Our Online Term Deposit combines a competitive fixed interest rate with the convenience of online banking.
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.
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.
| Term |
Maturity/ Annually |
Half-yearly | Quarterly | Monthly |
|---|---|---|---|---|
| 1 month | 1.05% p.a. | - | - | - |
| 2 months | 1.05% p.a. | - | - | - |
|
3 months |
1.50% p.a. | - | - | - |
| 4 months | 1.60% p.a. | - | - | - |
| 5 months | 1.35% p.a. | - | - | - |
| 6 months | 1.55% p.a. | - | - | - |
| 7 months | 1.35% p.a. | - | - | - |
| 8 months | 1.35% p.a. | - | - | - |
| 9 months | 1.50% p.a. | - | - | - |
| 10 months | 1.35% p.a. | - | - | - |
| 11 months | 1.35% p.a. | - | - | - |
| 12 months | 1.50% p.a. | 1.49% p.a. | 1.49% p.a. |
1.49% p.a. |
| 24 months | 1.45% p.a. | 1.44% p.a. | 1.44% p.a. | 1.44% p.a. |
| 36 months | 1.45% p.a. | 1.44% p.a. | 1.44% p.a. | 1.44% p.a. |
| 48 months | 1.45% p.a. | 1.44% p.a. | 1.44% p.a. | 1.44% p.a. |
| 60 months | 1.45% p.a. | 1.44% p.a. | 1.44% p.a. | 1.44% p.a. |
Before you open this account, you’re going to need a Bankwest transaction account.
Check your eligibility
What you need to apply
Already started? Resume your application.
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).
Our other term deposit might be more your style.
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.
