Business Term Deposits
Special Offer
Up to 4.75% p.a. online offer for 11 months
How your interest adds up:
4.65% p.a. Fixed Rate Special Offer1 Term Deposit for Terms of 11 months
PLUS, an additional 0.10% p.a. online bonus offer2 when you open or renew online
Offer available from 26/09/2024 for a limited time only on Term Deposits opened or renewed by existing Westpac personal or business customers. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or at maturity. T&Cs Apply.
Not yet a Westpac customer? Please contact a Westpac Branch
Other popular Business Term Deposits
For interest paid at maturity
3 months
3.25% p.a.
6 months
3.60% p.a.
12 months
4.00% p.a.
- For term deposits with interest paid at maturity. Rate may differ when interest is paid on another frequency.
- Add 0.10% p.a. online bonus rate to these rates if you’re already with Westpac and opening or renewing online.2
- Check for any additional bonus rates you may qualify for when you sign in.
Rates apply to deposits of $5,000 - $5,000,000 with interest paid on maturity.
How much will I earn?
Use our calculator to find out how much your investment will earn at today’s interest rates.
Benefits of a Westpac Business Term Deposit
Guaranteed earnings
With a fixed interest rate over a fixed term, you’ll know exactly how much you’re going to earn on your investment.3
Bonus interest rates
Get 0.10% p.a. extra for opening or renewing online. And check if you qualify for other bonus rates when you sign in.4
Online opening
There’s no need to visit a branch. Open, view and manage your account in Online Banking and the Westpac App.5
Security option
You can use a Business Term Deposit as security for a loan or bank guarantee, if you apply on a PC or mobile browser.6
How do I open a Business Term Deposit?
- Sign into Online Banking
- Choose an amount, term, and interest payment frequency, then select Get rates
- Open your account and transfer funds into it
How does a Business Term Deposit work?
A safe investment
Avoid market fluctuations by earning a fixed interest rate on your investment, while avoiding the temptation to dip into your savings.
Your choice of terms
Pick a fixed term that matches your business cycle, from 1 month to 5 years. And choose how you want your interest to be paid.
Options at maturity
At the end of the term, choose whether to withdraw some or all of the funds or reinvest them for another term at the latest rate.
Flexibility if needed
If you really need your funds and give us enough notice, early withdrawal may be possible. But rate adjustments and reduced returns may apply.3
How do I manage my Business Term Deposit online?
- Opt-in to get notified via email and your Online Banking Message Centre when your Term Deposit is maturing.
- You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to.
- Choose a new term for all or some of your funds. Or transfer funds into your eligible everyday account.
- Do it all in Online Banking or the Westpac App if you’re eligible, without having to visit a branch.
5
FAQs about Business Term Deposits
If you’re an existing Westpac customer and are registered for Online Banking, you can open a Business Term Deposit in minutes online.
To open a joint Term Deposit, or Term Deposit for a trust or self-managed super fund, please visit us in branch, or contact your Relationship Manager.
Open accounts online
Manage accounts online
Things you should know
Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 274KB)
Fees, charges and terms and conditions apply.
This information is general in nature and does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it, and read the Terms and Conditions (PDF 274KB) before making a decision.
- Term Deposits of $5,000 to $5,000,000 on Terms of 11 months. Interest paid monthly or at maturity.
- Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend these offers at any time.
- Rates and offers apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
- Term Deposits opened or renewed during the variation period via Online Banking or the App only.
- The bonus rate will be applied in conjunction with any other offer that may apply.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer-initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Rates and offer apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
3. You must provide a minimum of 31 days' notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns.
4. Any bonus rates offered above may only be available through Westpac Online Banking. Online Banking will be available to update Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time).
5. Customers must be registered for Online Banking and business network users must have Term Deposit entitlements turned on to be able to open or renew online on behalf of their business network.
6. If your Term Deposit is held as security against a loan, it can only be closed once security is no longer required.
Term Deposits are 'protected accounts' under the Australian Government's Financial Claims Scheme (FCS). Payments made under the FCS are subject to a limit for each depositor. For more information see the FCS website at https://www.fcs.gov.au.
Bank feeds must be set up with third-party service provider before it can be connected in Westpac Online Banking. If your third-party service provider doesn’t appear in the drop-down menu in Westpac Online Banking, you may need to check that your third-party service provider is registered with Westpac. Should there be any changes to your user access or network access levels, you may need to disconnect your bank feed(s) as any access changes won’t impact bank feeds. The products and services offered by third-party service providers are subject to their own terms and conditions and fees and charges. Westpac doesn’t guarantee or endorse the services or products offered by third-party service providers
† Currently Business Credit Cards and Business Term Deposits accounts aren’t available for third-party service provider’s except MYOB. This may be extended to other third-party service providers in the future.