Add0.10% p.a. to these rates if you’re already with Westpac and opening or renewing online.1
Check for additional bonus rates when you sign in.
Rates for terms of 12 months and more
Term
Fixed rate p.a.
12 - 23 months
4.25%
24 - 35 months
4.00%
36 - 47 months
4.00%
48 - 59 months
4.00%
60 months
4.00%
Add0.10% p.a. to these rates if you’re already with Westpac and opening or renewing online.1
Check for additional bonus rates when you sign in.
If you’re already with Westpac, see our special offer for eligible deposits.
On Demand interest rate
On Demand variable rate for all deposits: 0.05%.
An On Demand interest rate applies during the 6-business day Variation Period following the maturity of a Term Deposit, if no instructions for renewal or account closure have been received.The rate is applied from maturity up to the day when instructions are received; and after 6 days without instructions the deposit will be reinvested for the same term as previously, but at the fixed interest rate in place at the time.
Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Right now, there aren't any financial institutions offering 7% interest on a CD. Alpena Alcona Area Credit Union, a local financial institution in Michigan, previously offered a 7.19% APY on a 7-month CD special, but that offer has ended. There are a few financial institutions with CDs paying 6% APY or more, though.
A stocks and shares ISA is likely to be most suitable. That is unless you will turn 55 within 30 years, in which case a pension might be a better tax wrapper for you. If you're unsure about the time horizon, you could invest in both a pension and a stocks and shares ISA.
Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.
It's possible to get a 6% certificate of deposit, but currently, they're only offered by credit unions, not banks. Pros of a 6% CD include locked-in interest rates and a relatively high rate of return.
Fincare Small Finance Bank savings account interest rates
The bank offers a 7% interest rate on balances above Rs 10 lakh to less than Rs 1 crore and a 7.25% interest rate on above Rs 1 crore to 5 crore on savings account balances. 1.
SBI offers Recurring deposits at interest rates of 6.50% to 7% p.a. to other depositors, and 7.35% to 7.5% to senior citizens with a minimum monthly deposit of ₹100. The tenure for SBI RD ranges from 1 year to 10 years. These rates are effective from December 27, 2023.
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