Westpac NZ is offering greater value to savings customers by increasing its 9-month term deposit rate to 6.00% pa.
The 15 basis point (0.15%) rate increase gives Westpac the highest 9-month rate among its main competitors. At the same time, the bank is trimming its 12-month rate by 5 basis points to 5.90%.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is continually reviewing its lending and deposit rates, to give customers options to manage their finances through uncertain economic times.
“We’re pleased to be able to offer a 6% rate on a term shorter than 12 months, and for customers looking to lock in a bit more long-term certainty we also offer a 6% rate on our two-year term,” Ms Hearn says.
“As many households grapple with cost of living pressures, now is a good time to ensure your money is working for you. In some cases, that could mean moving money from a savings or transactional account into a term deposit where it will earn greater interest, if you don’t think you’ll need to access that money in the short term.
“We’re here to support our customers with money conversations and encourage them to contact us if they need help with any aspect of their finances.”
Pricing changes effective Monday 25 September 2023 for new term deposits are detailed below. There are no changes to home loan rates.
Term | Interest Frequency | New Rate* | Change |
30 days | At Maturity | 2.50% p.a | No Change |
60 days | At Maturity | 2.85% p.a | No Change |
90 days | At Maturity | 4.20% p.a | No Change |
4 months | At Maturity | 4.30% p.a | No Change |
5 months | At Maturity | 4.50% p.a | No Change |
6 months | At Maturity, Monthly or Compounding | 5.80% p.a | No Change |
8 months | At Maturity, Monthly or Compounding | 5.85% p.a | No Change |
9 months | At Maturity, Monthly or Compounding | 6.00% p.a | +0.15% |
12 months | At Maturity, Monthly or Compounding | 5.90% p.a | -0.05% |
18 months | At Maturity, Monthly or Compounding | 5.80% p.a | No Change |
2 years | At Maturity, Monthly or Compounding | 6.00% p.a | No Change |
3 years | At Maturity, Monthly or Compounding | 5.50% p.a | No Change |
4 years | At Maturity, Monthly or Compounding | 5.40% p.a | No Change |
5 years | At Maturity, Monthly or Compounding | 5.40% p.a | No Change |
* Interest rates are subject to change without notice, please see our website for the latest rates. Rates are available for Retail and Business Banking customers (not financial institutions) and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac, with a minimum investment of $5,000. Other T&Cs apply, see westpac.co.nz for details.
Compounding interest: For terms six months or longer, interest can be compounded quarterly.
