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Comparing Westpac term deposit rates with competitor rates

There's no doubt that Westpac term deposit rates are among the best on the market today. Still, it never hurts to compare the rates on different term accounts with the term rates available from competitors.  Here are a few tips on how to manage the comparison process and make sure you make the right decision.

First, identify the types of term accounts offered by Westpac.  This includes accounts with fixed rates of interest as well as floating or variable rates.  Also consider the duration or term that the account balances must remain over a certain amount in order to earn those rates.  Once you have a firm grasp of Westpac terms deposit rates for each account, you can move on to seeing what other institutions have to offer.

Always make sure you are comparing the rates and terms to the same terms offered by other institutions. All too often, consumers see a great rate and forget to see if the duration or term on the account is a match.  You don't want to go with a certain institution because the rate looks great and only notice later the term is five years instead of the slightly lower Westpac rate on a one year term. This becomes even more important if you believe that it may be necessary to withdraw some of that money before the five years are up.

Be careful to look beyond simply the duration of the term and the rate that applies.  There is always the chance of hidden fees that would make the account less valuable to you.  Check each fee or charge found in the account contracts and compare them to their Westpac counterparts.  You may be surprised at some of the almost hidden fees you encounter in comparison to the straightforward provisions associated with Westpac term deposit rates and conditions.

 

 

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