Online Term Deposit

Our Online Term Deposit combines a fixed interest rate with the convenience of online banking.

Benefits

Online convenience

Set up and manage your term deposit online by reinvesting or adding more funds at maturity.

Consider your options

Lock in a fixed rate for a range of periods from one month to five years.

Start small

Invest from as little as $1,000 up to $5,000,000.

How it works

Set up your term deposit online

Choose a term that suits you, then transfer your chosen amount (minimum $1,000) from your linked bank account into your term deposit. Your linked account can be with Bankwest or another financial institution.

Once your term deposit matures

You have seven days’ grace period to decide whether you want to withdraw your funds or reinvest them. Simply log into online banking to manage your term deposit.

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. 1

Rates

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Term Maturity/
Annually
Half-yearly Quarterly Monthly
1 month 0.05% p.a. - - -
2 months 0.10% p.a. - - -
3 months
0.20% p.a. - - -
4 months 0.20% p.a. - - -
5 months 0.20% p.a. - - -
6 months 0.40% p.a. - - -
7 months 0.25% p.a. - - -
8 months 0.25% p.a. - - -
9 months 0.25% p.a. - - -
10 months 0.25% p.a. - - -
11 months 0.25% p.a. - - -
12 months 0.45% p.a. 0.45% p.a. 0.45% p.a. 0.45% p.a.
24 months 0.50% p.a. 0.50% p.a. 0.50% p.a. 0.50% p.a.
36 months 0.50% p.a. 0.50% p.a. 0.50% p.a. 0.50% p.a.
48 months 0.50% p.a. 0.50% p.a. 0.50% p.a. 0.50% p.a.
60 months 0.50% p.a. 0.50% p.a. 0.50% p.a. 0.50% p.a.
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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 8 October 2021.
Interest rates on offer may vary at any time without notice.

Get set up first

Before you open this account, you’re going to need a Bankwest bank account.

Apply today

Here are your next steps...

Check your eligibility

  • Available to people aged 12 and older
  • You must have an Australian transaction account, with Bankwest or another 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
  • For security reasons, we are unable to process joint applications online. If you'd like a joint term deposit, please pop in to a Bankwest branch
  • If you don’t have an Australian residential address, you’ll need to get in touch with us to apply. You can either pop into a Bankwest branch or give us a call on 13 17 19.

  • 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).

Find out more about what you may need to provide.

Already started? Resume your application.

What’s the difference between a term deposit and a savings account?

FAQ

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).

Need help choosing a term deposit?

Speak with someone from the team today.

Looking for something else? 

Our other term deposit might be more your style.

  1. 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.