Set up your term deposit in a branch
Choose a term that suits you and transfer your chosen amount (minimum $5,000) into your term deposit, and watch your money earn interest.
In branch term deposit
The Gold Term Deposit lets you lock in a competitive fixed rate for a range of periods from one month to five years.
Benefits
Plan for your future
This term deposit can be opened in the name of a self-managed super fund.
Consider your options
Enjoy seven calendar days' grace when your deposit matures to work out if you want to withdraw or reinvest.
Build wealth
Invest from $5,000 up to $2,000,000.
How it works
Once your term deposit matures
You have seven days' grace period to decide whether you want to withdraw your funds or reinvest them. If you do nothing by the end of your grace period, your funds will be automatically reinvested at the same term at the rate applicable at the time of maturity.
If your situation changes
Changes aimed at strengthening the banking system mean we require 31 days' notice if you want to withdraw your funds before the maturity date. This can also affect the interest that we pay you. You can still access your money at maturity and during the grace period.
Rates
Swipe
| Term |
Maturity/ Annually |
Half-yearly | Quarterly | Monthly |
|---|---|---|---|---|
| 1 month | 1.00% p.a. | - | - | - |
| 2 months | 1.00% p.a. | - | - | - |
| 3 months | 1.45% p.a. | - | - | - |
| 4 months | 1.55% p.a. | - | - | - |
| 5 months | 1.30% p.a. | - | - | - |
| 6 months | 1.50% p.a. | - | - | - |
| 7 months | 1.30% p.a. | - | - | - |
| 8 months | 1.30% p.a. | - | - | - |
| 9 months | 1.45% p.a. | - | - | - |
| 10 months | 1.30% p.a. | - | - | - |
| 11 months | 1.30% p.a. | - | - | - |
| 12 months |
1.45% p.a. |
1.44% p.a. |
1.44% p.a. |
1.44% p.a. |
| 24 months |
1.40% p.a. |
1.40% p.a. |
1.39% p.a. |
1.39% p.a. |
| 36 months |
1.40% p.a. |
1.40% p.a. |
1.39% p.a. |
1.39% p.a. |
| 48 months |
1.40% p.a. |
1.40% p.a. |
1.39% p.a. |
1.39% p.a. |
| 60 months |
1.40% p.a. |
1.40% p.a. |
1.39% p.a. |
1.39% p.a. |
Swipe
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). Rates current as at 19 December 2019.
Apply today
The Gold Term Deposit is only available in branch or over the phone
Check your eligibility
- Available to people aged 12 and older
- You can have more than one Gold Term Deposit account, but the total amount invested in these accounts must not exceed $2,000,000, unless Bankwest agrees otherwise
- Minimum term of the deposit is one month
- Maximum term of the deposit is five years
- Minimum deposit $5,000.
1
Things you need for your application
- Photo identification, such as an Australian driver's licence or passport. Or, see a handy list of other ID documents we’ll accept
- Australian residential address
- Sufficient funds to transfer as an opening deposit on the day your new account is opened
- Tax file number (optional).
FAQ
What's the difference between a term deposit and a savings account?
With a savings account, you can access your money at any time, and you earn a variable rate. But to be eligible for this interest rate each month you usually need to meet some requirements (like a monthly deposit or making no withdrawals).
Looking for something else?
Our other term deposit might be more your style.
Online Term Deposit
A term deposit with a lower minimum investment
Earn a fixed interest rate with a starting balance of as little as $1,000.