Westpac eSaver

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FAQ

• I have accounts with Westpac, but looking at the BoM or St George Maxi saver accounts. Do I need to open a transactional account with them, Or will my existing Westpac transaction account be part of the e saver accounts?

  To hold a BoM Maxi Saver account you must also hold an eligible Bank of Melbourne working account in the same name. Unfortunately the same applies to the St.George Maxi Saver with an eligible St.George working account.

• How is the monthly fee on the linked account (Westpac Choice) waived. I have a westpac visa?

  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

  If any of these situations apply to you, please notify Westpac.

• Card options?

  There are no linked cards with the Westpac eSaver. However, since you link the account with a Westpac Choice account, you get a linked Debit MasterCard with the Choice account.

• Any special offers/conditions to students?

  There is no special offer for students for the Westpac eSaver, but you are required to link this account with the Westpac Choice transaction account. If you're a full time tertiary student, the monthly fee is waived for the Westpac Choice account.

• I currently have an e-saver account (linked to my Choice account). Can I have payments (eg my monthly wage) paid directly into the e-saver account (currently going into Choice account first)?

  Funds can only be moved into and out of the e-saver account through the Choice account. For more information please contact Westpac directly.

• I have a Westpac esaver account, am I able to withdraw money over the counter from this account?

  You can withdraw at a branch using this account, but note that you'll first need to transfer funds to your linked Westpac Choice account and then withdraw them from that account.

• I already have an e-saver account and wanted to deposit around $500k from a property sale, does this account have a maximum balance that may affect the interest rate? Is this the best account to keep it in till I have decided how to invest it?

  There's no maximum balance that affects the interest rate. Please note we don't recommend specific products, services or providers. If you like, you can compare other high interest savings accounts here.

• Is there any interest or other penalty if you make one or more withdrawals per month from a Westpac e saver account? Also, do I have to open a Westpac Transaction or Savings Account as well in order to open a Westpac eSaver a/c? If so, what fees/charges will I incur with the transaction or savings account?

  There are no interest or penalties if you make withdrawals with this account. You'll need a Westpac savings or transaction account. The fees and charges depends on which account you open; e.g. the Westpac Choice has a $0 monthly service fee if you deposit at least $2,000 per month (at the time of writing).

• I have an ESaver. When do we qualify for the bonus? How does this work? I also have a Reward Saver but need to keep some money more flexible than in that account. Please advise.

  This will depend on when you opened the account and if you fulfil the bonus interest conditions, but basically you can earn the extra bonus interest for three months if you haven't held an eSaver in the last three months. After this three months you'll earn the regular interest rate. Please note that the Reward Saver is not longer available for application.

• If my husband and I have a transaction or savings account in joint names can we flip the money to each other every 3 months if we open and close an esaver account in seperate names every 3 months?

  Unfortunately you won't be eligible for the bonus interest rate as a joint account. However, you could be eligible if the accounts are under one name only when you alternate.

• Most of my accounts are held with NAB. If I open an esaver account with Westpac can I use internet banking to deposit into E saver from NAB just using the bsb and account number I am given for E saver account. Basically is it that easy?

  You must open a Westpac transaction or savings account in the same name as your eSaver account to be able to move funds in and out of this account. Then any funds you want to deposit into this account must be moved from your linked Westpac savings or transaction account.

• To transfer funds from your esaver account back into you westpac choice account is there a fee? and will it happen instantly or can it take a couple of days?

  There are no fees for transferring funds to your linked account using internet or telephone banking. If you're moving funds between Westpac accounts this will usually happen instantly.

• Can you make a direct credit/deposit in to this eSaver account from another bank (eg.NAB)? i.e. can you directly transfer money into this online account by simply using the eSaver's BSB and account number?

  All money coming into and out of this account must go through the linked account you specify first. After it's in the linked account it can be moved into the eSaver account.

• Can you have direct debits set up from this account (eSaver)?

  You an set up direct debits for this account but they will come with a transaction fee.

• Is there a daily transfer limit to other non Westpac accounts?

  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.

• How much notice is required to withdraw money from a savings account?

  You don't need to give notice to withdraw funds from the account, though it may take up to 2 - 5 business days for funds to appear in the 'to' account.

• Can you make withdrawals from the esaver and still get interest for the remaining portion of the account for the rest of the month in which the withdrawal is made. — unlike the reward saver account?

  You can make withdrawals and still earn interest on this account. Please note that the Reward Saver is not longer available for application.

• With the Westpac e saver what is the limit amount I can deposit and do I have to deposit funds into the account monthly and if so how much per month Is it a 3 month only account?

  There is a $0 minimum deposit for this account and there is a $0 monthly fee.

• Is this account suitable for self managed superannuation funds?

  You'll have to go to a branch to set this up. It says it is trust compatible on the Westpac website, so it may work for a SMSF.

• Can you please explain what 'Periodical payment not made fee' is. Does it mean we have to deposit some money into the account each month otherwise we are charged a fee? Also do you need to have any other account with Westpac to open this account

  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.