This information does not take your personal objectives, circumstances or needs into account. 12 months 3.85% p.a. 6 months 2.55% p.a. This information does not take your personal objectives, circumstances or needs into account. 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). This information does not take your personal objectives, circumstances or needs into account. You have seven working days as a cooling off period after you take out your Term Deposit, in case you change your mind (even if you haven't yet invested any money). Rates and product information should be confirmed with the relevant financial institution. Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. Manage your Term Deposit online choosing to renew or withdraw. Westpac Term PIE Fund A potentially better after-tax return for investors taxed at 30%, 33% or 39%, so it may grow your money faster. Our Privacy Statementexplains how we use cookies. ), savers are anticipating boosts this month. Macquarie household deposits surge as major banks jockey for savings You can get a copy of the term sheet for Westpac term deposits from any Westpac branch free of charge or find out more about term desposits here. Based on personal non-compounding term deposits on Canstars database, with rates based on a deposit of $50,000. 1. Rates and product information should be confirmed with the relevant credit provider. Access and manage your money with a range of day-to-day accounts, savings accounts and term deposits. The banks that increased term deposit rates this week, The banks that moved term deposit rates this week. 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). How did the major banks react to Mays cash rate increase? You may need financial advice from a suitably qualified adviser. Contact the product issuer directly for a copy of the PDS, TMD and other documentation. Offer available from 2nd July 2021 for a limited time only on Term Deposits opened or renewed by personal customers. If you apply in Online Banking, you may also be eligible for multiple bonus rates. Lending criteria apply to approval of credit products. Check rates and bonuses for new Term Deposits online. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation. Term deposit | Westpac NZ Rates quoted are subject to change. 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. Can I have the online bonus rate applied in branch or over the phone? fact-checking process. Karen has a background in allied health, having completed a Bachelor of Podiatry from the Queensland University of Technology, and is currently completing the University of Queenslands Writing, Editing and Publishing program. Try our Term Deposits comparison tool to instantly compare Canstar expert rated Investments made in the Westpac Term PIE Fund (the "Fund") do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited ("Westpac NZ") or other members of the Westpac group of companies. Changes come into effect on July 15, 2022. A term deposit is a cash investment held at a financial institution (e.g. Rate is available for new or renewed Term Deposits for 12-23 month terms, from$5,000 to $5,000,000. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. This "big four" bank does not charge any set up or monthly service fees. This was not included in the table since it is not available to new customers. Weve listed rates for terms between six months and five years. NAB. Final balance at the end of term would be, BREAKING NEWS: RBA increases cash rate to 3.85% in May 2023. 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. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. Full details of the Westpac General Terms and Conditions are available here or free of charge from any Westpac branch in New Zealand. Term Deposits & Farm Management Deposits - Terms and Conditions (PDF 146KB), Find out what information you need to provide to become a customer (PDF 657KB). It is also passing on the rate hike to bonus interest account Progress Saver and ANZ Plus in full. Manage your Term Deposit in Online Banking or the Westpac App if youre eligible, without having to visit a branch. Westpac Bank Term Deposit Review | Compare And Save | Savvy We use cookies for security purposes, to improve your experience on our site and tailor content for you. One donation per customer. You can find all ofour latest term deposit rates here. Manage your Term Deposit online choosing to renew or withdraw. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise. 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