Westpac Term Deposit Rates Nz

To earn a guaranteed rate of return on your funds over a fixed period.
  1. Westpac Term Deposit Rates Nz Currency
  2. Nz Term Deposit Rates
  3. Westpac Term Deposit Rates Nz Foreign Exchange
  4. Westpac Term Deposit Rates Nz

Features and benefits

  • No monthly account service fee or establishment fee
  • High fixed interest rate on balances of $1,000 and above1
  • A range of fixed investment terms available to suit your needs
  • Interest paid 6 monthly and at maturity2.


Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate.To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Deposit Rate: $5,000: $100,000-2.55: 3.10: 3.55: Return to top Debentures Up to 12 months More than 12 months: Provider Product Minimum Deposit Maximum Deposit Call 30 days 60 days 90 days 5 months 6 months 9 months 12 months; General Finance. Westpac NZ confirms changes to the following interest rates: Housing Our Choices Floating and Choices Offset Floating interest rate has been reduced by 75bps to 4.59% p.a. Our Choices Everyday.

Refer to the Fiji Customer Service Fees Booklet for details (PDF 98KB)

Here’s what to do.

To open a Westpac personal bank account, you’ll need to provide us with a signed and completed personal account opening form, along with some current identification documents.

We need to verify the following:

  1. Full name
  2. Date of birth
  3. Residential address
  4. Occupation
  5. Photo identification and signature
  6. Citizenship
  7. Income source documentation
Westpac term deposit rates nz interest rate

To ensure these 7 points above are verified, we need at least two primary ID documents or one primary plus two secondary ID documents. All documents must be original and current unless specified. If additional documents are required, we’ll let you know.

Download the Opening a Personal Bank Account Brochure (PDF 129KB) for a list of accepted Identification and Additional Identification required for non-residents. Visit your branch or call 132032 for more information.

Need help?

Simply speak to a Banking Representative by calling 132 032.

Westpac Term Deposit Rates Nz Currency

Things you should know

Conditions apply. Offer excludes corporate, institutional and government customers. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate.

1. Interest rate adjustment may apply if funds are withdrawn before maturity.

2. Once your fixed term ends, you can withdraw your funds via bank cheque, cash or direct credit into another bank account.


The new price, effective today, represents a cut of 20 basis points. It is the cheapest mortgage rate offered by a major New Zealand lender.

The sharpened Westpac price represents the first big move from Kiwi lenders since the New Year, with the Reserve Bank's monetary policy measures further expected to push down borrowing costs and rates.

Westpac's new offer is available to customers with a 20% deposit buying a home they intend to live in.

Gina Dellabarca, Westpac NZ's general manager of consumer banking and wealth, says the bank wants to help home buyers.

“We know property ownership has probably been a hot topic for many Kiwi families over the holiday period, so whether you’re looking to buy your dream home in 2021 or just pay off your mortgage a bit faster, this special rate could help you get there.”

“Two years ago the same special home loan rate over the same term was 4.15%. It would have cost $1,119 a fortnight to service a $500,000 mortgage over 30 years. Now, the lower interest rate means the same repayment would be $885 a fortnight – a saving of $6,084 over a year.”

Dellabarca said one year terms were currently the most popular with borrowers.

“We especially look forward to talking to first home buyers about how we can support them to reach their home ownership goals and this rate can certainly help them. We assisted first home buyers into more than 5,300 new homes in the 12 months to September 2020, a 7% increase on the previous year with many accessing their KiwiSaver first home-buyer withdrawal option to help them with their deposit.

Nz Term Deposit Rates

“Existing mortgage customers who are due to renew their loan will also be able to take advantage of the new rate. It will give them the flexibility of moving to lower repayments or staying with their current repayments which will shorten the life of their loan.

“We’re keen to talk to both existing and new customers about this exciting new rate through our mobile mortgage team or our in-branch or contact centre banking specialists.”

The aggressive price cut is likely to trigger a new wave of cuts for home loan borrowers.

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Westpac Term Deposit Rates Nz Foreign Exchange

Westpac's new one year rate isn't the cheapest one-year rate in the market, however.

Westpac Term Deposit Rates Nz

Kāinga Ora's first home buyer special is just 2.25% for one year, while HSBC Premier customers can access one year home loans at the same rate. Heartland's digital mortgage offers one year loans at 1.99%.