Understanding your term deposit statement

There can be a lot of info on your term deposit statement, so we've created a simple guide to help you get the most out of it. Let's check it out.

Table on a term deposit statement highlighting (A) Deposit Amount, (B) Interest rate and (C) Interest payment method
Transaction Details on a term deposit statement highlighting (D) Opening balance, (E) Balance and (F) Credit interest

A: The deposit amount is the amount you’ve invested.

B: The interest rate shown is based on the available rate on the day the letter was issued, and it could change at any time.

C: The interest payment method is the instructions for what will happen to the interest earned at the end of your term.

D: The opening balance is your initial deposit. Keep in mind that after the term has started, additional payments won’t earn interest.

E: The balance can be a combination of your deposits and any interest earned (that’s if you’ve opted for interest to be paid into the account).

F: The credit interest earned at the end of the term.

What if I need to withdraw money from my account?

If it’s during your term, then you can still take money out, just be aware you’ll need to give us 31 days’ notice. It’s something that all banks have to do. Keep in mind that it’ll affect the interest you earn.

Need more help?

You can message us in the Bankwest App or online banking, or call us – we're here 24/7.