Westpac updates Term Deposit (7 months) to 3.20%
Westpac has increased the rate on its Term Deposit (7 months) term deposit by 20 basis points to 3.20% p.a., from a previous rate of 3.00%.
Westpac
Term Deposit (7 months)
New Rate
3.20%
Illustrative Example
For illustrative purposes, a $50,000 term deposit at 3.20% p.a. would earn approximately $1,600 over 12 months. This change represents $100 more in interest per year.
Market Context
This rate of 3.20% is below the current market average of 4.89% across 31 tracked term deposit products. The current market leader offers 5.40%.
Notes
Westpac increased term deposit rate by 0.20% to 3.2%
⚠️ General information only
This comparison is for informational purposes only and does not constitute financial advice. Always verify current rates and eligibility directly with the provider before making decisions. Consider whether products are appropriate for your circumstances.