7.6

Finder Score

Great

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Maximum variable rate: 4.45% p.a.
Base interest rate: 1.00% 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 4.45% p.a. interest rate for the first 5 months. After that, the rate drops to the base rate of 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 0.45% for new customers

Cons

Introductory rate eventually reverts to a standard rate

Details

Key details

Product Name	Westpac eSaver
Maximum Variable Rate	4.45% p.a.
Standard Variable Rate	1.00% 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 4.45% 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% p.a..

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

How is my interest calculated?

Interest is calculated daily and paid into your account on the last day of each month. Deposits made on the last day of the month will not be included in the interest calculation for that month, but will be for the following. The interest rate is variable, which means it moves according to the RBA cash rate. The interest rate applies to the whole balance.

Automatically linked to a Westpac transaction account

In order to be an eSaver account holder you must also have a Westpac Choice transaction account in the same name. Don't worry, a transaction account is automatically set up for you when applying for the Maxi Saver so you don't need to complete any additional forms.

$0 Monthly service fees

$0 monthly service fees with the eSaver account, although there may be fees with the linked Choice account.

$0 Transaction fees

You will not be charged for transactions and transfers between your Choice account and eSaver.

$0 Minimum deposit

There is no minimum deposit required to open the eSaver account.

$0 Minimum monthly balance

Westpac has a $0 minimum monthly balance to keep the account open.

Make withdrawals without penalty

This is an online savings account without any terms. You make deposits and withdrawals as you can and when you want. You are also free to close the account at will without being charged any penalties.

Safe Online Banking

You can bank with peace of mind online. If your Westpac account is compromised due to internet fraud, Westpac guarantees to repay the missing funds.

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.

Your email address. You will need to have an active e-mail address and phone number so that Westpac can contact you easily with important account information.
Your prior savings account. If you have held an eSaver account in the last three months, you will not be able to have the bonus interest rate applied to your balance.
Your age. Children under 12 will need a parent or guardian as an authorised signatory.

Documentation needed

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:

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.
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 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.

What happens after I submit my application?

After submitting your application, Westpac will contact you within two business days with the details of your new savings account. At this point you can begin making deposits and take advantage of the introductory bonus interest rate.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Westpac eSaver information page
2. Westpac eSaver TMD

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Alison Finder

Editorial Manager, Money

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Naida Khan

February 02, 2026

I already have e saver account as well as basic choice, can I transfer larger amount to e saver for the 5 months higher interest rate?

Sarah Megginson Finder

February 04, 2026

Hi Naida,

The higher 5-month introductory interest rate is only for new customers unfortunately. If you already have an eSaver, you’ll likely receive the standard variable rate rather than the bonus rate. Setting up a new savings account online is relatively straightforward and only takes a few minutes, so it might be worth reviewing a few other options for high interest savings accounts where you can get a higher return.

Hope this helps!

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Marg

September 17, 2024

I don’t understand the interest rules. If the amount of money in your account on the last working day of the month has to be more than the amount in the account on the first working day of the month; does this mean I can draw out some of the interest to live on as a retiree, provided the balance at the end of the month is still more than the beginning. As a retiree, I deposit $1 a month at this stage, but I need to live on the interest.

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Richard Whitten Finder

September 17, 2024

Hi Marg,

With the Westpac eSaver there are no deposit conditions. You earn the higher rate for the first 5 months, then it reverts to a lower rate.

Michael

March 27, 2018

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

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.

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.

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

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Westpac eSaver

Pros

Cons

Key features

How the introductory bonus interest works

How is my interest calculated?

Automatically linked to a Westpac transaction account

$0 Monthly service fees

$0 Transaction fees

$0 Minimum deposit

$0 Minimum monthly balance

Make withdrawals without penalty

Safe Online Banking

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

Your reviews

Important information about this website

Advertiser disclosure

How we make money

Sorting and ranking products

Terms of service and privacy policy