Bankwest Term Deposit
Our Term Deposit combines a fixed interest rate with the convenience of online banking.
| Term | Maturity / Annually | Half-Yearly | Quarterly | Monthly |
| 3 months | 3.75% p.a. | - | - | - |
| 6 months | 4.25% p.a. | - | - | - |
| 9 months | 4.70% p.a. | - | - | - |
| 12 months | 4.70% p.a. | 4.65% p.a. | 4.62% p.a. | 4.60% p.a. |
Rates displayed are current and were last updated on 4 September 2024. Interest rates on offer may vary at any time without notice.
Our Term Deposit combines a fixed interest rate with the convenience of online banking.
BENEFITS
Online convenience
Set up and manage your term deposit online by reinvesting or adding more funds at maturity.
Consider your options
Lock in a fixed rate for a range of periods from one month to five years.
Start small
Invest from as little as $1,000 up to $10,000,000.
Less fees
$0 account keeping fees.
This account is only available for either the 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 24, 36, 48 or 60 months term.
| Term | Interest Payments | Minimum Deposit | End of Term Reminder | Withdrawals before Term |
| 1 month to 5 years | Paid monthly, quarterly, half yearly or annually | $1,000 | 10 Days Prior | Yes |
For deposits with a term of less than 12 months interest is paid at maturity. For deposits with a term of 12 months or greater, you may ask us to pay your interest monthly, quarterly, six-monthly or annually; however, the rate applicable may vary depending on the interest frequency (note, interest must be paid at least once a year and cannot be paid only on maturity.
Before you open a Term Deposit you'll need a transaction account that facilitates direct debits. Your linked account can be with Bankwest or another bank.
Choose your term
Choose a term that suits you and transfer your chosen amount (minimum $1,000) from your linked bank account into your term deposit.
At the end of the term
You have seven days’ grace period to decide what to do once your term deposit matures, and we'll remind you ten days before your grace period starts. If you do nothing by the end of your grace period, your funds will be reinvested at the same term at the rate applicable at the time of maturity.
If your situation changes
31 days' notice is required if you want to withdraw your funds before the maturity date. This can also affect the interest that we pay you. You can still access your money at maturity and during the grace period.
You can make a withdrawal from your account on maturity. Withdrawals can only be made by Linked Account Transfer. You can’t nominate your account in a direct debit request you give to another organisation or financial institution, or non-Bankwest branded division.
To open your account you will need to make an opening deposit.
Your opening deposit must be made by Linked Account Transfer (unless we agree that you may make your opening deposit by any other means), and must be made in Australian dollars.
You may not add a further sum to your Bankwest Term Deposit until its maturity date.
Here are your next steps...
Check your eligibility:
- Available to people aged 12 and older
- You must have a transaction account, with Bankwest or another Australian financial institution, that allows direct debits to and from the account (so we can transfer funds from your linked account to your term deposit)
- Minimum deposit $1,000
- Minimum term of the deposit is one month
- Maximum term of the deposit is five years
- For security reasons we are unable to process joint accounts online. If you would like a joint Term Deposit please call us on 13 17 19.
- If you don't have an Australian residential address, you'll need to get in touch with us to apply. Please give us a call on 13 17 19.
What you need to apply
- Photo identification, such as an Australian driver's licence or passport.
- Account details (BSB and account number) of an existing Australian transaction account that will be linked to this savings account
- Australian residential address
- Sufficient funds to transfer as an opening deposit at the time your new account is opened
- Tax file number (optional)
| Term | Maturity / Annually | Half-Yearly | Quarterly | Monthly |
| 1 month | 2.00% p.a. | - | - | - |
| 2 months | 2.00% p.a. | - | - | - |
| 3 months | 3.75% p.a. | - | - | - |
| 4 months | 3.00% p.a. | - | - | - |
| 5 months | 3.00% p.a. | - | - | - |
| 6 months | 4.25% p.a. | - | - | - |
| 7 months | 4.00% p.a. | - | - | - |
| 8 months | 4.00% p.a. | - | - | - |
| 9 months | 4.70% p.a. | - | - | - |
| 10 months | 4.00% p.a. | - | - | - |
| 11 months | 4.00% p.a. | - | - | - |
| 12 months | 4.70% p.a. | 4.65% p.a. | 4.62% p.a. | 4.60% p.a. |
| 24 months | 3.90% p.a. | 3.86% p.a. | 3.84% p.a. | 3.83% p.a. |
| 36 months | 3.80% p.a. | 3.76% p.a. | 3.75% p.a. | 3.74% p.a. |
| 48 months | 3.80% p.a. | 3.76% p.a. | 3.75% p.a. | 3.74% p.a. |
| 60 months | 3.80% p.a. | 3.76% p.a. | 3.75% p.a. | 3.74% p.a. |
Rates displayed are current and were last updated on 4 September 2024. Interest rates on offer may vary at any time without notice.
