Set up and manage your term deposit online by reinvesting or adding more funds at maturity.
Our Bankwest Term Deposit combines a fixed interest rate with the convenience of online banking.
You'll have peace of mind knowing your savings are growing in a great place. 3
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.
Bankwest Term Deposit Product Disclosure Statement (PDF)
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:
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.
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