Prepare for an extended Aussie stay and get your financial needs in order before arrival. The Westpac eSaver is linked to your Choice transaction account, and you manage your money by making online transfers. If you're a migrant, this solves the problem of having to find a secure place to let your savings grow.
What are the features of the Westpac Choice eSaver Account?
You have a lot to think about in the months leading up to your move to Australia, including how you plan on saving your earnings. In order to ensure that you are getting the best benefits for your Australian dollars, carefully compare the features of various savings accounts before making a final choice:
$0 minimum balance requirement
You will not be expected to maintain a minimum balance in order for this account to remain active.
$0 monthly service fee
The eSaver is a fee-free savings account.
Variable interest rates
This is a variable rate account, where the interest is calculated on the daily balance and paid into the account once a month.
Bonus interest rates apply for the first three months
New account holders will get a fixed bonus rate applied to their savings balance for the first three months after the account has been activated.
Flexible access to your account
You can make transfers using online or phone banking into or out of the savings account through your Choice transaction account with Westpac.
$0 transaction fees
You are allowed an unlimited number of transactions each month for free.
Westpac makes it easier for migrants from around the world with a branch staff that can speak 42 different languages.
Other products for migrants
With Westpac you will find other financial products that are available to migrants including foreign currency accounts and home loans.
Before you apply...
- You are required to open a Choice transaction account. In order to open a Choice eSaver account you must also have, or apply for, a Choice transaction account.
- Must move to Australia within one year. In order to qualify for this account you must be planning to move to Australia within one year of submitting your application.
- No minimum balance required
- No monthly service fee
- No minimum opening deposit required
- Earn bonus interest for the first three months
- Must complete identification process at a branch
How do I apply for the Westpac Choice eSaver Account?
Online applications are accepted for the eSaver Account, provided that you are also applying for the Choice transaction account. You can access the application by clicking on “Go to Site” but you should first confirm that you are eligible for this account:
Eligibility to apply
- Minimum age. The eSaver is available for individuals aged 12 and older.
- Residency requirements. You must have plans to arrive in Australia with a valid visa within one year of opening this account.
- Depository requirements. There is no minimum opening deposit required but you will need to make a deposit into the transaction account within six months of opening it.
Documentation for your application
- Visa information. You will be asked to disclose the type of visa you have to migrate to Australia, the scope of your future employment and your expected gross income per year.
- Identification must be submitted to a branch upon arrival. Your current driver’s licence or passport is acceptable as an identifying document, but you will also need to present yourself with identification at a branch in order to completely activate your account when you arrive in Australia.
What happens after I've submitted my application?
It is important to note that although you can make depositsinto the account while you are still overseas, withdrawals are not permitted until you have completed the identification process inside of Australia. Once you complete this step, you will have total access to your eSaver funds.