Westpac savings and bank accounts

Westpac offers a range of bank accounts, savings accounts and term deposits including a market-leading savings rate for under 30s.

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Westpac

Westpac savings accounts, bank accounts and term deposits

Westpac savings accounts

15 of 15 results
Finder Score Maximum interest rate Base interest rate Max rate type & duration Monthly max rate conditions
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.10%
Intro/Ongoing
Ongoing rate
(conditions apply)
Make a deposit
Grow your balance
20 debit card purchases
Balances up to $30,000
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Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.10%
Intro/Ongoing
Ongoing rate
(conditions apply)
Make a deposit
Grow your balance
Keep the balance above $0 at all times
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Maximum Variable Rate p.a.
4.30%
Standard Variable Rate p.a.
1.75%
Intro/Ongoing
Ongoing rate
(conditions apply)
Make a deposit
Grow balance
Keep balance above $0
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Maximum Variable Rate p.a.
4.45%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
5 month intro rate
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Westpac Community Solutions Cash Reserve
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Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $1,000,000
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Westpac 55+ and Retired
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Maximum Variable Rate p.a.
2.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $250,000
Aged 55+
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Finder score
Maximum Variable Rate p.a.
2.40%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $0 to $10,000
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Maximum Variable Rate p.a.
2.40%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $5,000 to $9,999
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Maximum Variable Rate p.a.
4.45%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
5 month intro rate
More info
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Westpac logo
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Finder score
Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $500,000 to $999,999
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Finder score
Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance from $1,000,000
More info
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Maximum Variable Rate p.a.
0.45%
Standard Variable Rate p.a.
0.45%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $250,000 to $499,999
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Maximum Variable Rate p.a.
0.05%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $50,000 to $249,999
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Maximum Variable Rate p.a.
0.01%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $25,000 to $49,999
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Westpac Community Solutions Cash Reserve
Finder score
Maximum Variable Rate p.a.
0.01%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing rate
(conditions apply)
Balance $5,000 to $9,999
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Showing 15 of 15 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full breakdown

Want more interest on your savings?

Compare now and find a better rate.

Westpac bank accounts

6 of 6 results
Finder Score Monthly fee Govt. Guarantee Own network ATM fee Card type
Finder score
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Get $50 cashback when you open a new account and make an in-person, contactless transaction from a mobile wallet worth $50 or more within the first 15 days. Pay $0 account keeping fees for 12 months when you open an account online. T&Cs apply.
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Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Get $100 when you open a new account and deposit $100+ in one transaction within 10 days, with code WELCOME100. T&Cs apply.
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Westpac Business One Plus Account
Finder score
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Get $100 when you open a new account and deposit $100+ in one transaction within 10 days, with code WELCOME100. T&Cs apply.
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Westpac Choice Student
Apple Pay Google Pay Samsung Pay Garmin Pay
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Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
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Westpac Choice – for migrants
Apple Pay Google Pay Samsung Pay Garmin Pay
Finder score
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
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Westpac logo
Finder score
Westpac Foreign Currency Account
Apple Pay Google Pay Samsung Pay12 currencies
Finder score
Monthly fee
$0
Government Guarantee
Own network ATM fee
Card type
No Debit card
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Showing 6 of 6 results

Finder Score for bank accounts

We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.

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Looking for a better bank account?

Compare everyday accounts and find one that works harder for you.

Westpac term deposits

2 of 2 results
Finder Score 3 Mths p.a. 6 Mths p.a. 10 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Westpac logo
Finder Score
Westpac Term Deposit
$5,000 min. deposit
$2,000,000 max. deposit
Finder Score
3 Mths p.a.
2.65%
6 Mths p.a.
2.90%
10 Mths p.a.
3.20%
12 Mths p.a.
3.55%
24 Mths p.a.
3.35%
Get 3.90% p.a. for 11 months (3.80% fixed rate special offer + 0.10% bonus when you sign up online). T&Cs apply.
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Finder Score
Westpac Business Term Deposit
$5,000 min. deposit
$250,000 max. deposit
Finder Score
3 Mths p.a.
2.65%
6 Mths p.a.
2.90%
10 Mths p.a.
3.20%
12 Mths p.a.
3.55%
24 Mths p.a.
3.35%
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Showing 2 of 2 results

Finder Score for term deposits

Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.

