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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
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Westpac Life (18-29 year olds only)
Westpac logo
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
Westpac Life
Westpac logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • Keep the balance above $0 at all times
View details
Westpac eSaver
Westpac logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.10%
Intro/Ongoing
5 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Westpac Bump Savings Account
Westpac logo
Maximum Variable Rate p.a.
2.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow balance
  • Keep balance above $0 at all times
View details
Westpac Community Solutions Cash Reserve
Westpac logo
Maximum Variable Rate p.a.
1.35%
Standard Variable Rate p.a.
1.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balance above $9,999
View details
Westpac 55+ and Retired
Westpac logo
Maximum Variable Rate p.a.
2.30%
Standard Variable Rate p.a.
2.30%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Available on balances $250,000 and over
View details
Westpac Business Cash Reserve
Westpac logo
Maximum Variable Rate p.a.
0.01%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
12 months
Government Guarantee
Monthly Max Rate Conditions
  • Balance up to $30,000
View details
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Showing 7 of 7 results
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Westpac Choice
Westpac logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Eligible cardholders can get discounts when shopping at partner brands.

Westpac Business One Account
Westpac logo
N/A
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Westpac Business One Plus Account
Westpac logo
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Westpac Choice Student
Westpac logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Westpac Choice – for migrants
Westpac logo
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
Westpac Foreign Currency Account
Westpac logo
12 currencies
Monthly fee
$0
Government Guarantee
Own network ATM fee
Card type
No Debit card
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Showing 6 of 6 results

Added:

Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Westpac Term Deposit
Westpac logo
$5,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
3.25%
4 Mths p.a.
3.35%
5 Mths p.a.
3.45%
6 Mths p.a.
3.60%
7 Mths p.a.
3.60%
11 Mths p.a.
4.00%
12 Mths p.a.
4.00%
24 Mths p.a.
3.80%
More Info
Westpac Business Term Deposit
Westpac logo
$5,000 min. deposit$250,000 max. deposit
3 Mths p.a.
3.25%
4 Mths p.a.
3.35%
5 Mths p.a.
3.45%
6 Mths p.a.
3.60%
7 Mths p.a.
3.60%
11 Mths p.a.
4.00%
12 Mths p.a.
4.00%
24 Mths p.a.
3.80%
More Info
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Showing 2 of 2 results
Rates accurate as at: October 8th, 2024 Learn about our information service

Quick facts about Westpac

  • Westpac started in 1817 as the Bank of New South Wales. It rebranded itself as Westpac Banking Corporation in 1982, after a merger with the Commercial Bank of Australia.
  • Westpac is the oldest company in Australia.
  • Westpac is one of the Big Four banks in Australia, along with Commonwealth Bank, NAB and ANZ.
  • Westpac is well known for its Westpac Lifesaver Rescue Helicopter Service, a non-profit organisation run by Surf Life Saving Australia.
  • Westpac Group also includes Australian banks St.George, BankSA, Bank of Melbourne and RAMS.
  • Westpac has the largest overseas ATM network with 50,000 international ATMs.
  • Westpac offers a market-leading savings interest rate for customers under 30 years old.
Karli Connors's headshot

"I currently hold a Westpac Choice and a Westpac Life account and I love them both. Being under 29, I get to unlock the bonus interest on my Westpac Life account, which is a massive win! I feel like my money is working for me and all I have to do is tap my card 5 times per month. The app is also super easy to use and allows me to set up savings goals as well as track spending. Great user experience overall!"

Karli Connors
Finder crew member

Main accounts offered by Westpac

Westpac offers a variety of different deposit accounts which you can see listed in the tables above. Here's a brief summary of some of its main accounts for personal customers.

Westpac Choice Account

This is Westpac's core everyday transaction account product which comes with a Mastercard debit card. This account has a monthly account keeping fee of $5, although this fee is waived each month you deposit $2,000 or if you're a student or under 21. This account can also be opened if you're a migrant before arriving in Australia.

Read our full review of the Westpac Choice Account.

Westpac Life Savings Account

This is Westpac's bonus savings account product, well-known for offering a market-leading interest rate of 5.2% p.a. for customers under 30. This bonus rate is available on balances up to $30,000 for customers aged 18-29 when the account conditions are met. If you're over 30, you can still open this account but you won't get the bonus interest rate of 5.2% p.a.

Read our full review of the Westpac Life Savings Account for under 30s.

Westpac Term Deposit

You can open a Westpac Term Deposit with $5,000 or more. There's a range of different term lengths available, starting from 1 month up to 5 years. You'll receive a fixed interest rate on your money for the life of your term. Westpac also offers a business term deposit.

