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.
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.
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.
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.
Westpac offers many different ways to do your banking.
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.
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.
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 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 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.
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.
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.
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 |
|---|---|
| UK | Barclays Bank |
| United States of America | Bank of America |
| China | Bank of Nanjing |
| France, Poland, Luxembourg, Algeria, Guadeloupe, Guyane, La Reunion, Martinique, Morocco, New Caledonia, Senegal, Turkey Italy (under the BNL Brand) | BNP Paribas |
| Indonesia, Malaysia | CIMB |
| Germany | Deutsche Bank, Postbank |
| Singapore | DBS, POSB |
| Canada, Bahamas, Barbados, Cayman Islands, Dominican Republic, Jamaica, Trinidad, Turks & Caicos, Costa Rica, Panama, Chile, Colombia, Mexico, Peru, Uraguay | ScotiaBank |
| Ukraine | Ukrsibbank |
| New Zealand | Westpac NZ |
| Fiji | Westpac |
| PNG | Westpac 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.
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.
The Westpac Life savings account allows you to earn a competitive interest rate while helping you to meet your personal savings goals.
With Westpac Bank migrants can have their financial business in check before making Australia their temporary home.
Make it through your tertiary school years with ease with a flexible 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.
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 makes it easy to save with an online account that pays you a competitive interest rate with no monthly fees.
What is the highest paying term deposit for 2 months in W.A.
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
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
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
Can I use smart ATM to deposit cash in to my imb account and funds be available immediately? Urgent. Thanks
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