Interest rate changes for Westpac customers | Westpac Check out Westpac term deposit rates NZ with glimp and find the right one that suits you best. Check out the fixed interest rate for your choice of term and look out for additional bonus rates. Target Market Determinations for the products are available. Notyet a Westpac customer? Term Deposit. The best savings rates currently are around 4% to 5% p.a. James Eyers Senior Reporter. 2. 2. However, early termination or break fees may apply. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. Available on deposits of $5,000 to $5,000,000 with interest paid monthly or annually. Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac New Zealand Limited. Any bonus rates offered above may only be available through Westpac Online Banking. With a fixed interest rate over a fixed term, youll know exactly how much youre going to earn. For more information, read Canstars Financial Services and Credit Guide (FSCG) and our detailed disclosure. Term deposit providers . Victorian Government announces second round of $250 energy payments, Aussies look to no interest loans to ease back-to-school costs, Home loan volumes back to pre-pandemic levels, More than a quarter of Australian businesses continue to report job vacancies, Jobseekers urged to watch for scammers in 2023, HECS/HELP debt to be indexed at 7.1% from 1 June. *Westpac has a 4.25% limited time offer rate for 12-23 month term deposit for existing customers, with an additional 0.10% for existingcustomers that open or renew online. Rates changes from the past seven days will be highlighted in green or red. When your investment matures, choose a new term or withdraw funds into your eligible everyday account. Target Market Determinations for the products are available. One donation per customer. Check out the highest term deposit rates from all providers on our database, not just the big four. Has my bank increased interest rates yet? - ABC Term Deposit | Westpac It will be applied on top of any other bonus rates you may be eligible for. If you decided to apply for a Term Deposit product, you will deal directly with a financial institution, and not with Canstar. The 0.10% p.a. A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals. Earn income regularly or compound it for faster growth, depending on your term. Easy to set up and renew with Westpac One online banking. With a term deposit, the rate is fixed for the set term of the investment, and so the investment outcome is typically highly predictable. Please open inbranch. Please refer to the provider for more information. Special rates are not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Westpac Bank Term Deposit Review | Compare And Save | Savvy See our Early Withdrawal Policy for more details. before it was updated, as part of our 1. You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited and a copy of the term sheetfor Westpac Term Deposits from any Westpac branch in New Zealand free of charge. This provides a predictable income stream. Not available for Financial Institutions or Westpac Institutional Bank customers. Term deposit & PIE investment rates | Westpac NZ With few savings rate movements following the April Board meeting (apart from AMP . When comparing term deposits, you may want to consider factors such as: Make sure you carefully read the terms and conditions, as well as the target market determination (TMD) and any other documentation the institution provides to you. Find the best term deposit interest rates online with our rates table Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. We reserve the right to withdraw, amend or extend this offer at any time. Our best term deposit rates | Open online | Westpac - Compare Westpac deposit outflows. We use cookies for security purposes, to improve your experience on our site and tailor content for you. Business Term Deposit - Fixed term savings account | Westpac Lending criteria apply to approval of credit products. All investment balance ranges are $5,000 - $5,000,000 Australian dollars. to these rates if youre already with Westpac and opening or renewing online. Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac. This was not included in the table since it is not available to new customers. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). The best term deposits interest rates table - DepositRates.co.nz Rates quoted are subject to change. Research provided by Canstar Research AFSL and Australian Credit Licence No. Consider whether this general financial advice is right for your personal circumstances. You can view our CDR policy by clicking on this link. This advice is general and has not taken into account your objectives, financial situation, or needs. We use cookies for security purposes, to improve your experience on our site and tailor content for you. On Demand variable rate for all deposits: 0.05%. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. Westpac is represented in Papua New Guinea by Westpac Bank - PNG - Limited. The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. How will the online bonus rate be displayed? p.a. Donations capped at $30,000 nationwide. Higher or lower rates may apply for subsequent terms. Karen is a Content Producer at Canstar, working to help the company produce informative yet easy-to-digest financial content for Australian consumers. Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand. online bonus rate for existing Westpac customers that open or renew online1. Rates and product information should be confirmed with the relevant credit provider. What do SMSF trustees need to prepare ahead of the tax deadline? You can get a copy of thecurrentDisclosure Statement for Westpac New Zealand Limited, and a copy of the term sheet for Term Deposits here or from any Westpac branch in New Zealand free of charge. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate. Performance Drive. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. For rates applicable to amounts in excess of $5,000,000, please contact us. Mixed in with ANZ's floating mortgage rate & term deposit rate hikes Click here to learn more. Westpac is not only the oldest bank in Australia, but it's also the countrys oldest company. Not available for Financial Institutions or Westpac Institutional Bank customers. We reserve the right to withdraw, amend or extend this offer at any time. Further terms and conditions may apply, so make sure to check with the individual bank for more information. Do it all in Online Banking or the Westpac App if youre eligible, without having to visit a branch. See Online bonus rate T&Cs for other exceptions. An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App. online bonus rate will be applied automatically to your Term Deposit rate when you open or renew online (during the Variation Period).1. Our Privacy Statementexplains how we use cookies. If you decide to take out your money early, you may be charged a penalty fee or earn a reduced rate of interest. Weve listed rates for terms between six months and five years. For rates applicable to amounts in excess of $5,000,000, please contact us. Online bonus rate is only available for Term Deposits between $5,000 -$5,000,000 opened or renewed by existing customers via Online Banking (during the Variation Period). NAB. **** Individuals with taxable income over $180,000. 4.25% p.a. Conditions, fees and charges apply and may change. A simple way to invest for a fixed timeframe. You can also look at our current Term PIE Fund, which may offer a better after-tax return for you if youre on the top income tax rates of 30%, 33% or 39%. These may change or we may introduce new ones in the future. You can also elect to have returns paid at maturity for terms six months or longer. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). * A Term Deposit account needs to be linked to an eligible transaction account. Westpac Term Deposit | Review & Compare Term Deposits | RateCity Bear in mind these rates may not be available to all applicants. The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate. Special rates not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. fixed rate Notice Deposit for terms of 12 to 23 months. See all rates & terms 6 months 5.30 % p.a. NAB and Westpac claim the RBA is done for this tightening cycle, posting a 3.60% cash rate until rates drop in 2024, while ANZ maintains the May meeting is "live", meaning it could go either way (hike or no hike). None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund's performance, returns or repayment of capital. to these rates if you're already with Westpac and opening or renewing online. An On Demand interest rate applies during the 6-business day Variation Period following the maturity of a Term Deposit, if no instructions for renewal or account closure have been received. All Interest Rates for Westpac - depositrates.co.nz Interest Rates for Westpac Visit Westpac Website Choose lender (s): Hold down Ctrl key to select multiple providers. Look out for scam calls and messages claiming to be from Westpac. Sponsorship or Promotion fees may be higher than referral fees. Go to the Savings & Investment Chooser tool, General Terms and Conditions are available here.