Westpac launches an environmentally-linked term deposit

Westpac in partnership with Landcare Australia, launched a ‘unique’ new national term deposit in February. It allows customers to invest their funds in a way that helps the environment.

The new term deposit has the same ‘features and rates’ as previously but if you choose this approach Westpac will ensure that an amount equivalent to the money deposited will be lent to Landcare farmers to support the development of sustainable farming ventures and practices.

There will be an annual report to customers and the general public on the progress of the Westpac Landcare Term Deposit – through the Stakeholder Impact Report – and there will also be independent assurance on an annual basis.

“Customers have told us that 59% would be more interested in investing in a deposit product if the funds were invested in environmentally responsible organisations” said Graham Paterson, Westpac Head of Corporate Responsibility. (The research sample size was 300).

FOR MORE INFO CONTACT: Helen Dawes Ph: 02 9412 1040 E: helen@landcareaustralia.com.au or visit http://www.landcareonline.com/news_details.asp?sType=news&news_id=102&from=archive