Westpac Term Deposit Review (2026)
Westpac Term Deposit Review (2026)Rates and details verified 24 June 2026
Rates can change without notice. Last verified: 24 June 2026 (AEST). Please confirm details on the bank’s official page.
Best rate (24m)
5.25%
p.a. for 24 months
12-month rate
5.15%
p.a. incl. online bonus
Minimum deposit
$5,000
to open
About Westpac Term Deposits
Westpac is one of Australia's four major banks and offers term deposits from 1 month to 5 years. Westpac's standout rate is 5.25% p.a. for 24 months — the highest 24-month rate among the big four. For 12 months, the rate is 5.15% p.a. (including a 0.10% online bonus for deposits opened or managed via Internet Banking or the app).
Westpac's short-term rates (3 months and 6 months) remain well below those offered by challenger banks. If locking in for 24 months suits your plans, the 5.25% rate is worth noting — it exceeds the NAB and CommBank 12-month rates.
St.George, Bank of Melbourne, and BankSA are all Westpac Group subsidiaries and offer the same or similar term deposit rates.
Current Term Deposit Rates
| Term | Rate (p.a.) | Notes |
|---|---|---|
| 3 months | 3.35% | Incl. 0.10% online bonus |
| 6 months | 3.50% | Incl. 0.10% online bonus |
| 12 months | 5.15% | Incl. 0.10% online bonus, at maturity |
| 24 months | 5.25% | Incl. 0.10% online bonus, paid annually |
Online bonus (0.10%) applies when opened or renewed via Internet Banking or Westpac app. Check Westpac's website for the latest rates.
Pros and Cons
Pros
- ✓ 5.25% for 24 months — highest 24m rate among big four
- ✓ Existing customers can open and manage online
- ✓ Government deposit guarantee up to $250,000
- ✓ No establishment or management fees
- ✓ St.George, BankSA, and BoM also offer Westpac Group rates
Cons
- ✗ 12m rate (5.15%) lower than Judo (5.35%), AMP (5.40%), ING (5.30%)
- ✗ Short-term rates well below challenger banks
- ✗ 31 days notice required for early withdrawal
- ✗ Online bonus (0.10%) required for listed rates
How It Compares
- AMP Bank Term Deposit (GO)5.40% (12 months) — $5k min — highest 12m rate
- Judo Bank Personal Term Deposit5.35% (12 months) — $1k min
- ING Term Deposit5.30% (12 months) — $10k min
- NAB Term Deposit5.25% (12 months) — $5k min
- CommBank Term Deposit5.25% (12 months) — $5k min
- Westpac Term DepositReviewed here5.15% (12 months) — also 5.25% for 24m — best if locking in 2 years
Related guides
Information verified 24 June 2026. Rates and offers subject to change. Confirm current rates on Westpac's website before investing. This is not financial advice.