The minimum amount you require to open a new Bankwest online term deposit is $1,000, and you don’t have to pay any account keeping fees. The term of your deposit can vary from one month to 60 months, with a number of options in between. Up to 0.55% p.a. The Bankwest business term deposit rates do, however, vary based on the term length you choose. If you need the funds before your term deposit’s maturity date, you need to give 31 days notice. Also withdrawing the funds will impact the interest you earn. A term deposit is an investment of cash placed with a financial institution for a fixed period of time, known as the term, with a fixed interest rate for your return at the end of the term. A term deposit is commonly referred to as a TD, but can also be known as a certificate of deposit or CD. For deposits with a term of 12 months or greater you may ask us to pay your interest monthly, quarterly, six monthly or annually; however, the rate applicable may vary depending on the interest payment frequency (note, interest must be paid at least once a year and cannot be paid only at maturity).
- 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?
We can accept investments starting from $5,000.
Bankwest Term Deposit Rates California
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.
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 Singapore
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.