Westpac Term Deposit

Moneybuddy says

The Westpac term deposit offers a fixed investment of between 1 month and 60 months with an attractive option of having interest paid monthly, annually or at maturity. This term deposit account also charges no set-up, monthly or management fees. The investment amount for a Westpac term deposit starts at $5,000.

The Basics

Interest paid Annually

Interest calculated Daily

Headline interest rate p.a. 3.05%

Monthly fee $0

Account type Term deposit

The cool stuff: features

ATM access No

EFTPOS access No

Branch access No

Internet Banking No

Age restrictions No

Cheque book facility No

Debit card No

BPAY No

GiroPost No

Phone access No

The Facts & Figures

Balance less than $1k (p.a.) 0%

Balance less than $5k (p.a.) 0%

Balance less than $25k (p.a.) 3.05%

Balance greater than $100k (p.a.) -

Min. balance $5,000

Min. opening deposit $5,000

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee -

EFTPOS transaction fee -

Branch assistance fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Westpac says

A Westpac Term Deposit is ideal for securing surplus cash for a set period. You know exactly what rate of return you'll receive and when to expect it.

No set-up, monthly service or management fees, competitive fixed interest rate on balances of $5,000 and above, rates on other balances, terms and interest payment frequencies available.

Features and benefits: fixed investment terms from 1 month to 60 months, interest paid monthly, annually, or at maturity, options to re-invest or access your funds are available at maturity. 4 month term = 1.95% p.a. 6 month term = 2.15% p.a. 12 month term = 2.45% p.a. 24 month term = 2.95% p.a. 36 month term = 3.05% p.a. 48 month term = 2.65% p.a. 60 month term = 2.80% p.a.

Pros

  • No set-up fees
  • no monthly or management fees
  • Competitive fixed interest rates on balances over $5,000
  • Interest paid monthly, annually or at maturity

Cons

  • Rate comparable to regular savings accounts for lower balances

Terms & conditions

Interest rate displayed is a headline rate promoting the best available, correct at time of publishing. Always check with provider directly for up to date rates available.

 

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