information. All savings accounts Short term savings Longer term savings Kids and under 18s Easy access Select up to 3 accounts ( 0/3) Compare details Aged 18-29? Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. Our Privacy Statementexplains how we use cookies. This information does not take your personal objectives, circumstances or needs into account. You can also see how Westpac term deposits compare with other options. It will be automatically added to your original investment, so your investment grows quickly. Data may not be available for some products. 1. 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. T&Cs apply. Rates and product information should be confirmed with the relevant financial institution. For investments of six months or longer, interest can be compounded quarterly. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Performance Drive. Lending criteria apply to approval of credit products. By growing your savings, you can help save the lives of many across the country. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. Deposits up to $250,000 are guaranteed by the Australian government. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. 2.25% p.a. 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. Heres what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. With a fixed interest rate over a fixed term, youll know exactly how much youre going to earn. p.a. You may need financial advice from a suitably qualified adviser. Westpac Bonus Saver - base rate : $1-----Westpac Bonus Saver - Potential Rate : $1-----Return to top Savings . Rate applies for a single term. Our Privacy Statementexplains how we use cookies. For rates applicable to amounts in excess of $5,000,000, please contact us. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. On Demand variable rate for all deposits: 0.05%. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). The rate is applied from maturity up to the day when instructions are received; and after 6 days without instructions the deposit will be reinvested for the same term as previously, but at the fixed interest rate in place at the time. The market leaders ANZ, CommBank, Westpac, NAB The best of the rest. Look out for scam calls and messages claiming to be from Westpac. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Its now one of the big four banks in Australia, with almost 14 million customers, 1,200+ branches, 39,000 staff and 3,000+ ATMs. For example, one-year fixed rate mortgages could be matched with one-year fixed rate funding (e.g. 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. These may change or we may introduce new ones in the future. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. What are deeming rates and what are the current rates? Donations capped at $30,000 nationwide. Rate applies for a single term. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. The . National Australia Bank is the only major bank not to have lost market . We reserve the right to withdraw, amend or extend this offer at any time. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Our Privacy Statementexplains how we use cookies. Term Deposits that cannot be managed online are not eligible for the online bonus rate. 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). 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). So if you want more flexibility, you might want to consider a high-interest savings account instead. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. Save time and open a Term Deposit using Westpac One. fixed rate Notice Deposit for terms of 12 to 23 months. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to pause the cash rate at 3.60%. Rates are not available to Financial Institutions. We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. . Full details are available on request.

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