Westpac Australia savings account and term deposit rates

Westpac Banking Corporation · Big four bank

Westpac's best ongoing savings rate is 5.25% p.a. on Westpac Life, in months when you meet its bonus conditions. Its best term deposit pays 5.30% p.a. for 12 months on $5,000 or more.

Verified 2 Nov 2026

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Key facts

Top savings rate: 5.25% p.a.
Introductory rate: 5.50% p.a. for 5 months
Best term deposit: 5.30% p.a. for 12 months
Minimum term deposit: $5,000
Deposit protection: $250,000 per account holder
Credit cards: 9 cards from Westpac

What would your money earn at Westpac?

Type any amount and pick an account. Estimates are before tax and assume the rate stays the same.

Amount

Try

Account

Fixed for the term. From $5,000.

Interest over 12 months

$1,325

5.30% p.a., interest paid at maturity.

Westpac 12-month term deposit$1,325

Bank Australia Term Deposit, 5.60% p.a.$1,400

That is $75 less than the best 12-month term deposit in Australia would pay on the same amount.

See what your own balance actually earned

Westpac rates

Every rate is variable. Bonus rates show as the total you earn, with the base and bonus parts underneath.

Westpac Life

Bonus savings account

18 or older

5.25%p.a.

0.10% base + 5.15% bonus

To earn the bonus each month

Account balance must not fall below $0 at any time.

Westpac eSaver

Savings account, no monthly conditions

14 or older

5.50%p.a.

Intro rate for 5 months, then 1.25% p.a.

Westpac eSaver makes saving a breeze.

Bump Savings

Bonus savings account

Under 18

5.30%p.a.

1.75% base + 3.55% bonus

To earn the bonus each month

Make at least one eligible deposit.

Westpac Notice Saver 31, 60 & 90 days

Notice savings account

18 or older

5.15%p.a.

No monthly conditions

Surplus cash flow solution designed at variable interest rate with the choice of notice period.

Westpac 55+ and Retired

For retirees and pensioners

55 or older

1.95%p.a.

No monthly conditions

The best of both worlds for retirees 55 and over.

Term Deposit

Term Deposit rates, interest paid at maturity
Term	$5,000 and over
1 month	1.40%
2 months	1.65%
3 months	3.25%
4 months	3.40%
5 monthsStand-out term	3.45%
6 months	3.40%
7 months	3.55%
8 months	3.60%
9 months	3.65%
10 months	3.70%
11 months	3.75%
12 monthsBest rate	5.30%SpecialOnline
13 to 22 months	4.75%
24 to 34 months	4.50%
36 to 46 months	4.00%
48 to 58 months	4.00%
5 years	4.00%

Interest paid at maturity. New term deposits start at $5,000. Rates marked Online include the 0.10% p.a. bonus for opening online.

Compare 12-month term deposits at every bank in Australia

How Westpac compares with other banks in Australia

Every bank we track in Australia, ranked by its best ongoing savings rate, with its 12-month term deposit. Verified 2 Nov 2026.

Savings and 12-month term deposit rates at every bank in Australia, 2 Nov 2026
#	Bank	Top savings rate	12-month term deposit
1	ING	5.75% p.a.Savings Maximiser, monthly conditions	5.30% p.a.Personal Term Deposits
2	St.George	5.40% p.a.Incentive Saver, monthly conditions	4.75% p.a.Term Deposit
3	Bank Australia	5.35% p.a.Bonus Saver, monthly conditions	5.60% p.a.Term Deposit
4	Teachers Mutual Bank	5.35% p.a.Momentum Saver, monthly conditions	5.35% p.a.Term Deposit
5	ANZ	5.35% p.a.ANZ Plus Growth Saver, monthly conditions	5.30% p.a.ANZ Advance Notice Term Deposit
6	Bankwest	5.35% p.a.Hero Saver, monthly conditions	5.30% p.a.Bankwest Term Deposit
7	Virgin Money	5.30% p.a.Virgin Money Boost Saver, monthly conditions	Not published
8	Macquarie	5.25% p.a.Macquarie Savings Account	5.40% p.a.Macquarie Term Deposit
9	CommBank	5.25% p.a.GoalSaver, monthly conditions	5.30% p.a.Standard Term Deposit
10	NAB	5.25% p.a.NAB Reward Saver, monthly conditions	5.30% p.a.NAB Term Deposit
11	Westpac	5.25% p.a.Westpac Life, monthly conditions	5.30% p.a.Term Deposit
12	BOQ	5.00% p.a.Simple Saver Account	5.40% p.a.myBOQ Term Deposit
13	Bendigo Bank	5.00% p.a.Bendigo Reward Saver, monthly conditions	4.90% p.a.Standard Term Deposit
14	Beyond Bank	4.90% p.a.Purple Bonus Saver, monthly conditions	4.90% p.a.Term Deposit

Who can open them, and how safe is the money?

Who can open each account

Westpac Life: 18 or older
Westpac eSaver: 14 or older
Bump Savings: Under 18
Westpac Notice Saver 31, 60 & 90 days: 18 or older
Westpac 55+ and Retired: 55 or older
Term Deposit: Any age, from $5,000

Is my money protected?

The Australian Government's Financial Claims Scheme covers deposits at Westpac up to $250,000 per account holder. St.George is part of the same bank, so money at both counts toward that one limit.

Questions about Westpac savings and term deposits

What is Westpac's highest savings rate?

Westpac Life, at 5.25% p.a. on 2 Nov 2026: a 0.10% p.a. base rate plus a 5.15% p.a. bonus. Account balance must not fall below $0 at any time. A month that misses the conditions earns 0.10% p.a.

What is the Westpac 12-month term deposit rate?

5.30% p.a. on new deposits of $5,000 or more, with interest paid at maturity, when opened online (5.20% p.a. in a branch). Taking the interest monthly lowers it to 4.80% p.a.

Which Westpac term deposit term pays the most?

12 months, at 5.30% p.a. with interest paid at maturity, on 2 Nov 2026.

Does Westpac eSaver have an introductory rate?

Yes. Westpac eSaver earns 5.50% p.a. for the first 5 months, made up of the 1.25% p.a. ongoing rate plus a 4.25% p.a. introductory margin. After that it earns 1.25% p.a.

Is my money safe with Westpac?

Deposits at Westpac are covered by the Australian Government's Financial Claims Scheme up to $250,000 per account holder. St.George shares the same banking licence, so money at Westpac and St.George counts toward one limit.

Where do these rates come from?

From the product details Westpac publishes under the Consumer Data Right, which Woodo checks every day. We last verified them on 2 Nov 2026. Westpac does not pay Woodo, and no payment can change the order of any list.

Community

Westpac savers will soon be able to report whether their bonus rate paid out each month, and ask other savers questions.

Cards issued by Westpac

All 9 Westpac credit cards

Other banks in Australia

INGSavings 5.75% p.a.12-month 5.30% p.a.
St.GeorgeSavings 5.40% p.a.12-month 4.75% p.a.
BankwestSavings 5.35% p.a.12-month 5.30% p.a.
Teachers Mutual BankSavings 5.35% p.a.12-month 5.35% p.a.
ANZSavings 5.35% p.a.12-month 5.30% p.a.
Bank AustraliaSavings 5.35% p.a.12-month 5.60% p.a.

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