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Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity. A Term Deposit is a type of savings account where your money is locked safely away for a set period. Just make 3 purchases in the 1st 30 days. 2. 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. 2.25% p.a. You can find all ofour latest term deposit rates here. Whats the difference between a term deposit account and a savings account? Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation. Want a more competitive rate? Target Market Determinations for the products are available. You must provide a minimum of 31 days notice to access funds prior to maturity (except in cases of hardship). p.a. Mitigating interest rate risk Banks use strategies such as matching the repricing maturities of assets and liabilities to mitigate interest rate risk. Westpac Term Deposit NZ - Calculator, Interest Rates - Glimp What do SMSF trustees need to prepare ahead of the tax deadline? Before deciding on a term deposit, it could be a good idea to research your options and compare rates, features and terms and conditions. T&Cs apply. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. For more information, read ourdetailed disclosure,important notes and liability disclaimer. 2. Guide to the First Home Loan Deposit Scheme - Forbes online bonus rate for existing Westpac customers that open or renew online1. 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). What if I cannot manage my Term Deposit online? Showing rates for Westpac Full details are available on request. You can set up renewal or withdrawal instructions in advance online, then update them whenever you want to. Last month, the RBA broke its cycle of consecutive cash rate increases, ultimately electing to pause the cash rate at 3.60%. Consider its appropriateness to these factors before acting on it. Compare Savings Accounts & Term Deposits | Westpac Look out for scam calls and messages claiming to be from Westpac. 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). 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. Pick a term from 1 month to 5 years, knowing your money will be invested securely. This means the investment return over time is harder to predict. Download the Westpac Term PIE Fund Term Sheet. Apply in branch. Consider its appropriateness to these factors before acting on it.