Westpac Fixed Term Deposit

Term deposits offer the customer the certainty of a fixed interest rate and return on their money this make term deposits some of the safest investments around, because you know the interest rate that you’re going to earn on the investment and you know how long the investment is going to take. Knowing all this information helps when making financial decisions with your savings because you can work out exactly how long it will take to reach your savings goals.

Features of a Westpac Fixed Term Deposit Account

Westpac being one of the biggest banks in Australia is able to offer some excellent features and options on their fixed term deposits. Features and options for a Westpac fixed term deposit include:

• It’s easy to open. Westpac fixed term deposits can be opened using any of the three options that are that are available. These options are via the Internet, telephone or visiting a Westpac branch this means that you are bound to be able to find a convenient way to open a term deposit in the modern fast track age.

• Choice of investment time frame. Locking your money away for a long time might not be suitable to you so Westpac have a range of different terms ranging from seven days to 5 years this mean that your sure to be able to fine a investment length that suits you, even if it’s only for one month or two months you will still get the benefits of compound interest.

• Choice of when your interest is paid. Westpac gives you the option of having you interest paid monthly or quarterly half yearly or annually. This means that you can structure when you receive the returns from your investment in a way that suits you and your financial situation.

• Low fees and payment options. With a Westpac term deposit there are no setup or monthly fees and you can choose from the following options how to receive your interest payments. Westpac bank cheque ( fees will apply) have the money directed deposited in a Westpac transaction account or any bank account in Australia or you can have the interest reinvested.

• You only need $5000 to open an account. Unfortunately we’re not all millionaires but because Westpac only has a minimum deposit of $5000 to open a term deposit you don’t have to be super rich to start investing. So with a small lump sum of money we can all start on our journey to be millionaires ourselves.

• Rate specials. Banks will often advertise special on their products and Westpac is no exception, this means that you should always look to see what current specials are on offer so that you can get the best deal possible on your money. For example Westpac currently have special of 5.00% per annum for a $5000 term deposit of three months with interest paid at maturity.

With all the options and features that are available on a Westpac fixed term deposit it’s easy to be overwhelmed.

If you are an Australian resident with the minimum deposit of $5000 and are over the age of twelve (persons under the age of twelve can have at term deposit opened by a paren’t or garden) then you can open a Westpac fixed term deposit. Alternatively if you would like to compare all of Westpac’s term deposit products or if you would like to compare Westpac products to others Australian financial institutions that you can do so at our savings account finder comparison table. Once you know which account suits, you can follow the secure link to that provider’s website and start saving today.