Savings · vs term deposit
Westpac Life vs Westpac's term deposit
WestpacWestpac LifeSavings account · a bonus with monthly conditions
vs
WestpacWestpac Term DepositTerm deposit · 1 month to 5 years
Compare on
Interest over 1 year on $50,000
$2,625
5.25% a year, conditions met
$2,600
5.20% a year · paid at maturity
Over 1 year on $50,000, Westpac Life pays $2,625 with its conditions met; Westpac's 12-month term deposit pays $2,600.
Worked out on $50,000 until you pick a balance
WestpacWestpac Life
WestpacTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,625
with its conditions met
+$25 · More interest over the term
$2,600
paid at maturity
Interest over 1 year with the conditions missed
on $50,000
$50
at the base rate
$2,600
no monthly conditions
Rate over the term
a year, on $50,000
5.25%
with its conditions met
+0.05 · Higher rate over the term
5.20%
Needs a Westpac account
Asked of you each month
- 1A deposit
- 2A balance that ends the month higher than it started
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$5,000
up to $2,000,000
Who can open it
Anyone 18 or over
Needs a Westpac account
How they differ
- A savings rate can change at any time. Westpac Life's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Westpac shares that one $250,000.
Westpac Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
1 monthPaid at maturity1.40%$58
2 monthsPaid at maturity1.65%$138
4 monthsPaid at maturity3.40%$567
5 monthsPaid at maturity3.45%$719
7 monthsPaid at maturity3.55%$1,035
8 monthsPaid at maturity3.60%$1,200
9 monthsPaid at maturity3.65%$1,369
10 monthsPaid at maturity3.70%$1,542
11 monthsPaid at maturity3.75%$1,719
1 yearPaid at maturity5.20%$2,600
13 monthsPaid at maturity4.75%$2,573
3 yearsPaid at maturity4.00%$6,000
4 yearsPaid at maturity4.00%$8,000
5 yearsPaid at maturity4.00%$10,000
As of 26 October 2026, over 1 year on $50,000, Westpac Life pays $2,625 with its monthly conditions met; Westpac's 12-month term deposit pays $2,600 at 5.20%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.