Westpac eSaver

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

The Westpac eSaver earns up to 0.4% p.a. for the first 5 months for new accounts. There are $0 monthly fees but you need to link this savings account to a Westpac everyday account. Fees could apply to the everyday account. You'll have unlimited access to your linked Westpac bank account.

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Alison Banney

Last Updated Dec 29, 2020

0.4% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	Westpac eSaver
Maximum Variable Rate	0.4% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

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

Cons

Introductory rate eventually reverts to a standard rate

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

You’ll earn a bonus rate of 0.35% for the first 5 months with this account.

Compared to many other savings accounts in the market, the rate offered with this account is quite low. This is especially true after the introductory period ends and the rate drops down to just 0.05%.

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.

Key features

Introductory bonus interest rate of 0.4% p.a. for the first 5 months (new accounts)

For the first 5 months after you open your eSaver account your savings balance will receive an additional 0.35% p.a. applied to it. The maximum variable rate is 0.4% p.a. This offer is only available for customers who have not held an eSaver account for at least three months prior. Once the terms end, the rate converts to the standard 0.05% p.a.

It then reverts to a standard interest rate of 0.05% p.a.

The base variable interest rate for the Westpac eSaver is 0.05% p.a.

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 age. You must be at least 12 years of age in order for an eSaver account to be opened in your name.
Your residency. Only permanent residents of Australia who have a valid residential address can be a holder of the Westpac eSaver account.

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 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 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.

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.

FAQ

The Westpac monthly fee is generally waived if:
- You deposit at least $2,000 each month (other fees apply)
- You're under the age of 21
- You're a full-time tertiary student, or
- You hold an Australian Pensioner Concession or Health Care Card or
- You're a migrant or expatriate customer (no monthly fee for the first 12 months).
If any of these situations apply to you, please notify Westpac.
To use your eSaver account you need to link it to a Westpac transaction or savings account in the same name. This lets you move money in and out of your eSaver account so you can directly transfer funds from your eSaver to a non-Westpac account. You'll be advised on your limit when you open the account, you can change this by accessing Westpac Online Banking and selecting 'manage Your Daily Limit' in the Banking tab.
This account is pretty unique for online savings account in that bills and direct debits can be made from it. The missed periodical payment fee is, according to the terms and conditions 'for lack of funds in the account'. Periodic payments appears to be Westpac's term for direct debits. So if you have a direct debit for a utility bill, and the bill is for more than your account balance, a $9 charge will apply.This account is required to be linked to a Westpac transaction account.

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24 Comments

E-Saver
March 28, 2018

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

finder Customer Care

Jeni
March 28, 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

Bert
September 23, 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

Maria
September 23, 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

Eric
July 25, 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.

finder Customer Care

Harold
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

Mark
June 9, 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?

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

Linda
May 8, 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 ?

finder Customer Care

Harold
May 8, 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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