Read the full methodology

Lock in a great rate

Compare term deposits to grow your savings with confidence.

What do Australians think of Westpac bank account?

  • 4.19/5 overall for Customer Satisfaction - higher than the average of 4.11
  • 4.46/5 for Trust - higher than the average of 4.43
  • 4.27/5 for Customer Service - higher than the average of 4.07

Based on Westpac bank account scores in Finder's 2024 & 2025 Customer Satisfaction Awards.

Pros and cons of banking with Westpac

Pros

  • Access to a large network of ATMs in Australia and worldwide
  • Multiple account options for personal, business, student, senior, and migrant customers
  • Extensive branch network across Australia

Cons

  • Some accounts charge monthly fees unless conditions are met

How to apply for a Westpac savings account

Applying online for a new bank account is fast and easy. You'll need identity documents such as your driving licence or passport. For more about the process, check out our full guide to opening an account online.

Sources

Alison Banney's headshot
Written by

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 660 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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6 Responses

    Default Gravatar
    FrancesJuly 13, 2017

    What is the highest paying term deposit for 2 months in W.A.

      Default Gravatar
      LiezlJuly 13, 2017

      Hi Frances,

      Thanks for your question.

      While we do not have a dedicated term deposit rates comparison page for WA, you may use our term deposit page. You should find a comparison table on that page that lists the term deposit accounts along with their corresponding interest rates.

      Please read through the terms, conditions, and features of the account you’re interested in before making a final decision.

      I hope this helps.

      Cheers,
      Liezl

    Default Gravatar
    VemannaApril 10, 2016

    I have Westpac bank Choice account and Esaver account. And I have issued the debit MasterCard . When I want to use I have to press credit instead of savings. Why it is like this? I do not understand, it is not credit card but still I have to press credit. And I have faced some problems like I can not with draw money in shops. Please let me what can I do about this.
    Thanks

      Default Gravatar
      HarryApril 11, 2016

      Hi Vemanna,

      Thanks for the query.

      Pressing “credit” makes the purchase go through as a credit transaction, which gives it additional fraud protection compared to a regular transaction would. If you can’t withdraw money from the “credit” option, you can try using the “savings” option. Remember to check if you have sufficient funds to complete the transaction.

      I hope this helps,

      Harry

    Default Gravatar
    benDecember 19, 2015

    Can I use smart ATM to deposit cash in to my imb account and funds be available immediately? Urgent. Thanks

      Shirley Liu's headshotFinder
      ShirleyDecember 21, 2015Finder

      Hi Ben,

      Thanks for your question.

      Unfortunately Westpac SmartATMs can only facilitate deposits straight into Westpac accounts. You may want to consider using Bank@Post instead.

      Cheers,
      Shirley

Read more on Bank Accounts

  • Westpac Life account (18-34s)

    Earn a market-leading bonus interest rate if you're under 30, and when you meet the account conditions. Learn more about the Westpac Life account and apply online.

  • Westpac Life

    The Westpac Life savings account allows you to earn a competitive interest rate while helping you to meet your personal savings goals.

  • Westpac Choice migrant banking

    With Westpac Bank migrants can have their financial business in check before making Australia their temporary home.

  • Westpac Choice Student Account

    Make it through your tertiary school years with ease with a flexible transaction account.

  • Westpac Choice Transaction Account

    Westpac Choice offers you a unique way to save money on mortgage interest while encouraging you to make deposits by offering fee-free banking as an incentive.

  • Westpac Term Deposit

    While a Westpac term deposit gives you the certainty of earning a fixed interest rate as per your chosen term, so do term deposits offered by other banks. Make sure you compare a few before deciding.

  • Westpac eSaver

    Westpac makes it easy to save with an online account that pays you a competitive interest rate with no monthly fees.

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