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.
Maximum variable rate
Base interest rate
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.
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.
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.
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.
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.
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.