Bankwest Term Deposit Rates

Term deposits are a safe and guaranteed way to set aside your savings. While they won't attract high interest rates like a savings account, they offer more than a transaction account. It has been a tough year for term deposit holders, though, as the Reserve Bank continued to lower interest rates in a bid to revive the economy from the pandemic.

Using the savings calculator above, your top 3 options when it comes to interest earning include Citibank Term Deposit ($250,000), Bankwest Online Term Deposit and St.George Term Deposit. Bankwest Smart eSaver (on balances from $500,001 to $5,000,000.99). Our term deposit rates. Online Term Deposit (also known as tddirect).

With rates lower than they've ever been, the key attraction of a term deposit in a time of uncertainty is that your savings are protected by the federal government up to the value of $250,000. This means in the unlikely event that your bank collapses, you won't lose your money. The same can't be said of other investments promising higher income where your capital is at risk if the company goes belly-up.

Bankwest Term Deposit Rates Business

This year's winners offer very competitive rates.

'Simplicity is a critical part of what Bankwest seeks to deliver to customers, and some of the enhancements we've made to our online term deposit reflect that, particularly in regard to the introduction of self-service and management features,' says Louise Tovey, general manager, everyday banking, at Bankwest.

Over the past 12 months, the bank improved customers' experience through an online functionality that allowed them to reinvest and withdraw funds and close term deposits. This can be done without the need to contact Bankwest's customer support colleagues.

'These enhancements have proven popular, particularly during Covid-19, with use of these features increasing as customers take advantage of the ability to lock in a fixed rate of return amidst the uncertainty of a global pandemic,' says Tovey.

Make sure you understand the cost of withdrawing your funds before the term ends.

• Australian dollar
• Fixed interest, fixed term investment
• Minimum investments from $5,000

RAC Finance investments offer an Australian dollar, fixed interest, fixed term investment with varying investment options.

*RAC Finance is a wholly owned subsidiary of RACWA Holdings Pty Ltd which in turn is wholly owned by the Royal Automobile Club of WA (Inc). The Royal Automobile Club of WA (Inc) and
RACWA Holdings Pty Ltd do not guarantee your investment but they are committed to RAC Finance’s role as a financier.

Thinking of investing? Think RAC Finance

How much can I invest?

Australian Term Deposit Interest Rates

We can accept investments starting from $5,000.