Term deposits to grow your savings.
Interest paid on maturity.
No fees
No account or maintenance fees.
Flexible terms
Invest your money anywhere from one month to five years.
Simple set up
Open a term deposit online in minutes, then manage it in app.
Start small
Invest from as little as $1,000 up to $10,000,000.
How term deposits work.
What’s a term deposit?
Term deposits are an alternative to savings accounts that let you invest for a set amount of time and at a fixed interest rate.
They can be useful when you don’t want to access your savings and want certainty on your investment.
With a fixed interest rate, your interest savings won’t be affected by interest changes and you’ll know exactly how much interest you’ll earn at the end of the fixed term.
What you’ll get with a Bankwest Term Deposit.
Fixed return on your investment
You’ll know exactly how much interest you’ll earn at the end of your term.
A range of terms
You can choose from a range of terms to suit your needs. Anything from 1 month to 5 years.
Safe and secure
Combined balances of up to $250,000 per account holder are guaranteed and secured by the Australian Government.^
Keep track of your investment
View, track and manage your term deposit alongside your other accounts online.
You’re in control
Manage your term deposit at maturity. Choose to reinvest, add or withdraw funds or close your account.
Rates displayed are current and were last updated on 4 July 2025.
Interest rates on offer may vary at any time without notice.
Lock down your savings in a few short minutes.
Common questions.
You can't add money to your term deposit until it's maturity date. Once it reaches maturity, you will be provided with the option to withdraw, add funds or reinvest.
At the end of your term: We’ll let you know when your term deposit is close to maturity and then you’ll be able to manage your maturity instructions in app.
Before the end of your term: Should you require access to your term deposit early, you’ll need to provide 31 days notice to withdraw all or part of your funds. Keep in mind, this will reduce the interest you receive.
If you’re experiencing financial hardship, get in contact with us so we can chat through your options – you may be able to access your funds sooner.
At the end of your term you can choose to:
- Reinvest your full balance
- Add funds to your balance
- Partially withdraw and reinvest
- Withdraw your full balance and close the account.
When choosing to reinvest you can set your term and interest payment frequency. Where applicable, you can also choose to transfer the interest you've earned to a linked account or reinvest it.
A grace period is the seven days that follow after your term deposit maturity date, during which you can decide what you want to do with your funds. 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 automatically reinvested at the same term with the rate applicable.
You can open a Bankwest term deposit online if you meet the below criteria:
- You’re aged 16 and older
- You 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)
- You have an Australian residential address. If not, you’ll need to get in touch with us to discuss your application
- For security reasons, we are unable to process online applications for joint accounts or for people between 14-15 years. Please give us a call on 13 17 19.
Open a Bankwest term deposit online, in minutes. You'll need:
- Photo identification, such as an Australian driver's licence or passport. Or, see a handy list of other ID documents we'll accept
- 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).
Things to consider.
- 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 payment frequency (note, interest must be paid at least once a year and cannot be paid only at maturity).
- You may request the withdrawal of all or part of your funds prior to the maturity date provided that you give 31 days notice. If your Term Deposit has less than 31 days to maturity, you will only be able to access funds on the maturity date. The notice period starts on the day you request withdrawal. If you are experiencing hardship and need your funds before maturity, please contact us. If you withdraw all or part of your funds prior to the maturity date, your entitlement to interest in respect of the deposit will be reduced, according to when an early repayment is made. Please refer to the Term Deposits Terms & Conditions for further details.
- Fees may apply to linked account, which is a requirement of the Bankwest Term Deposit. Limited exceptions apply, refer to the Product Disclosure Statement.
- Interest paid on maturity. Different rates apply to different terms and interest payment frequencies.