Bank accounts Term Deposits

• Who can open a Term Deposit online?
• What you will need to apply?
• Apply Online
• What happens next
• Other ways to open an account

Who can open a Term Deposit online?

Australian residents, 18 years and older who:

• have a deposit of at least $5,000 and up to $250,000
• want to invest for a term of 30 day to 60 months (5 years)
• would like to open an account in 1 to 5 names

What you will need to apply?

New customers:

• Access to BPAY® to fund the opening deposit. You will need to fund your Term Deposit within 3 days of receiving your account opening email. Instructions on how to complete this transfer will be provided when you submit your Term Deposit application
• The account details of the Australian financial institution (your bank) where you would like your interest paid
• Your Tax File number so you don’t have to pay any withholding tax.

Existing customers:

• The bank account details of your existing Westpac account (in your name). Alternatively, you may use BPAY® to fund your opening deposit.
• The account details of the Australian financial institution (your bank) where you would like your interest paid.

Apply Online

 

What happens next

We will send you an email when your account is set up - usually within 2 business days.  A welcome pack will then be mailed out to you once the funds are received into your new Term Deposit account.

Other ways to open an account

• If you have a deposit over $250,000, or you are;
• Investing for less than 30 days
• Investing as a trust or on behalf of a business
• Opening a Term Deposit in more than 5 names
• or if you are less than 18 years old,

   You can either get a Term Deposit Specialist to call you, visit any Westpac Branch or call us on 1300 362 742 and we will be happy to help.

Non residents and overseas applicants who would like to apply for a Term Deposit please email: migrantbank@westpac.com.au