Set up and manage your term deposit online by reinvesting or adding more funds at maturity.
Log in
Bankwest Term Deposit
Our Bankwest Term Deposit combines a fixed interest rate with the convenience of online banking.
Switch to more fruitful returns with 4.70% p.a. for 12 months
You'll have peace of mind knowing your savings are growing in a great place. 3
Benefits
Rates
Show me
| Term | Rate |
|---|---|
|
1 month
|
2.00% p.a.
|
|
2 months
|
2.00% p.a.
|
|
3 months
|
3.75% p.a.
|
|
4 months
|
3.00% p.a.
|
|
5 months
|
3.00% p.a.
|
|
6 months
|
4.25% p.a.
|
|
7 months
|
4.00% p.a.
|
|
8 months
|
4.00% p.a.
|
|
9 months
|
4.70% p.a.
|
|
10 months
|
4.00% p.a.
|
|
11 months
|
4.00% p.a.
|
|
12 months
|
4.70% p.a.
|
Term
Rate
1 month
2.00% p.a.
2 months
2.00% p.a.
3 months
3.75% p.a.
4 months
3.00% p.a.
5 months
3.00% p.a.
6 months
4.25% p.a.
7 months
4.00% p.a.
8 months
4.00% p.a.
9 months
4.70% p.a.
10 months
4.00% p.a.
11 months
4.00% p.a.
12 months
4.70% p.a.
| Term | Maturity/annually | Half-yearly | Quarterly | Monthly |
|---|---|---|---|---|
|
12 months
|
4.70% p.a.
|
4.65% p.a.
|
4.62% p.a.
|
4.60% p.a.
|
|
24 months
|
3.90% p.a.
|
3.86% p.a.
|
3.84% p.a.
|
3.83% p.a.
|
|
36 months
|
3.80% p.a.
|
3.76% p.a.
|
3.75% p.a.
|
3.74% p.a.
|
|
48 months
|
3.80% p.a.
|
3.76% p.a.
|
3.75% p.a.
|
3.74% p.a.
|
|
60 months
|
3.80% p.a.
|
3.76% p.a.
|
3.75% p.a.
|
3.74% p.a.
|
Term
Maturity/annually
Half-yearly
Quarterly
Monthly
12 months
4.70% p.a.
4.65% p.a.
4.62% p.a.
4.60% p.a.
24 months
3.90% p.a.
3.86% p.a.
3.84% p.a.
3.83% p.a.
36 months
3.80% p.a.
3.76% p.a.
3.75% p.a.
3.74% p.a.
48 months
3.80% p.a.
3.76% p.a.
3.75% p.a.
3.74% p.a.
60 months
3.80% p.a.
3.76% p.a.
3.75% p.a.
3.74% p.a.
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 displayed are current and were last updated on 4 September 2024.
Interest rates on offer may vary at any time without notice.
Product Disclosure Statement:
Bankwest Term Deposit Product Disclosure Statement (PDF)
Related documents:
How it works
A term deposit is an account where you lock away money for a set amount of time (a ‘term’) at a fixed rate. Terms can range from one month to five years.
Unlike with a savings account – where you can access your money anytime in online banking or the Bankwest App – a term deposit is designed to make it harder to withdraw funds. If you want to access money in your term deposit, you’ll need to give us 31 days’ notice, and the interest you earn will be adjusted (so you'll get a lower interest rate for the term).
Before you open a Bankwest Term Deposit you'll need a transaction account that facilitates direct debits. You can select a Bankwest linked account, or one from a different bank.
To open your term deposit you'll need to make an opening deposit from your Linked Account Transfer. You may not add a further sum to your term deposit until its maturity date. Once it reaches maturity, you will be provided with the option to add funds and reinvest the new balance.
To withdraw all or part of your funds at the end of your term, you can let us know any time online. To withdraw all or part of your funds before the end of your term, you'll need to give us 31 days' notice – you can do this by giving us a call. If you're experiencing financial hardship, you may be able to access your funds sooner. Contact us to chat through your options. 1
During your term you can choose to:
- Reinvest your full 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.
Once your grace period starts, you can also add funds to your term deposit balance and reinvest.
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 at the rate applicable at the time of maturity.
Before you open a Bankwest Term Deposit you'll need a transaction account that facilitates direct debits. Your linked account can be with Bankwest or another bank.
Apply today
Here are your next steps...
Check your eligibility
- Available to people aged 12 and older
- You must 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)
- Minimum deposit $1,000
- Minimum term of the deposit is one month
- Maximum term of the deposit is five years
- If you don’t have an Australian residential address, you’ll need to get in touch with us to apply. Give us a call
- For security reasons, we are unable to process joint applications online. If you'd like a joint term deposit, give us a call on 13 17 19 to discuss your options.
- 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 acount 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).
Already started? Resume your application.
- 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.
- Interest paid on maturity. Different rates apply to different terms and interest payment frequencies.