Read our full review of the Westpac Term Deposit.

Westpac also offers specific accounts for students, youth, migrants, pensioners and business customers. You can see these accounts in the tables above.

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 Customer Satisfaction Awards.

Different ways to bank with Westpac

Westpac offers many different ways to do your banking.

Westpac bank branches

Westpac has roughly 1,000 bank branches spread across Australia. Customers can go into a Westpac branch for assistance with day-to-day banking, to deposit cash or cheques, to open or close accounts or to speak to a professional banker.

Westpac ATM network

There are more than 3,000 Westpac ATMs around Australia, and 50,000 internationally as part of Westpac's Global ATM Alliance. Westpac customers can also use their Australian debit cards to withdraw cash for free at CommBank, NAB and ANZ ATMs throughout Australia.

Customers can also use select Westpac ATMs to withdraw cash without their physical debit card, thanks to the bank's cardless cash feature.

Bank@Post

If you need to deposit cash into your Westpac account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.

Westpac Internet and mobile banking

Westpac Online Banking is Westpac's Internet banking portal for customers. You can log in 24/7 to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new Westpac accounts.

The Westpac app is free to download, and has a 4.2 star rating in the App Store and a 3.8 star rating in the Google Play store. You can do your day-to-day digital banking using the app, and you can also set up personal savings goals with your Westpac Life account and track your progress. The app can be customised to your taste with your own wallpaper, colours and profile picture.

Westpac contactless payment options

Westpac offers Apple Pay, Google Pay, Samsung Pay, FitBit Pay and Garmin Pay to customers with a Westpac debit or credit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items instead of using your physical debit card. You can also use the Westpac app to withdraw cash from eligible Westpac ATMs when you don't have your debit card with you, with the cardless cash feature.

Pros and cons of banking with Westpac

Pros

  • Market-leading savings rate. The Westpac Life savings account offers one of the most competitive savings rates in the market for customers under 30.
  • Large ATM network. You can access over 3,000 Westpac Group ATMs Australia wide, as well as over 50,000 ATMs around the world.
  • Multiple account options. Westpac has bank account options for personal customers, business customers, students, over 55s and migrants.
  • Large branch network. Being one of the biggest banks in Australia, Westpac has lots of bank branches available and these aren't limited to one particular state.

Cons

  • Account keeping fees. The Westpac Choice account has a monthly account keeping fee that's only waived if you're under 21, a student or if you meet the monthly deposit conditions.
  • Interest rates less competitive. The savings rates offered for customers over 30 are less competitive than many other accounts in the market.

How to apply for a Westpac account online

You can apply for a new Westpac account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.

Eligibility

  • You're over 18 years old
  • You're an Australian resident for tax purposes (unless you're applying for the Westpac Choice - Migrant account)
  • You have an Australian phone number and residential address

Documentation

  • Personal details like your name, date of birth, residential address, phone number and email address
  • ID documents such as your driver's licence, Medicare card, passport or proof-of-age card

What is the Westpac group Global ATM alliance?

If you're a Westpac customer, you can save money on ATM fees when travelling overseas through the bank's international ATM alliance. Westpac is partnered with major international banks and waives the fee for overseas ATM withdrawals at thousands of partner ATMs.

If you have an eligible card issued by a member of the Westpac Group such as travel or EFTPOS card, you won't pay any international ATM fees when you make a withdrawal from a Westpac international ATM alliance partner. A 3% foreign transaction fee applies when using a debit or credit card.

Westpac Global ATM Alliance partner banks

The following table shows the banks in different countries where Westpac customers can avoid the international ATM fee. Note that Westpac-issued American Express cards are not included in the Westpac Global ATM Alliance.

Country ATM Network
UKBarclays Bank
United States of AmericaBank of America
ChinaBank of Nanjing
France, Poland, Luxembourg, Algeria, Guadeloupe, Guyane, La Reunion, Martinique, Morocco, New Caledonia, Senegal, Turkey Italy (under the BNL Brand)BNP Paribas
Indonesia, MalaysiaCIMB
GermanyDeutsche Bank, Postbank
SingaporeDBS, POSB
Canada, Bahamas, Barbados, Cayman Islands, Dominican Republic, Jamaica, Trinidad, Turks & Caicos, Costa Rica, Panama, Chile, Colombia, Mexico, Peru, UraguayScotiaBank
UkraineUkrsibbank
New ZealandWestpac NZ
FijiWestpac
PNGWestpac PNG

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

Alison Banney's headshot
Written by

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 634 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

More guides on Finder

  • Westpac Life account (for 18-29s)

    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 – for migrants

    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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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

      AvatarFinder
      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

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