The table is based on an investment of $50,000 in a personal, non-compounding deposit with any payment frequency. Please refer to the provider for more information. This advice is general and has not taken into account your objectives, financial situation, or needs. For more information, read ourdetailed disclosure,important notes and liability disclaimer. * For home loan customers: Electric vehicle sales outpace the old breed, How NSW motorists can claim the $750 toll rebate scheme, Car sales reach four-year high despite supply chain hurdles, SMSF voluntary contributions fall $23 billion over five years, Superhero expands superannuation investment options available to members. 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. The 0.10% p.a. Manage your Term Deposit online choosing to renew or withdraw. See all rates & terms 6 months 5.30 % p.a. Use our calculator to find out how much your investment could earn if your interest is paid monthly, yearly, or at maturity. 1. 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. Please refer to the provider for more information. Get a fixed return on your investment and make the most of our bonus interest rates. All 4.25% p.a. 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. This is indicated in the tables by a not showing an interest rate for that product during the relevant term. For investments of six months or longer, you can choose to have interest paid monthly or quarterly into your nominated bank account. Mobile/tablet users, scroll sideways to view full table . 1. Lending criteria apply to approval of credit products. We reserve the right to withdraw, amend or extend this offer at any time. The best savings rates currently are around 4% to 5% p.a. Term Deposit Invest $5,000 or more for a fixed term, from 30 days to 5 years and earn a fixed interest rate. Pay off HECS/HELP debt before indexation? Figures from RateCity released on Friday show Judo Bank pays the highest 1-year term deposit rate of 2.7 per cent, and the highest 2-year term deposit rate of 3.5 per cent. With a term deposit, the rate is fixed for the set term of the investment, and so the investment outcome is typically highly predictable. All information about performance returns is historical. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. 2. Any bonus rates offered above may only be available through Westpac Online Banking. 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. Easy to set up and renew with Westpac One online banking. 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. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. For more information please see How We Get Paid. Does the online bonus rate apply to special offers? Open a Term Deposit at any branch,or join us by opening a Choice everyday account online. Conditions, fees and charges apply and may change. And five year rates are 50 basis points lower. Lending criteria apply to approval of credit products. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. May 1, 2023 - 5.44pm. A Term Deposit account needs to be linked to an eligible transaction account. Westpac Bonus Saver - base rate : $1-----Westpac Bonus Saver - Potential Rate : $1-----Return to top Savings . Term deposit providers . Any bonus rates offered above may only be available through Westpac Online Banking. Rates are not available to Financial Institutions. CBA alone forecasts a final 0.25% boost in May before the RBA leaves it steady until 2024. Westpac is not only the oldest bank in Australia, but it's also the countrys oldest company. Use our interest rate tables to find the best term deposit rates online from most NZ lenders. A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms. What do SMSF trustees need to prepare ahead of the tax deadline? . The bonus rate will be applied in conjunction with any other bonus rate that may apply. special. Our Privacy Statementexplains how we use cookies. 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%. When your investment matures, choose a new term or withdraw funds into your eligible everyday account. You can view our CDR policy by clicking on this link. A Flourish table Why are the big banks lagging? This provides a predictable income stream. Macquarie household deposits surge as major banks jockey for savings. We use cookies for security purposes, to improve your experience on our site and tailor content for you. These may change or we may introduce new ones in the future. This offer is available via Online Banking (for existing customers) or by talking to us. Consider its appropriateness to these factors before acting on it. T&Cs apply. This was not included in the table since it is not available to new customers. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. Weve listed rates for terms between six months and five years. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. 1. Consider whether this general financial advice is right for your personal circumstances. if you open your term deposit, or renew it for another term, online. ** Individuals with taxable income of $48,001 to $70,000. Canstar is a comparison website, not a product issuer, so its important to check any product information directly with the provider. 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? Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. *** Individuals with taxable income of $70,001 to $180,000. Commercial and Private Bank customers will need to contact their Relationship Manager. You can generally get a higher interest rate if you invest for longer. You can also elect to have returns paid at maturity for terms six months or longer. Westpac is represented in Papua New Guinea by Westpac Bank - PNG - Limited. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. A term deposit is a cash investment held at a financial institution (e.g. 