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Its subsidiaries include St. George Bank, Bank of Melbourne and BankSA. Look out for scam calls and messages claiming to be from Westpac. Lending criteria apply to approval of credit products. Below is a list of the winning term deposit providers from Canstar's 2022 Term Deposit Awards: Judo Bank; G&C Mutual Bank; Copyright 2023 CANSTAR Pty Limited AR 443019, CBA, NAB, ANZ & Westpac term deposit rates. . If you decide to take out your money early, you may be charged a penalty fee or earn a reduced rate of interest. A Flourish table Why are the big banks lagging? 437917. Open account Call 1300 889 635 BT Invest has a range of term deposits offering a variety of terms and interest payment frequencies to meet your needs. For Westpac issued products, conditions, fees and charges apply. Savings interest calculator: How much interest will you earn? Rates are not available to Financial Institutions. With few savings rate movements following the April Board meeting (apart from AMP . if you're an existing customer and an additional bonus rate of 0.10% p.a. The interest rate in place when you open the account is fixed for the whole term unless you withdraw funds early. 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. Here are the interest rates on offer from CommBank, NAB, ANZ and Westpac at the time of writing. Interest rates Australia: ANZ, Westpac, NAB, CBA all pass on interest . Karen is a Content Producer at Canstar, working to help the company produce informative yet easy-to-digest financial content for Australian consumers. Read the Comparison Rate Warning. ( Effective 31 August 2022) On top of their advertised term deposit rates, Westpac also offers a bonus interest rate of 0.10% p.a. Does the online bonus rate apply to special offers? Rate will not be automatically applied to a renewing Term Deposit. No, it is only applied to Term Deposits opened or renewed online. Lending criteria apply to approval of credit products. Rates apply to deposits of $5,000 to $2,000,000 with interest paid monthly, yearly, or on maturity. You can get more information and free copies of the Disclosure Statement for Westpac NZ and the term sheet for the Fund from any Westpac branch or online. For more information please see How We Get Paid. to these rates if you're already with Westpac and you open or renew online #. Term deposit rates are rising, but how long should you sign up for? If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Interest rates are subject to change without notice. Fixed interest rates to maximise your savings. May 1, 2023 - 5.44pm. RBA Cash Rate May 2023: Which banks are increasing savings account rates? These may change or we may introduce new ones in the future. Plus, combined balances up to $250,000 per account holder are guaranteed by the Australian Government under its Financial Claims Scheme.2. See our Early Withdrawal Policy for more details. The above rates are not available to financial institutions. The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder. Sponsorship or Promotion fees may be higher than referral fees. You can find all of our latest term deposit rates here. Its now one of the big four banks in Australia, with almost 14 million customers, 1,200+ branches, 39,000 staff and 3,000+ ATMs. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. 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. 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). If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. Consider whether this advice is right for you. Learn more about scams. The banks that increased term deposit rates this week, The banks that moved term deposit rates this week. Easily view and manage your investment in Online Banking and the Westpac App. *, 0.10% p.a. Here are some of the interest rates currently on offer from the big four Australian banks: ANZ, Commonwealth Bank, NAB and Westpac. Term deposit - Interest paid at maturityFor terms less than six months, interest is paid in full at the end of the term. T&Cs apply. Westpac Term PIE Fund - Returns paid at maturityFor terms less than six months, returns are paid in full at the end of the term. Apply in branch. Rate will not be automatically applied to a renewing Term Deposit. You can also see how Westpac term deposits compare with other options. James Eyers Senior Reporter. Westpac Bank Term Deposit Review | Compare And Save | Savvy