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.
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Online Term Deposit
Our Online Term Deposit combines a competitive 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
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.
Rates
Swipe
| Term |
Maturity/ Annually |
Half-yearly | Quarterly | Monthly |
|---|---|---|---|---|
| 1 month | 0.35% p.a. | - | - | - |
| 2 months | 0.50% p.a. | - | - | - |
|
3 months |
0.85% p.a. | - | - | - |
| 4 months | 0.85% p.a. | - | - | - |
| 5 months | 0.85% p.a. | - | - | - |
| 6 months | 0.90% p.a. | - | - | - |
| 7 months | 0.85% p.a. | - | - | - |
| 8 months | 0.85% p.a. | - | - | - |
| 9 months | 0.85% p.a. | - | - | - |
| 10 months | 0.85% p.a. | - | - | - |
| 11 months | 0.85% p.a. | - | - | - |
| 12 months | 0.95% p.a. | 0.95% p.a. | 0.95% p.a. |
0.95% p.a. |
| 24 months | 0.95% p.a. | 0.95% p.a. | 0.95% p.a. | 0.95% p.a. |
| 36 months | 0.95% p.a. | 0.95% p.a. | 0.95% p.a. | 0.95% p.a. |
| 48 months | 1.10% p.a. | 1.10% p.a. | 1.10% p.a. | 1.09% p.a. |
| 60 months | 1.10% p.a. | 1.10% p.a. | 1.10% p.a. | 1.09% 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 displayed are current and were last updated on 7 August 2020.
Interest rates on offer may vary at any time without notice.
Rates displayed are current and were last updated on 7 August 2020.
Interest rates on offer may vary at any time without notice.
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Before you open this account, you’re going to need a Bankwest transaction 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.
Already started? Resume your application.
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.
In branch term deposit
A term deposit without a linked transaction account
Lock in a fixed rate (from one month to five years) without the need for a linked Bankwest transaction account. Apply in branch or over the phone. Invest from $5,000 to $2,000,000.