Westpac 5 year term deposit is now 8% p.a paid annually or 7.80% p.a paid monthly.
This is a great rate for those who can afford to lock their money away for 5 years or rely on fixed interest income.
Westpac 5 Year Term Deposit at 8% p.a.
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Let's hope this heats up the competition. Wonder what Ubank will hit back with?
maybe a 10 year term deposit at 8.05%!
Its a pretty big gamble for 5 years…
I would rather play it safe and do a lower term or just put it in ubank's savings account.
yes 5 years is way tooo long
You need to compare this offer (interest and duration) with similar offers over 5 years. If you can find one better then mark it down-and please provide a link to the superior offer. looking at ratecity.com.au and infochoice.com.au this offer is 1% higher than competitors!
If the duration is not appealing to you - well who the hell cares, just you. A completely irrelevant reason for a neg vote if ever there was one.
It's called the domino effect…someone votes negative with a non-sensical reason, then other's who have absolultey no idea (and I mean that literally) vote negative. I'm fed up with it and I intend to keep voicing my opinion until the mods do something about it.
There are several effective means for providing feedback but commenting in deals generally isn't one of them.
Try the Announcement and Feedback forum and particularly this broad discussion topic.
@HueyData: Then do something about it! When you have idiot's that have nothing better to do than get onto Ozbargain to make attacks and critisize it undermines your website, yet you let it continue. How about you make some rules to stop the BS so people who want bargains can start to enjoy this website again.
@chloden: It looks like you didn't read my post. Sigh.
I kindly invite you to "do something about it", such as posting constructive feedback in the discussion topic previously indicated.
Site policy is guided by community opinion (acknowledging that only a very small number of members participate in forum topics, compared to hundreds or even thousands of active users overall), among other things.
I have not read the discussion recently but I don't believe your view is represented there.
+1. Then you jump in the thread, question their logic and are either completely ignored by the voter or receive some other convoluted rambling as to why it's not a good deal (at the end of the day, we can see that it's just not for them).
Edit: Definitely will be hitting that topic ;)
8% for a 5 year term doesn't seem like a wise use of your money.
and the basis for your view is….
Still no response i see….people in the USA/UK/Japan would be shitting themselves if they were offered this deal.
One reason that the AUD is so high compared to these other currencies is because of the carry trade ie borrow in Yen or USD then invest here and the difference in interest rate is their profit-which is substantial. Of course there is the risk with currency moving against you but then i guess you can hedge depending on the cost.
Sorry I'm so late to this thread, but 8% is a fantastic bank deposit rate, and locking it in for 5 years was the whole point, I could have sat back and watched the money roll in without worrying about these high rates being withdrawn. Which they have. And I don't expect to see them again without another GFC.
So everyone who voted against this bargain, please tell me the interest you'l be earning over the next 5 years that tops this deal. No, I didn't think so.
I missed out, but want to stay informed next time a rate like that is offered. So plllllllease don't be put off by the morons who don't know a good deal when it's posted right under their noses.
Now how can I get this site to email me when a deal like this comes up??
5 years is a really looooong term.
Wonder what's the penalty if one terminate the TD just after the first year's interest paid?
If minimal penalty, then this deal will become the best interest rate for a 12 months term deposit. ;P