Westpac has reduced its term deposit offer rates.
They have cut them by between -5 bps and -20 bps with the heaviest reductions for the longest fixed terms.
Their one year, interest at maturity rate has been cut by -20 bps to 3.55%.
Their eleven month 'special' 3.90% rate has now ended, reverting to 3.25%, a massive -65 bps correction.
Their six month rate has been cut by -15 bps from 3.05% to 2.90%.
The Red Bank has kept its +10 bps 'bonus' for applications online however (in addition to the rates described in this review).
But after these changes, and even if you add that 'online bonus') the new rates from Westpac are now among the lowest of any bank.
You can see all current term deposit rate offers from the five main banks here for terms less than one year, and here for terms of one year and longer.
| Institution | Rating | Minimum | 3 mths |
6 mths |
9 mths |
12 mths |
18 mths |
2 years |
| ANZ | AA- | $5,000 | 2.70% | 2.95% | 3.20% | 3.65% | 3.65% | 3.40% |
| Commbank | AA- | $5,000 | 2.80% | 3.00% | 3.20% | 3.50% | 3.40% | 3.35% |
| $50,000 | 2.85% | 3.05% | 3.20% | 3.20% | 3.45% | 3.40% | ||
| Macquarie | A+ | $5,000 | 4.20% | 4.10% | 3.80% | 3.80% | 3.60% | |
| NAB | AA- | $5,000 | 2.75% | 3.00% | 3.25% | 3.70% | 3.40% | |
| Westpac | AA- | $5,000 | 2.65% | 2.90% | 3.15% | 3.55% | 3.55% | 3.55% |
Macquarie currently offer the highest term deposit rates across the board.
Westpac now has the lowest for terms to one year, but are still competitive with their main rivals for longer terms.