We believe everyone deserves a simple, friendly, and safe and secure banking experience and that people want, well, less bank in their life. So, we're dedicated to being just the right amount of bank, without the gimmicks.
- More than 3000 colleagues dedicated to making banking easier.
- Customers across Australia supported from saving to sold.
- More than 125 years of supporting customers.
- About 7000 hours spent volunteering each year.
- In 2021, we helped customers avoid about $90m in scams and fraud.
- Multiple in-app payment options to give customers choice.
- Empowering brokers through tools, services, and support to deliver brilliant experiences to customers.
- A 24/7 Australia-based contact centre, available by phone or online.
.
A term deposit is an account where you lock away money for a set amount of time (a ‘term’) at a fixed rate. Terms can range from one month to five years.
Unlike with a savings account – where you can access your money anytime in online banking or the Bankwest App – a term deposit is designed to make it harder to withdraw funds. If you want to access money in your term deposit, you’ll need to give us 31 days’ notice and pay a fee, and the interest you earn will be adjusted (so you'll get a lower interest rate for the term).
You might want to open a term deposit over a regular savings account if:
- You want to lock away funds you don't need immediate access to and earn interest on them at a fixed rate
- You want to make it harder for yourself to withdraw your money
- You’re an established saver who can meet the initial minimum deposit requirement – $1,000 for a Term Deposit.
At the end of your term, you have seven calendar days (we call this your 'grace period') to let us know what you'd like to do with your term deposit. We'll remind you around 10 days before your grace period starts, so you can start thinking about your options.
During your grace period, you can:
- Reinvest your current balance for another term
- Withdraw or add some funds, then reinvest
- Transfer your balance to another account and close your term deposit.
If you have one of our term deposits, you can manage your term deposit yourself in Bankwest Online Banking. Go to your account to get started – you can message us 24/7 if you get stuck.
To withdraw all or part of your funds before the end of your fixed term, you'll need to give us 31 days' notice – you can do this by giving us a call
If you're experiencing financial hardship, you may be able to access your funds immediately. Contact us to chat through your options.
To milk your term deposit for all it's worth, think about:
How long you’ll invest for
If you choose a longer term and interest rates rise, you’re locked in at a lower rate. On the other hand, if you invest for a shorter term and interest rates fall, you could be stuck with a lower rate if you choose to reinvest.
Research market trends before you invest so you can make an informed decision.
When the interest is paid
If your term is less than 12 months, we'll pay you interest at the end of your term. If it's 12 months or more, you can choose whether you'd like interest to be paid monthly, quarterly, half-yearly or annually – it must be paid at least once a year. The interest rate you get for your term will vary depending on how frequently interest is paid.
What you want to do when your term ends
We'll remind you when your term deposit is ending so you can tell us what you'd like to do with your account – reinvest your balance, withdraw or add funds, or close your term deposit. You'll be given a grace period before your term ends where you can withdraw funds from your term deposit.
If you don't give us any instructions, we'll automatically reinvest your total balance for the same amount of time at the relevant rate. Make sure the term length and rate are still the best option for you.
Statutory Statement
The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
General Disclaimer
IMPORTANT STATEMENT ABOUT YOUR USE OF THIS SITE
Information on this site is intended for Australian users only.
This site is operated by Investment Markets (Aust) Pty Ltd. (ACN 634 057 248) (IMA, we, us and our), the holder of Australian Financial Services Licence (AFSL) no. 527875. The content is provided solely for information purposes, is not a recommendation or an offer to buy or sell a security, and is not warranted to be correct, complete or accurate. To the extent permitted by law, neither IMA, its affiliates, nor the content providers (such as the issuers of securities who appear on the site) are responsible for any investment decisions, damages or losses resulting from, or related to, the content, data and analyses or their use. The investment products on this site and any statements made about them by their issuers are not vetted, verified or researched by IMA. The presence of an investment product on this site should not be interpreted as an implied endorsement of it by IMA. Certain content provided may constitute a summary or extract of another document such as a Product Disclosure Statement. To the extent any content is general advice, it has been prepared by IMA. Any general advice has been provided without reference to your investment objectives, financial situations or needs. For more information refer to our Financial Services Guide. To obtain advice tailored to your situation, contact a financial advisor. You should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement (or other offer document) before making any decision to invest. Past performance does not necessarily indicate an investment product’s future performance. The content is current as at date of initial publication and may not be current as at your date of viewing. For a more complete understanding of all the terms and conditions of your use of this site click here.