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Online Term Deposit

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

Apply today
Resume an application

Benefits

Online convenience

Set up and manage your term deposit online.

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. 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

Show me

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Term Maturity/
Annually 		Half-yearly Quarterly Monthly
1 month 0.45% p.a. - - -
2 months 0.70% p.a. - - -
3 months
 0.95% p.a. - - -
4 months 0.95% p.a. - - -
5 months 0.95% p.a. - - -
6 months 1.00% p.a. - - -
7 months 0.95% p.a. - - -
8 months 0.95% p.a. - - -
9 months 0.95% p.a. - - -
10 months 0.95% p.a. - - -
11 months 0.95% p.a. - - -
12 months 1.05% p.a. 1.05% p.a. 1.05% p.a. 1.04% p.a.
24 months 1.05% p.a. 1.05% p.a. 1.05% p.a. 1.04% p.a.
36 months 1.05% p.a. 1.05% p.a. 1.05% p.a. 1.04% p.a.
48 months 1.20% p.a. 1.20% p.a. 1.19% p.a. 1.19% p.a.
60 months 1.20% p.a. 1.20% p.a. 1.19% p.a. 1.19% 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 6 May 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.

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Hero Transaction Account

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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.
1

What you need to apply

  • 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.

Apply now

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).

Learn more about term deposits

Need help choosing a term deposit?

Speak with someone from the team today.

Call us on 13 17 19
Find a branch

Looking for something else? 

Our other term deposit might be more your style.

In branch term deposit

Learn more 
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.

Learn more