Westpac has launched an eleven month term deposit 'special offer'.
For an limited time, that term deposit will pay 3.90% pa, if it is made via an online application. Via a branch or phone transaction it will be 3.80% pa.
That is a premium of 25 bps (0.25%) over what they offer for a one year term (but +55 bps over their 'normal' 11 month offer)
Why the song and dance? It is less than the Westpac Bump, or Life savings account offers that currently offer 4.50% pa, or the introductory Live Save&Spend 5.00% for balances to $30,000.
They may be feeling under pressure from MacBank and their teaser 4.85% offers for balances to $2,000,000.
This Westpac offer also targets balances to $2,000,000 (minimum $5,000).
It is designed to retain Westpac personal or business customers, rather than win new business.
You can compare all term deposit offers from the big five main banks here.