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 New Zealand Limited. Rates and product information should be confirmed with the relevant financial institution. For Westpac issued products, conditions, fees and charges apply. This information does not take your personal objectives, circumstances or needs into account. 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. Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. For Westpac issued products, conditions, fees and charges apply. Check rates and bonuses for new Term Deposits online. 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 . Yes, the online bonus will be added to our advertised special offer rates when you apply or renew online. You can also choose to have interest paid at maturity for longer terms. NAB. T&Cs apply. Either way, the Big Four banks agree . Rates quoted are subject to change. Split-month rates may be available in-branch and if renewing a deposit online. fixed rate Notice Deposit for terms of 12 to 23 months. Considering a term deposit? For example, one-year fixed rate mortgages could be matched with one-year fixed rate funding (e.g. You can get a copy of the term sheet for Westpac term deposits from any Westpac branch free of charge or find out more about term desposits here. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Commercial and Private Bank customers will need to contact their Relationship Manager. Popular Business Term Deposit rates Rates below are available on deposits from $5,000 to $2,000,000 invested with interest paid at maturity. Minimum deposit of $5,000 Short to medium terms available Know how you can make your money grow by inquiring with Westpac term deposit. Or open an everyday account then apply for a Term Deposit online. How will the online bonus rate be displayed? Do it all in Online Banking or the Westpac App if youre eligible, without having to visit a branch. Alternatively, returns can be compounded (added automatically to your original investment) which allows you to earn 'returns on your returns', meaning your investment grows at a faster rate than if returns were paid out during the course of the investment or paid in full at maturity. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Sponsored or Promotion products are clearly disclosed as such on website pages. deposit outflows. T&Cs apply. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Just make 3 purchases in the 1st 30 days. Keep your account balance above $0 at all times. *We are Australias Biggest Financial Comparison Site. . Check for additional bonus rates when you sign in. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. Consider its appropriateness to these factors before acting on it. A Term Deposit is a type of savings account where your money is locked safely away for a set period. Check out Westpac term deposit rates NZ with glimp and find the right one that suits you best. *, 0.10% p.a. Bankwest Online Term Deposit Up to 4.25% p.a. BOQ has announced it will increase a range of term deposit rates, including increasing its 12-month term deposit rate to 2.50%. 4.25% p.a. 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. Westpac Term PIE Fund - Compounding & regular returnFor terms six months or longer, you can choose to have returns paid every three months. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. 4.25% p.a. However, early termination or break fees may apply. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. Here are some of the interest rates currently on offer from the big four Australian banks: ANZ, Commonwealth Bank, NAB and Westpac. Read the Comparison Rate Warning. CommBank also announced an increase for term deposits, including their 12-month term deposit, by 1.35 per cent. Our Privacy Statementexplains how we use cookies. Three year swap rates are more than 30 basis points lower. Look out for scam calls and messages claiming to be from Westpac. If you apply in Online Banking, you may also be eligible for multiple bonus rates. 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. 4.25% p.a. But when it comes to term deposits, smaller providers tend to offer many of the same benefits as the big four. It is not personal advice. By Hanan Dervisevic. 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. You can also see how Westpac term deposits compare with other options. 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. What if I cannot manage my Term Deposit online? But unlike term deposits, youll need to meet conditions and the rate could change at any time, based on market conditions. 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. Please refer to the product disclosure statement (PDS) and CanstarsFinancial Services and Credit Guide (FSCG)for more information, and read ourdetailed disclosure, important notes and liability disclaimer. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Apply in branch. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Or open an everyday account then apply for a Term Deposit online. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). Canstar may receive a fee for referring you to a product provider for further information, see how we get paid. 1. What are deeming rates and what are the current rates? Choose whether to withdraw funds or reinvest, or set up instructions in advance. The online bonus rate will be included within the bonus rate displayed when opening or renewing your Term Deposit. Bear in mind rates may be subject to change. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. Can I have the online bonus rate applied in branch or over the phone? 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. 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. Please see the Term Deposit Term Sheet for further information. The online bonus rate will be included within the bonus rate displayed when opening or renewing your 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. This advice is general and has not taken into account your objectives, financial situation or needs. Learn more about scams. T&Cs apply. You can connect with Karen via Linkedin. Notice Saver Karen is a Content Producer at Canstar, working to help the company produce informative yet easy-to-digest financial content for Australian consumers. