If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Looking for a better savings account rate? Westpac Bank Term Deposit Review | Compare And Save | Savvy 4.25% p.a. In extreme scenarios it can contribute to a bank run. Choose a new term for all or some of your funds, or withdraw funds into your eligible everyday account. Consider its appropriateness to these factors before acting on it. 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. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. online bonus rate for existing Westpac customers that open or renew online1. *We are Australias Biggest Financial Comparison Site. RBA Interest Rate Rise: Westpac, NAB, Commonwealth Bank, ANZ pass on The 0.10% p.a. 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 . All Open a Term Deposit at any branch,or join us by opening a Choice everyday account online. We reserve the right to withdraw, amend or extend this offer at any time. 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. Not available for customers who are not able to open or renew digitally (e.g. Look out for scam calls and messages claiming to be from Westpac. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. 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%. For example, one-year fixed rate mortgages could be matched with one-year fixed rate funding (e.g. You can also elect to have returns paid at maturity for terms six months or longer. How will the online bonus rate be displayed? Full details of the terms and conditions are available from any Westpac branch in New Zealand. Term Deposits that cannot be managed online are not eligible for the online bonus rate. For Westpac issued products, conditions, fees and charges apply. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. 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. 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. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. as an example, according to the savings calculator above you could earn $2,297 of interest after 1 . online bonus rate for existing Westpac customers that open or renew online1. Pay off HECS/HELP debt before indexation? If youre already with Westpac, see our special offer for eligible deposits. This material is provided for information purposes only and is not a recommendation or opinion in relation to any PIE funds managed by BT Funds Management (NZ) Limited. Further terms and conditions may apply, so make sure to check with the individual bank for more information. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. "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 . 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. Term deposit rates are rising, but how long should you sign up for? Find out more about the Westpac Term PIE Fund here. ** Individuals with taxable income of $48,001 to $70,000. 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. Split-month rates may be available in-branch and if renewing a deposit online. 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. CommBank will also "extend the availability" of its 18-month term deposit special offer of 2.25%. for new customers for the first five months. Find out more 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. Not available for Financial Institutions or Westpac Institutional Bank customers. See our Early Withdrawal Policy for more details. These savings accounts need to be linked to an eligible transaction account. T&Cs apply. The market leaders ANZ, CommBank, Westpac, NAB The best of the rest. Look out for scam calls and messages claiming to be from Westpac. Interest rates are % per annum. Term Deposit Rates Comparison Australia - Canstar It will be applied on top of any other bonus rates you may be eligible for. Term Deposits Westpac Life savings account A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. You could earn up to 4.35% p.a. Rate will not be automatically applied to a renewing Term Deposit. Can I have the online bonus rate applied in branch or over the phone? Using an interest rate of 4.5% p.a. 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. You can also choose to have interest paid at maturity for longer terms. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Three year swap rates are more than 30 basis points lower. 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. Does the online bonus rate apply to special offers? - 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. 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.