Westpac’s term deposit specials are now among the most competitive in years — with its 12-month offer at 5.00% p.a. outpacing rivals from ANZ, CommBank, and NAB in some segments. The catch: rates shift fast, and the difference between a 3-month pick and a 12-month commitment can mean hundreds of extra dollars in your pocket.

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3-month rate: 3.25% p.a. ·
12-month special offer: 5.00% p.a. ·
24-month rate: 5.00% p.a. ·
Minimum deposit: $5,000 ·
Big 4 comparison available: Yes

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether Westpac’s standard 12-month rate differs from the advertised special offer
  • Whether the 55+ account rates apply automatically or require a separate application
3Timeline signal
4What’s next
  • Big Four banks are predicting a third RBA rate rise in April 2026
  • Any further cash rate increase could push term deposit specials even higher

What are Westpac term deposit rates today?

Westpac’s current term deposit lineup is structured around four key maturities, with special promotional rates available at the 12- and 24-month marks. According to Finder’s April 2026 comparison, Westpac’s 3-month rate stands at 3.25% p.a., while the 6-month rate is around 3.40% p.a. (Finder rate comparison). The standout figures appear at the longer end of the curve.

1 month rates

  • Westpac 1-month term deposit: approximately 1.40% p.a.

3 months rates

  • Westpac 3-month term deposit: 3.25% p.a. (confirmed across multiple sources)

12 months special rates

Bottom line: Westpac’s strongest play is the 12-month special at 5.00% p.a., but shorter terms like 3 months still offer a respectable 3.25% p.a. — worth considering if you expect rates to climb further.

Which of the big 4 banks has the best term deposit rates?

The Big Four — Westpac, ANZ, CommBank, and NAB — don’t move in lockstep. Finder’s April 2026 comparison reveals a meaningful spread between them, especially at the 12-month mark where competitive positioning matters most for investors locking in a fixed return (Finder rate comparison).

Westpac vs ANZ

  • Westpac 12-month: 5.00% p.a.
  • ANZ Advance Notice Term Deposit 12-month: 5.25% p.a.
  • ANZ’s notice product requires 31 days’ notice to withdraw but pays a higher rate

Westpac vs CommBank

  • Westpac 12-month: 5.00% p.a.
  • CommBank 12-month: 4.70% p.a. (as of 8 April 2026)
  • CommBank trails both Westpac and ANZ at the 12-month term

Westpac vs NAB

  • Westpac 12-month: 5.00% p.a.
  • NAB 12-month: 5.10% p.a. — the highest among the Big Four for standard term deposits
Rate source note

Finder reports Westpac 12-month at 5.00% p.a., while Canstar’s data for the same period showed Westpac at 3.95%. These discrepancies likely reflect different product tiers or snapshot timing. Always verify directly on the bank’s official rates page before committing.

Bottom line: NAB currently offers the highest Big Four 12-month rate at 5.10% p.a., narrowly ahead of Westpac at 5.00% and ANZ at 5.25%. CommBank lags at 4.70% for standard term deposits.

Which bank has the highest term deposit interest rate in Australia?

When you step outside the Big Four, the rates improve noticeably. Smaller banks and mutuals consistently outpace the major institutions — a pattern Finder attributes to their need to compete aggressively for deposits against larger rivals with established branch networks (Finder consumer finance data).

Top rates overview

  • Heartland Bank 12-month: 5.55% p.a. — the highest listed rate at this term
  • Gateway Bank 12-month: 5.45% p.a.
  • Bank First 12-month: 5.30% p.a.
  • Big Four maximum (ANZ at 5.25%): trails the market leader by 30 basis points

Westpac position

  • Westpac’s 5.00% special sits roughly 55 basis points below Heartland Bank’s headline rate
  • For a $100,000 deposit, that gap translates to roughly $550 in annual interest difference
Bottom line: If maximizing return is the priority, smaller banks like Heartland Bank and Gateway Bank consistently beat the Big Four — but customers who value branch access and existing account relationships often find the trade-off worthwhile.

What are Westpac term deposit rates for seniors?

Westpac offers a dedicated 55+ account package that bundles term deposit access with other banking features tailored for retirees and seniors. The exact rate uplift — if any — over the standard term deposit range isn’t published as a standalone figure on Westpac’s public rates page, making direct comparison tricky (Westpac official product page).

55+ and retired accounts

  • The Westpac 55+ Account combines everyday banking with access to term deposit products
  • Seniors account holders typically qualify for the same term deposit rates as standard customers
  • Some promotional rates may be restricted to online opening, which may be less accessible for some senior customers

Special rates

  • No separate senior-only term deposit rate is published on Westpac’s official rates page
  • The best approach is to contact Westpac directly or visit a branch to confirm current offerings
Bottom line: Westpac doesn’t publicly advertise a separate senior rate. The practical move for anyone 55+ is to ask specifically about 55+ Account benefits when opening a term deposit — the rate differential could be worth a phone call.

How much interest will I earn on a Westpac term deposit?

Understanding the real-dollar return is where term deposit math gets tangible. Using Westpac’s published rates and a few deposit scenarios, the numbers show how term length and amount combine to determine your actual interest earned (Westpac official rates page).

