We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. Consider whether this advice is right for you. Check rates and bonuses for new Term Deposits online. Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. Higher or lower rates may apply for subsequent terms. This advice is general and has not taken into account your objectives, financial situation or needs. Rate will not be automatically applied to a renewing Term Deposit. In extreme scenarios it can contribute to a bank run. 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. Research provided by Canstar Research AFSL and Australian Credit Licence No. You may need financial advice from a qualified adviser. Term Deposits Calculator fact-checking process. Performance Drive. for 12 months (interest paid at maturity) $0 Account keeping fee Interest paid on maturity Up to $5,000,000 can be invested Go to site More info Promoted MyState Bank Online Term Deposit Earn a fixed interest rate up to 4.5% p.a. The 0.10% p.a. We reserve the right to withdraw, amend or extend this offer at any time. Copyright 2023 CANSTAR Pty Limited AR 443019, CBA, NAB, ANZ & Westpac term deposit rates. Westpac Term PIE Fund - Compounding & regular returnFor terms six months or longer, you can choose to have returns paid every three months. Amanda Horswill 3. Check out Westpac term deposit rates NZ with glimp and find the right one that suits you best. Not available for customers who are not able to open or renew digitally (e.g. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. 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. to 4.00% p.a. The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. You can find all of our latest term deposit rates here. Rates and product information should be confirmed with the relevant credit provider. View Cash PIE and Term PIE rates here NEW: Click on a provider's name or logo to see all their rates. 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. Early termination fee applies if the Term Deposit is ended before the full term. Rate applies for a single term. Find out more about the Westpac Term PIE Fund here. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. This was not included in the table since it is not available to new customers. Weve listed rates for terms between six months and five years. Target Market Determinations for the products are available. You can also look at our current Term PIE Fund, which may offer a better after-tax return for you if youre on the top income tax rates of 30%, 33% or 39%. 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). This offer is available via Online Banking (for existing customers) or by talking to us. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. Apply in branch. 4 3 months 2.00% p.a. Consider its appropriateness to these factors before acting on it. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. Deposits up to $250,000 are guaranteed by the Australian government. Manage your Term Deposit online choosing to renew or withdraw. 2.25% p.a. Do it all in Online Banking or the Westpac App if youre eligible, without having to visit a branch. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. Access and manage your money with a range of day-to-day accounts, savings accounts and term deposits. Bankwest Online Term Deposit Up to 4.25% p.a. Please see the Term Deposit Term Sheet for further information. For investments of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. Look out for scam calls and messages claiming to be from Westpac. Any bonus rates offered above may only be available through Westpac Online Banking. We reserve the right to withdraw, amend or extend this offer at any time. This information does not take your personal objectives, circumstances or needs into account. 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). Get a fixed return on your investment and make the most of our bonus interest rates. Consider the product disclosure statement before making a purchase decision. Westpac eSaver total variable rate will increase by 0.25% p.a. Available on deposits of $5,000 to $5,000,000 with support paid monthly or annually. Rates and product information should be confirmed with the relevant financial institution. on 02 May 2023. Heres what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. A term deposit is a cash investment held at a financial institution (e.g. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Includes all payment frequencies. . If you decide to take out your money early, you may be charged a penalty fee or earn a reduced rate of interest. If you apply in Online Banking, you may also be eligible for multiple bonus rates. You could earn up to 4.70% p.a. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Using an interest rate of 4.5% p.a. term deposits), so that . You are able to quickly compare interest rates, lenders, products and terms. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. Look out for scam calls and messages claiming to be from Westpac. 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. Minimum deposit of $5,000 Short to medium terms available Our Privacy Statementexplains how we use cookies. Bonus rates: Add 0.10% p.a. We also offer a choice of interest payment frequencies to supplement income, or returns can be compounded to grow your savings faster. For Westpac issued products, conditions, fees and charges apply. Mobile/tablet users, scroll sideways to view full table . variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Rates quoted are subject to change. Full details of the terms and conditions are available from any Westpac branch in New Zealand. What changes are coming to your superannuation? See all rates & terms 6 months 5.30 % p.a. Learn more about scams. Interest may be paid at maturity, monthly, or annually. When comparing term deposits, you may want to consider factors such as: Make sure you carefully read the terms and conditions, as well as the target market determination (TMD) and any other documentation the institution provides to you. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Terms and conditions apply. T&Cs apply. 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. We offer a range of terms from 30 days to 5 years to suit your investment goals and your lifestyle. Earn income regularly or compound it for faster growth, depending on your term. fixed rate Notice Deposit for terms of 12 to 23 months. Please refer to the provider for more information. Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. special. . 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). What if I cannot manage my Term Deposit online? Banking Loans Home Loans Car Loans Personal Loans Margin Loans Account & Transfers Savings Accounts Transaction Accounts Term Deposits This information does not take your personal objectives, circumstances or needs into account. deposit outflows. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Please refer to the provider for more information. 1.75% p.a. This article was reviewed by our Deputy Editor, Canstar The bonus rate will be applied in conjunction with any other bonus rate that may 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. 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). Term deposit - Interest paid at maturityFor terms less than six months, interest is paid in full at the end of the term. Westpac Term PIE Fund A potentially better after-tax return for investors taxed at 30%, 33% or 39%, so it may grow your money faster. The 0.10% p.a. Term deposit - Regular incomeFor terms of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. Check out the current rates on offer from ANZ, Commonwealth Bank, NAB and Westpac. *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. A regular savings account designed for children and teenagers to support their long-term savings needs. The National Housing Finance and Investment . The best savings rates currently are around 4% to 5% p.a. Not available for customers who are not able to open or renew digitally (e.g. What are deeming rates and what are the current rates? Easy to set up and renew with Westpac One online banking. 4.25% p.a. 4.25% p.a. An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App. Some term deposit interest rates will increase by up to 0.75 per cent from . The bonus rate will be applied in conjunction with any other bonus rate that may apply. 12 months 3.85% p.a. This provides a predictable income stream. Apply in branch. Download the Westpac Term PIE Fund Term Sheet. National Australia Bank, ANZ and Westpac are predicted to report the staggering profits in interim cash earnings, a jump of 27 per cent compared to the previous half of the year and a 20 per cent . 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. Click here to learn more. A Flourish table Why are the big banks lagging? Easily view and manage your investment in Online Banking and the Westpac App. 1. Term deposit providers. These savings accounts need to be linked to an eligible transaction account. We reserve the right to withdraw, amend or extend this offer at any time. Lending criteria apply to approval of credit products. * Term deposit & PIE investment rates. And five year rates are 50 basis points lower. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. 1. For Westpac issued products, conditions, fees and charges apply. A simple way to invest for a fixed timeframe. 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. Its subsidiaries include St. George Bank, Bank of Melbourne and BankSA. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Choose whether to withdraw funds or reinvest, or set up instructions in advance. for the first 5 months (new eSaver customers only), Total variable rate includes fixed introductory bonus of 3.15% p.a. Want a more competitive rate? Our Privacy Statementexplains how we use cookies. Manage your Term Deposit online choosing to renew or withdraw. The table is based on an investment of $50,000 in a personal, non-compounding deposit with any payment frequency. *, 0.10% p.a. This "big four" bank does not charge any set up or monthly service fees. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Download the Westpac Term PIE Fund Term Sheet, more about the Westpac Term PIE Fund here. 2. For more information, read ourdetailed disclosure,important notes and liability disclaimer. With few savings rate movements following the April Board meeting (apart from AMP . Meanwhile, the best in the market averages 2.17 per cent, with a top offer of 3.3 per cent. 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? Cards Access your money using a range of local Westpac Cards. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Personal Loans A quick, easy and affordable way of making your next purchase. Rates are not available to financial institutions. The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. Higher or lower rates may apply for subsequent terms. Lending criteria apply to approval of credit products. 1. 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. Does the online bonus rate apply to special offers? Use our interest rate tables to find the best term deposit rates online from most NZ lenders. You could earn up to 4.70% p.a. Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. if bonus interest criteria are met, 4.25% p.a. Main image source: robuart/Shutterstock.com. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. Interest rates are subject to change without notice. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity. Westpac offers customers term deposit accounts, as well as home loans, credit cards, personal loans, card loans and much more. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). as an example, according to the savings calculator above you could earn $2,297 of interest after 1 . 4.25% p.a. Speak to one of our friendly specialists who can help. For Westpac issued products, conditions, fees and charges apply. If you want to calculate repayment changes for interest-only repayments, please use our home loan repayment calculator. Term deposit - Compounding interestFor terms six months or longer, 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. Further terms and conditions may apply, so make sure to check with the individual bank for more information. If you apply in Online Banking, you may also be eligible for multiple bonus rates. Full details are available on request. . Times when a term deposit could be useful, 4.25% p.a. Just make 3 purchases in the 1st 30 days. Data may not be available for some products. ** Individuals with taxable income of $48,001 to $70,000. 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. Consider its appropriateness to these factors before acting on it. You can generally get a higher interest rate if you invest for longer. With a fixed interest rate over a fixed term, youll know exactly how much youre going to earn. Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). Rate applies for a single term. Range available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. to these rates if youre already with Westpac and opening or renewing online. 437917. Term deposit providers . 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. Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing. You can also elect to have returns paid at maturity for terms six months or longer. Sponsorship or Promotion fees may be higher than referral fees. 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. Special rates 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. Conditions, fees and charges apply and may change. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. 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. A simple, fee-free way to invest $5,000 or more. Bear in mind these rates may not be available to all applicants. Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. It is also passing on the rate hike to bonus interest account Progress Saver and ANZ Plus in full. May 1, 2023 - 5.44pm. Westpac. How will the online bonus rate be displayed? But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four. "We will again increase the rate on our ANZ plus save account, taking it to 4.25 per cent pa, and introduce a new 12-month advance notice term deposit rate of 4.40 per cent pa." READ MORE: High . 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. Higher or lower rates may apply for subsequent terms. We use cookies for security purposes, to improve your experience on our site and tailor content for you. 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. These may change or we may introduce new ones in the future. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. This information does not take your personal objectives, circumstances or needs into account. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; 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 investment rates. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. Full details are available on request. See Online bonus rate T&Cs for other exceptions. Term Deposits that cannot be managed online are not eligible for the online bonus rate. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. * 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%. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. Canstar provides an information service. T&Cs apply. Add0.10% p.a. - The partial withdrawal is not linked to another early withdrawal. According to Westpac - the country's second-largest bank - a staggering $257 billion, or just over 60 of its Australian deposits, now earn an interest rate of 25 basis points or less. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Or open an everyday account then apply for a Term Deposit online. The banks that increased term deposit rates this week, The banks that moved term deposit rates this week. 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. Higher or lower rates may apply for subsequent terms. . to these rates if you're already with Westpac and opening or renewing online. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. These may change or we may introduce new ones in the future. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Pay off HECS/HELP debt before indexation? This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. You can also elect to have interest paid at maturity for terms six months or longer. All Read the Comparison Rate Warning. * For home loan customers: Here are the interest rates on offer from CommBank, NAB, ANZ and Westpac at the time of writing. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here. Look out for scam calls and messages claiming to be from Westpac. Check for additional bonus rates when you sign in. Changes come into effect on July 15, 2022. Know how you can make your money grow by inquiring with Westpac term deposit. 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. Bear in mind rates may be subject to change. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to pause the cash rate at 3.60%. Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Our Privacy Statementexplains how we use cookies. Looking for a better savings account rate? For investments of six months or longer, interest can be compounded quarterly. Rate will not be automatically applied to a renewing Term Deposit. All information about performance returns is historical. 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. Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. Source: Canstar, 02/05/2023. 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. Take out an 8 month Term Deposit and we will donate $10^ to the Chopper Appeal. Consider the product disclosure statement before making a purchase decision. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. Whats the difference between a term deposit account and a savings account? No, it is only applied to Term Deposits opened or renewed online. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. 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. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. Rate will not be automatically applied to a renewing Term Deposit. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Check rates and bonuses for new Term Deposits online. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. This means the investment return over time is harder to predict. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise. 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. Interest rate adjustment may apply if funds are withdrawn before maturity. A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. Can I have the online bonus rate applied in branch or over the phone? Commercial and Private Bank customers will need to contact their Relationship Manager. Another interest rate rise expected: what will it mean for you? Notyet a Westpac customer? The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder. Rate will not be automatically applied to a renewing Term Deposit. Bear in mind these rates may not be available to all applicants. Not available for customers who are not able to open or renew digitally (e.g. Considering a term deposit? . Manage your Term Deposit online choosing to renew or withdraw. Notyet a Westpac customer? By Hanan Dervisevic. National Australia Bank is the only major bank not to have lost market . Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity.
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