Compare Westpac Savings Accounts and Grow Your Money

Information verified correct on December 11th, 2016

Westpac offers varied solutions when it comes to everyday banking accounts, savings accounts, and term deposits.

Westpac began operations in 1817, in the form of the Bank of New South Wales. It rebranded itself as Westpac Banking Corporation in 1982, after a merger with the Commercial Bank of Australia. 2002 witnessed the registration of Westpac as a public company limited by shares, and it merged with St.George Bank Limited in 2008.

Westpac Reward Saver

Westpac Reward Saver

Bankwest Reward Saver offers a bonus interest rate if you make no withdrawals, and deposit at least $50 every month.

  • Maximum Rate: 1.85% p.a.
  • Standard Variable Rate: 0.01% p.a.
  • Bonus Rate: 1.84% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
Rates last updated December 11th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Westpac Choice – for migrants
Suitable if you're arriving in Australia within 12 months and intend to make a deposit within 6 months.
Mastercard $0 $2,000 No monthly fee for the first 12 months, unlimited and free electronic transactions. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Rates last updated December 11th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac eSaver Account - for migrants
Introductory rate of 2.95% p.a. for 5 months, reverting to a rate of 1.50% p.a. Available on the entire balance.
2.95% 1.50% 1.45% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
2.71% 1.25% 1.46% $0 $0 / $0 Open More
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Rates last updated December 11th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Westpac Term Deposit
Westpac Term Deposit
2.10% 2.00% 2.20% 2.50% 3.00% 3.10% 2.70% 2.85% $5,000 Open More
Rates last updated December 11th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Westpac Choice – for migrants
Suitable if you're arriving in Australia within 12 months and intend to make a deposit within 6 months.
Mastercard $0 $2,000 No monthly fee for the first 12 months, unlimited and free electronic transactions. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Rates last updated December 11th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac eSaver Account - for migrants
Introductory rate of 2.95% p.a. for 5 months, reverting to a rate of 1.50% p.a. Available on the entire balance.
2.95% 1.50% 1.45% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
2.71% 1.25% 1.46% $0 $0 / $0 Open More
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Rates last updated December 11th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Westpac Term Deposit
Westpac Term Deposit
2.10% 2.00% 2.20% 2.50% 3.00% 3.10% 2.70% 2.85% $5,000 Open More
Rates accurate as at: December 11th, 2016 Learn about our information service
Awards that Westpac has earned
  • Australian Training Awards, 2014. Named Employer of the Year
  • AHRI Diversity Awards, 2014. Winner of the Disability Employment award
  • AHRI Diversity Awards, 2013. Winner of the Gender Equity in the Workplace award and the LGBTI Inclusion award

Who is Westpac?

Westpac provides everyday bank accounts that give you easy access to your money, and it also offers savings accounts so you can get your money to earn interest. Through a Westpac term deposit, you can look forward to investing your money for a fixed term, while it earns fixed interest.

What’s internet banking like for Westpac?

Westpac customers can turn to its online and mobile banking platforms in various circumstances. You can apply for new Westpac products, you can view your transaction details and account balances, you can pay bills, you can transfer funds, and you can view and save eStatements. With specific Samsung devices you can make use of the ‘tap and go’ feature, and if you use an Apple watch you can get a special app for it.

While the Westpac online banking system uses encryption technology to keep all communication secure, it also comes with the Westpac Protect security guarantee that safeguards customers from unauthorised transactions.

Notable features include:
  • Search 3 years of transaction histories of up to 5 accounts at the same time
  • View balances in foreign currencies
  • Order bank cheques
Cardless Cash

Cardless Cash is a handy new facility offered by Westpac. If you lose, forgot or misplaced your card you can call Westpac (or log onto the app) to get a unique code to type into a Westpac ATM and withdraw your money. If you've actually lost your debit card, you can ask for a replacement by calling Westpac.

Compare cardless cash accounts

Are funds instantly deposited when depositing funds into a Westpac ATM?

If you use a Smart ATM cash is deposited immediately while a cheque still requires three business days to clear. ATMs that use an envelope system will take one business day to reflect a cash deposit, but the funds may not be available for up to three days.

What about the mobile app?