$50,000 deposit example

  • At 3.25% p.a. over 3 months: roughly $406 in interest
  • At 5.00% p.a. over 12 months: roughly $2,500 in annual interest (paid monthly, quarterly, or at maturity per your selection)

$100,000 yearly interest

  • At 5.00% p.a. over 12 months: $5,000 in annual interest
  • At 5.10% p.a. (NAB equivalent): $5,100 — a $100 difference over the year

Term deposit calculator

  • Westpac offers an online term deposit calculator on its website
  • Third-party tools like Finder and Canstar also provide comparison calculators that include Westpac alongside competitors
  • Input your deposit amount, chosen term, and interest payment frequency to see estimated returns
Bottom line: A $50,000 deposit at Westpac’s 12-month special rate earns roughly $2,500 over the year. The same amount with NAB at 5.10% earns around $2,550 — a small but measurable gap that justifies comparison shopping before you commit.

Four banks in the comparison, one consistent pattern: the longer the term, the higher the rate across every institution. The standout gap appears at 12 months, where ANZ edges ahead of NAB and Westpac, while CommBank trails the field.

Big Four bank term deposit rates comparison (April 2026)
Bank 3-month 6-month 12-month 24-month
Westpac 3.25% p.a. 3.40% p.a. 5.00% p.a. 5.00% p.a.
NAB — — 5.10% p.a. —
ANZ 3.35% p.a. 3.50% p.a. 5.25% p.a. 5.00% p.a.
CommBank 3.30% p.a. 3.45% p.a. 4.70% p.a. 4.95% p.a.
Market leader (Heartland Bank) — — 5.55% p.a. —

Across these five institutions, the 12-month term reveals the sharpest competition. ANZ leads the Big Four at 5.25%, but Heartland Bank’s 5.55% shows how much additional return sits beyond the major banks.

Westpac Term Deposit specifications
Feature Detail
Minimum deposit $5,000
Maximum deposit $5,000,000
Available terms 1 month to 60 months
Interest payment options Monthly, quarterly, annually, or at maturity
Early withdrawal Interest penalty applies; principal generally protected
Online opening bonus Bonus interest available for online applications and renewals
Government guarantee Covered by Australian Government Bank Deposit Guarantee up to applicable limits

Seven key parameters define a Westpac term deposit. The $5,000 minimum and 1-to-60-month term range put Westpac squarely in the mainstream of Big Four offerings — competitive for investors wanting flexibility without venturing into less-established lenders.

Upsides

  • Strong 12-month special at 5.00% p.a. — competitive with NAB
  • $5,000 minimum is manageable for most first-time term deposit investors
  • Multiple interest payment options give flexibility for cash flow planning
  • Online opening bonus rewards digital-first customers
  • Backed by Australian Government Deposit Guarantee for amounts up to $250,000
  • Big Four branch network offers in-person service for those who prefer it

Downsides

  • CommBank and smaller banks beat Westpac on rate at several terms
  • Rate discrepancies between sources suggest prices shift frequently
  • Early withdrawal penalties eat into returns if you need to access funds
  • No published senior-specific rate — may require a branch visit to confirm eligibility
  • Maximum $5 million cap limits appeal for very high-net-worth investors

Analysis from Finder (comparison site, term deposit rate specialist)

NAB currently offers the highest Big Four 12-month rate at 5.1% p.a., followed by Westpac and ANZ at 5% p.a.

Research from Canstar (rating agency, financial comparison authority)

The RBA has again chosen to raise the cash rate by 25 basis points to 4.10%.

Market data from Finder (comparison site, consumer finance specialist)

Smaller banks often offer higher term deposit rates than the Big Four.

For investors weighing term deposits in 2026, Westpac sits in a solid middle position among the Big Four — not the leader, not the laggard. The 12-month special at 5.00% p.a. is competitive with NAB, but ANZ’s 5.25% Advance Notice product and Heartland Bank’s 5.55% headline rate mean there’s measurable money left on the table if you’re willing to look beyond the majors. The practical move: run the numbers across Westpac, NAB, and at least one smaller lender before signing any paperwork.

What is a Westpac term deposit?

A Westpac term deposit is a fixed-term savings product where you deposit a set amount for a predetermined period — ranging from 1 month to 60 months — and earn a guaranteed interest rate. Unlike a regular savings account, the rate is locked in for the full term, and early withdrawal typically triggers a penalty.

How do I open a term deposit with Westpac?

You can open a Westpac term deposit online through the Westpac website, via the Westpac app, or by visiting a branch. Online applications may qualify for a bonus interest rate. You’ll need to provide identification and link an existing Westpac transaction account to receive your interest payments.

Are Westpac term deposits covered by the government guarantee?

Yes. Westpac term deposits fall under the Australian Government Bank Deposit Guarantee, which covers deposits up to $250,000 per depositor per institution. This applies to the principal amount and accrued interest.

What are the penalties for early withdrawal?

Westpac applies an interest adjustment if you withdraw before your term matures — typically meaning you receive a reduced interest rate rather than none at all, and your principal is generally returned in full. The exact adjustment depends on when during the term the withdrawal occurs.

Can I add to a Westpac term deposit after opening it?

Standard Westpac term deposits don’t allow additions after opening — the deposit amount is fixed for the term. For ongoing savings strategies, you’d need to open a separate term deposit or use a regular savings account for incremental deposits.

What payment frequencies are available?

Westpac allows interest to be paid monthly, quarterly, annually, or at maturity. The payment frequency you choose affects how quickly you can access your interest earnings and can have a minor impact on effective annual yield through compounding.

How often do Westpac update term deposit rates?

Westpac adjusts term deposit rates in response to RBA cash rate decisions and competitive market pressures. CommBank updated its rates on 8 April 2026, and the broader market is expecting another RBA move in May 2026. Checking Westpac’s official rates page directly before opening an account is the most reliable way to confirm current pricing.