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Canstar may earn a fee for referrals from its website tables, and from Sponsorship or Promotion of certain products. Term deposits earn a fixed interest rate for a fixed period of time - from 30 days to five years. Heres what ANZ, CommBank, NAB and Westpac are offering for a range of terms at the time of writing. before it was updated, as part of our 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. options. For rates applicable to amounts in excess of $5,000,000, please contact us. . Terms and conditions apply. $5,000 min Interest at maturity, monthly or compounding 12 months 5.70 % p.a. 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. The above rates are not available to financial institutions. The bonus rate will be applied in conjunction with any other bonus rate that may apply. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Another interest rate rise expected: what will it mean for you? What if I cannot manage my Term Deposit online? **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. Want a more competitive rate? Range available from 3rd March 2023 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Input the current interest rate of an . Our Privacy Statementexplains how we use cookies. Target Market Determinations for the products are available. Available on deposits of $5,000 to $5,000,000 with support paid monthly or annually. Fixed interest rates to maximise your savings. This is in addition to a current 12-month Term Deposit offer of up to 4.10% p.a. Main image source: robuart/Shutterstock.com. Data may not be available for some products. By growing your savings, you can help save the lives of many across the country. Full details are available on request. Term Deposits that cannot be managed online are not eligible for the online bonus rate. This information does not take your personal objectives, circumstances or needs into account. Early termination fee applies if the Term Deposit is ended before the full term. Lending criteria apply to approval of credit products. Research provided by Canstar Research AFSL and Australian Credit Licence No. Interest may be paid at maturity, monthly, or annually. We use cookies for security purposes, to improve your experience on our site and tailor content for you. to these rates if you're already with Westpac and you open or renew online #. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here. . Easy to set up and renew with Westpac One online banking. Consider its appropriateness to these factors before acting on it. 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. A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. 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. If you apply in Online Banking, you may also be eligible for multiple bonus rates. Look out for scam calls and messages claiming to be from Westpac. Not available for Financial Institutions or Westpac Institutional Bank customers. How will the online bonus rate be displayed? If youre already with Westpac, see our special offer for eligible deposits. Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand. Click here to learn more. Looking for a better savings account rate? ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. ING. Learn more about scams. Full details are available on request. Sponsorship or Promotion fees may be higher than referral fees. We reserve the right to withdraw, amend or extend this offer at any time. Markets with Madison: The U.S Federal Reserve should stop hiking rates after game changing bank collapses, an American chief economist says, and an analyst reveals if New Zealand banks are any safer. Rate is not available in conjunction with any other special rates offered on Westpac Term Deposits, unless specified otherwise. *, 0.10% p.a. The National Housing Finance and Investment . a bank) for an agreed interest rate over a fixed term, so the interest rate does not generally change for the nominated term. Look out for scam calls and messages claiming to be from Westpac. 12 months 3.85% p.a. All Interest Rates for Westpac - depositrates.co.nz Interest Rates for Westpac Visit Westpac Website Choose lender (s): Hold down Ctrl key to select multiple providers. What changes are coming to your superannuation? 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. Managing Term Deposits onlinemay not be available in some circumstances, such as when an account is held jointly with two signatories. Meanwhile, the best in the market averages 2.17 per cent, with a top offer of 3.3 per cent. Further terms and conditions may apply, so make sure to check with the individual bank for more information. as an example, according to the savings calculator above you could earn $2,297 of interest after 1 . Please open inbranch. **Commonwealth Bank 12 month rate is a limited time offer, please refer to the provider for more information. For more information, read the credit providers key facts sheet and other applicable loan documentation for that product. Target Market Determinations for the products are available. Westpac Term PIE Fund - Returns paid at maturityFor terms less than six months, returns are paid in full at the end of the term. Our Privacy Statementexplains how we use cookies. 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. **** Individuals with taxable income over $180,000. Target Market Determinations for the products are available. 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. Choose an amount and a term to see what you could earn with a standard Term Deposit available in branch. 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.
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