Is Westpac’s $50 sign-up bonus actually worth it? We did the maths 👀
Key takeaways
- It's free money, with only a few hoops to jump through: Open 2 accounts and deposit $50 within 10 days to get the $50.
- Your kids can get it too: It's open to under 18s, making it a brilliant "free money" win for younger savers.
- There's an ongoing $5 monthly fee: It's easy to avoid, but if youdon't, your bonus can slowly be eroded by ongoing fees.
If you've Googled "ING bonus" or "free bank money" lately, you're not alone: the cost of living is biting and we're looking for every possible chance to have a money win.
Westpac is offering a cash bonus of $50 right now for new customers and it works like this:
- Open a Choice everyday account
- Open an eligible savings account (eg. Life, eSaver)
- Deposit at least $50 within 10 days
- Get $50 paid into your savings account
Banks like Westpac aren't handing out cash for fun, they're doing it in the hope you'll stick around and use more of their products. Which means, there's some fine print.
Long-term, this account comes with a $5 monthly fee.
You can have that $5 fee is waived if you:
- Deposit $2,000+ per month,
- Are aged under 30
- Are a student / concession holder
- Are in your first 12 months (if opened online, all account-holders get 12 months' worth of fees waived)
After that, if you don't meet one of the criteria above, you'll pay $5 each month to simply have the account.
Anything else you need to know?
The criteria for the $50 Westpac bonus is pretty standard. To qualify, you need to:
- Be a new customer
- Open 2 accounts, not just 1
- Deposit $50+ within 10 days
- Keep the account open for at least 60 days
That 'new customer' criteria means you must not have held either a transaction account or savings account with Westpac in the last 2 years.
But you can have held other products, like a credit card, personal loan or home loan.
You just need to be new to everyday and savings banking with Westpac, not brand new customers to the bank.
Also! Westpac's $50 offer is open to under 18s, which means this is a big money win for your kids.
Bottom line: is the $50 Westpac bonus worth it?
If you're organised, don't mind a tiny bit of admin and treat it like a quick money hack, it's a winner.
If you prefer simple, set-and-forget finances and you think there's a chance you'll forget to deposit money into the account longer-term to qualify for fee waivers, it might not be suitable.
And for your kids, it's a no-brainer. No ongoing fees for under 30s means there's no risk of ongoing costs, and it's totally free money to kick off their savings.
But hurry! This deal ends April 20, 2026.
Sources
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