In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • FAQ
  • Your reviews
  • Ask a question
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Westpac eSaver

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Westpac eSaver

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Maximum variable rate
5.00% p.a.
Base interest rate
1.1%p.a.

Our verdict

Earn an introductory bonus interest rate on the Westpac eSaver account with 24/7 access to your funds.

With Westpac's eSaver account you can get a 5% p.a. interest rate for the first 5 months. After that, the rate drops to the base rate of 1.1% p.a.The full interest rate is made up of a standard rate, a 5-month introductory rate plus a small online bonus rate. This means you can only get the full rate for 5 months, and only if you apply online.

One benefit of this account is there are no deposit conditions to meet to earn this bonus rate, and you’re able to make withdrawals when you want.

Pros

  • Earn a competitive interest rate
  • 24/7 Access to funds through online banking
  • $0 Monthly fees (though fees can apply to the linked account)
  • Safe Online Banking guarantee
  • Limited time online bonus rate of 0.35% for new customers

Cons

  • Introductory rate eventually reverts to a standard rate

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • FAQ
  • Your reviews
  • Ask a question

Details

Key details

Product Name Westpac eSaver
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 14

Key features

How the introductory bonus interest works

This is a bit confusing. In total, you can get a rate of 5% p.a. for the first 5 months. That's if you apply online (because part of this rate includes a small online bonus rate).

After the 5 months is up, the rate drops to 1.1% p.a..

This offer is only available for customers who have not held an eSaver account for at least three months prior.

Launch savings calculator


How to apply

Applying for the Westpac eSaver can be done online by clicking 'go to site' if you believe that this savings account will help you meet your financial goals.

Eligibility

Before continuing to the secure application page check that you are eligible for the eSaver account:

  • Your residency. Only permanent residents of Australia who have a valid residential address can be a holder of the Westpac eSaver account.
  • Your transaction account. In order for you to be able to access your savings and make deposits into the account, you will have to have a Choice transaction account with Westpac.

FAQ

Your reviews

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Michael

March 27, 2018

Can an E-Saver account be under a business name,sole trader


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Jeni Velasco Finder

March 27, 2018

Hi Michael,


Thank you for getting in touch with finder.

Westpac eSaver is a personal savings account so if you want to apply for a savings account under a business name then you have to choose from their business savings accounts like Westpac Business Cash Reserve.


I hope this helps.


Have a great day!


Cheers,

Jeni


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geysenbert

September 22, 2017

Hi, I moved Australia about two years ago.

I still have a good amount of money on my westpac E-saver. But through the years my choice account is blocked or deleted. So the money on the esaver is frozen ( i cant send it to my other banks)

The bank account is also linked to my australian number which is not in use anymore.

Hopefully there is a solution. kind regards


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Maria

September 22, 2017

Hey Geysenbert,


Thank you for reaching out to us.


As finder is a financial comparison website providing general information, we are not permitted to provide our users with personalised financial advice.


Also, we do not represent any of the companies that we feature on our pages.


It would be best to have your concern addressed by them directly through Westpac’s Customer Service.


I hope this would help.


Best,

Maria


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Eric

July 24, 2017

I am retired staff and have several esaver accounts at Kingsgrove branch in Sydney, where I was branch manager. I desire to open a new esaver account, with opening balance of $2500 by transfer from existing esaver account. New account to be Car Account,. Notify me when opened.


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Harold Jacob Finder

July 26, 2017

Hi Eric,


Thank you for your inquiry.


While we do not represent any company that we feature on our pages, we can offer you a general information.


If you are able to meet all of these eligibility requirements, then prepare the following documentation and proceed to the secure application page. Having this information close by will ensure that you are able to complete the application accurately and quickly:


1. Identification documents. Westpac is required to verify the identity of any online applicant electronically. This can be done with information from your driver’s licence or passport. If not, you may be asked to visit a local branch to complete the identification verification.

2. Choice transaction account details. In order to get the full benefit of the eSaver account, it needs to be linked to a Choice transaction account from 3. Westpac. You can give them the account details when you apply, or if you don’t already have one you may apply for the account at the same time.

Personal information. Westpac is also going to need to know some of your personal details, such as your full name, date of birth and physical address.


I hope this information has helped.


Cheers,

Harold


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Mark

June 09, 2017

Hi, can I deposit a personal cheque into a Westpac esaver account? I can’t find the answer to this question anywhere. Also what do I have to do if I need to transfer more than the pay anyone limit (eg, $30,000) to another person’s account?


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Liezl

June 10, 2017

Hi Mark,


Thanks for your question.


Cheque access is not available for this account. You have to deposit the personal cheque in your linked Westpac Choice account then move the funds to your eSaver account.


If want to transfer funds through online banking more than your daily payment limit, you can call the bank and request them to amend the limit. The bank will then notify you of the maximum limits available and you’ll need to register for a security device. I’ve sent to your email the PDS for ease of reference.


I hope this has helped.


Cheers,

Liezl


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Linda

May 08, 2017

Hi

I have given someone my e account details to transfer money into it, is this ok or do I have to use my savings account for transfer transactions ?


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Harold Jacob Finder

May 08, 2017

Hi Linda,


Thank you for your inquiry.


By using the transfer funds option in online banking, you may transfer funds between the eligible Westpac accounts that are accessible through online banking. The account balances and transactions lists will be updated straight away, except credit cards and transfers to a foreign currency account made after the payment cut-off time where the transactions list will not update until the following business day. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered on your transactions.


I hope this helps.


Cheers,

Harold


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