Westpac raises term deposit rates by between 10 and 35 bps for all terms up to eighteen months

At the same time that Westpac raised its floating mortgage rates, it has also increased some term deposit and term PIE rates.

All terms up to eighteen months are increased.

These rises are effective from today, 29 July 2014:

The changes are:

- 30 day rate: up to 3.25% (from 3.15%)
- 60 day rate: up to 3.25% (from 3.15%)
- 90 day rate: up to 3.60% (from 3.25%)
- 4 month rate: up to 3.75% (from 3.50%)
- 5 month rate: up to 3.75% (from 3.50%)
- 6 month rate: up to 4.10% (from 4.00%)
- 9 month rate: up to 4.15% (from 4.00%)
- 12 month rate: up to 4.30% (from 4.20%)
- 18 month rate: up to 4.60% (from 4.50%)

The +35 bps rise for the 90 day term stands out among these changes, but it is not market leading. Heartland Bank offers 3.80% for 3 months and the Co-operative Bank leads that term with a 4% offer.

These higher Westpac rates also apply to their term PIE offers.

Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.

All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.

Term PIE rates are here.

This positions the latest offers as follows:

for a $20,000 deposit	6 mths	1 yr	18 mths	2 yrs	3 yrs	5 yrs
	4.10%	4.30%	4.75%	5.00%	5.25%	5.75%
	4.15%	4.50%	4.50%	4.75%	5.00%	5.50%
	4.10%	4.30%	4.50%	4.75%	5.00%	5.50%
Kiwibank	4.40%*	4.50%		4.75%	5.00%	5.75%
	4.10%	4.30%	4.60%	4.75%	5.00%	5.50%
Co-op Bank	4.30%	4.50%	4.70%	4.85%	5.10%
	4.00%	4.50%	4.50%	4.75%	5.50%	5.50%
HSBC Premier	3.90%	4.15%	4.40%	4.65%	4.90%	5.25%
	4.25%	4.50%	4.75%	5.00%	5.25%	5.65%
	4.20%	4.40%	4.60%	4.85%	5.10%
TSB Bank	4.10%	4.40%	5.00%	4.80%	5.00%	5.75%

* a 200 day 'special' rate