Image source: App Store

IMG_3-168x300IMG_4-168x300IMG_1-168x300IMG_4-168x300
Activate credit and debit cardAccount balanceTransfer and overseas transfersTemporary lock your card
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What transaction accounts are offered by Westpac?

  • Westpac Choice

This everyday account gives you easy access to your money no matter where you are through a MasterCard debit card. You can also access your account via Westpac’s online and mobile banking platforms. If you add at least $2,000 to your account every month you don’t have to pay monthly account keeping fees.

  • Westpac Choice - concession holders

This account is for individuals who receive social security benefits, and when these benefits credit directly to your account, you qualify for an account keeping fee waiver. You can use the linked MasterCard at over 3,000 Westpac Group ATMs, and you get unlimited transactions at Westpac branches. To apply, you should hold a current health care or pensioner concession card.

  • Westpac 55+ and Retired

The Westpac 55+ and Retired account is for selected retirees and pensioners. Account holders get to make eight free withdrawals each month via ATMs, online banking, and phone banking. They can also make use of up to 12 free phone banking enquiries each month. This account does not attract any account keeping fees.

  • For students

If you’re under 21 years of age or a full-time tertiary student, you can open a Westpac Choice account and not pay any ongoing monthly account keeping fees.

How long does it take for a cheque to clear with Westpac?

Cheques take a few working days to clear, unless a special clearance has been requested. They typically take up to 3 business days to clear in your account.

What high interest savings accounts are offered by Westpac?

  • Westpac eSaver

This online savings account gives you round-the-clock access to funds in your account, while also offering a competitive interest rate. You get unlimited access to this account via a linked Westpac Choice account, and you don’t have to pay any monthly account keeping fees. You don’t have to start with a minimum balance, and you don’t have to maintain a minimum monthly balance.

  • Westpac Reward Saver

The Reward Saver account gives you the ability to earn bonus interest. To avail of this bonus interest you have to deposit at least $50 per month and not make any withdrawals. There is no minimum opening balance requirement, you don’t have to pay any account keeping fees, and you can get account details via online, mobile, or phone banking.

What term deposits are offered by Westpac?

  • Term deposit

You can open a Westpac term deposit with $5,000 or more, and the term of your deposit can vary in between one month and five years. Westpac offers special rates for certain terms from time to time. It does not charge any set-up or account keeping fees. You get multiple options when your term deposit matures, not just in terms of what you wish to do next, but also in terms of how you can receive your money.

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What are the pros and cons of Westpac accounts?

Pros

  • Easy access to account information. No matter what kind of account you hold with Westpac, you can seek most kinds of account related information over the phone, online, or through its mobile banking app.
  • ATM network. If you have a MasterCard linked to your Westpac bank account you can access over 3,000 Westpac Group ATMs Australia wide, as well as over 50,000 ATMs the world over.
  • Multiple account options. You can open a Westpac account meant for children, one meant for older people, one that offers easy access to money, and one that enables you to save.

Considerations

  • Interest linked to withdrawals. If you make any withdrawals from a Westpac savings account in any month, you don’t earn interest for that given month.
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How do I apply for a Westpac savings account?

Applying for a Westpac bank account is easy, and you can do so by visiting any Westpac branch, by speaking to a Westpac representative over the phone, or by submitting an online application.

Eligibility

If you wish to apply online, simply click on the ‘Go to Site’ button, but only after you make sure that you answer these questions in the affirmative.

  • Do you meet the account’s age requirements?
  • Do you have an Australian residential address?

Documentation

Existing Westpac customers can log into the bank’s internet banking platform and apply for these accounts easily. As a new customer, you’ll have to:

  • Provide your complete name, date of birth, residential address, email address, and phone number
  • Visit a Westpac branch to complete an ID check

Opening a Westpac bank account can be a good idea, but other financial institutions offer similar accounts, so take some time to compare a few before deciding.

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Read more on this topic

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

2.00

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4 Responses to Compare Westpac Savings Accounts and Grow Your Money

  1. Default Gravatar
    Vemanna | April 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
      Harry | April 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

  2. Default Gravatar
    ben | December 19, 2015

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

    • Staff
      Shirley | December 21, 2015

      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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