- Westpac is offering a new top term deposit special offer rate of 4.35% p.a. for 12 months
- The rate is for existing Westpac customers opening or renewing online only, otherwise a rate of 4.25% p.a. applies
- It sees Westpac enter the fray of recent term deposit rate jostling across the market in the lead-up to Tuesday's RBA call on the official cash rate
Westpac's special offer rate of 4.35% p.a. includes a 0.10% p.a. bonus for existing customers opening or renewing their term deposits online.
For others, a rate of 4.25% p.a. will apply for a 12-month term on amounts between $5,000 to $2 million with interest paid monthly or at maturity.
It marks the end of Westpac's slumber during the lastest round of term deposit rate movements over the past couple of months.
Before Tuesday, Westpac's highest term deposit rate was an online-only rate of 4.10% p.a. - at least 0.15% below the best rate offerings of its big bank competitors.
On Monday, Commonwealth Bank lifted select term deposit rates for the second time this year, now offering a new top rate of 4.40% p.a. for 24-33 month terms on amounts between $5,000 and $5 million.
Westpac's new offer comes on the eve of the Reserve Bank of Australia's widely expected rate hike at its first monetary policy meeting of 2026.
Big bank term deposit rates
The best term deposit rates currently offered by the big five are outlined below:
| Bank | Top term deposit rate | Term | Amount deposited | Interest paid |
| CommBank | 4.40% p.a. | 24-33 months | $5,000-$5m | Annually |
| Westpac | 4.35% p.a. (online rate only) | 12 months | $5,000-$2m | Monthly or at maturity |
| NAB | 4.25% p.a. | 12 months | $5,000-under $2m | End of term |
| ANZ | 4.35% p.a. | 12 months | $5,000-under $2m | At maturity |
| Macquarie Bank | 4.50% p.a. | 1 year | $5,000-$1m | At maturity |
Also on Tuesday, AMP GO - AMP Bank's digital entity - raised its 12-month rate to 4.65% p.a. on balances between $5,000-$10 million with interest paid end of term.
AMP GO offers only six and 12-month term deposit products with its six-month rate also lifting to 4.50% p.a.
The highest term deposit rate currently on the market is 4.70% p.a., offered by:
- Australian Military Bank - nine or 10-11 month deposit on a minimum $1,000 with interest paid end of term
- Bank Australia - 36-month (three-year) deposit of amounts between $500-$3 million with interest paid end of term (or 4.60% p.a. with interest paid monthly)
- Rabobank - five-year deposit of amounts over $500,000-$2 million with interest paid annually
Special offer deal across Westpac group
Other brands in the Westpac group - St George , Bank of Melbourne , and BankSA - also launched new special offer rates on Tuesday.
They offer a new best rate of 4.50% p.a. for 12 months on amounts between $1,000-$2 million with interest frequency options available on application.
The rate is made up of a 0.10% bonus for existing personal or business customers opening or renewing online, with a rate of 4.40% p.a. applying otherwise.
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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.35% p.a. | At Maturity | 6 months | $5,000 | $19,999 | – | – | |||||||||||||
5.20% p.a. | At Maturity | 6 months | $10,000 | $5,000,000 | – | – | |||||||||||||
5.15% p.a. | At Maturity | 6 months | $1,000 | $1,000,000 | – | – |
