Westpac eSaver

Westpac eSaver

Maximum Variable Rate


Standard Variable Rate

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Earn a competitive interest rate on the Westpac eSaver account with 24/7 access to your funds.

  • Introductory rate of 2.51% p.a. for 5 months
  • $0 monthly account fees
  • 24/7 Account access
  • Safe Online Banking guarantee

Product details

The Westpac eSaver earns up to 2.51% 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.

Product Name
Westpac eSaver
Maximum Variable Rate
2.51% p.a.
Standard Variable Rate
1.00% p.a.
Bonus Variable Rate
1.51% p.a.
Introductory / Bonus Offer Conditions
The introductory bonus rate is valid for the first 5 months from account opening. Rates are available for new accounts and if you haven't held an eSaver account in the last 5 months.
Monthly Fee
Minimum Opening Deposit
Introductory Interest Period
5 month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Westpac eSaver?

The Westpac eSaver is an online savings account that offers you a number of features that can help in meeting your financial goals.

Introductory bonus interest rate of 2.51% 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 1.51% p.a. applied to it. The maximum variable rate is 2.51% 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 1.00% p.a.

It then reverts to a standard interest rate of 1.00% p.a.

The base variable interest rate for the Westpac eSaver is 1.00% 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.

Must be linked to a Westpac bank account

In order to be an eSaver account holder you must also have a Westpac Choice transaction account in the same name.

$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


  • 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


  • Introductory rate eventually reverts to a standard rate

How do I apply for the Westpac eSaver?

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 to apply online

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 to apply online

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.

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.

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.

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.

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.

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

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.

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.

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).

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.

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.

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.

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.

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.

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

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.

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.

You can make withdrawals and still earn interest on this account.

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

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.

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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18 Responses to Westpac eSaver Savings Account

  1. Default Gravatar
    | 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?

    • Staff
      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.


  2. Default Gravatar
    Linda | May 8, 2017

    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 ?

    • Staff
      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. You can further check this information through Online Banking Terms and Conditions.

      I hope this information has helped.


  3. Default Gravatar
    Ange | May 25, 2016

    Can you please clarify what types of fees would be applied to an everyday account when linked to Westpac eSaver?

    • Staff
      Shirley | May 26, 2016

      Hi Ange,

      Thanks for your question.

      The Westpac eSaver must be linked to a Westpac Everyday bank account, such as the Choice account.

      The fee for that account is $5 per month unless you deposit $2,000 into it for the month.

  4. Default Gravatar
    Dawn | April 4, 2016

    Once the 3 months bonus rate is finished. Can one close the esaver account and open another esaver to take advantage of the new interest rate?

    • Default Gravatar
      Annie | June 30, 2016

      what is the maximum amount you can put in the Esaver account? I have an existing Esaver but no longer use it as I have been getting a better rate with the Retirement account.

    • Staff
      Clarizza | July 4, 2016

      Hi Annie,

      There is no maximum amount you can put into the eSaver account.

      Hope this helps.


    • Staff
      Shirley | April 4, 2016

      Hi Dawn,

      Thanks for your question.

      Unfortunately the bonus rate only applies to the first Westpac eSaver that you open.

  5. Default Gravatar
    Sergiy | March 31, 2016

    Another question from my end. What will be the charge to put cash on my account in Westpac to transfer it later to eSaver?

    • Staff
      Shirley | April 1, 2016

      Hi Sergiy,

      Thanks for your question.

      There should be no charge if you do it electronically. Staff-assisted transactions may incur a small fee.

  6. Default Gravatar
    Sergiy | March 31, 2016

    if i got it right, the bonus rate is payed only for the first 3 months.
    Sorry for a cheeky question, but is it allowed to withdraw all/most of the money from the account just after 3 months and get the highest rate for 3 month?

    • Staff
      Shirley | April 1, 2016

      Hi Sergly,

      Thanks for your question.

      Yes you can withdraw all the funds out after the 3 months, you won’t be penalised for doing so. Remember to close the account if you don’t intend on using it again.

  7. Default Gravatar
    George | August 17, 2015

    I am from Papua New Guinea and would like to open an online eSaver Account with Westpac Australia. My currency of choice is GB Pound. Am I eligible to open such an account?

    • Staff
      Shirley | August 18, 2015

      Hi George,

      Thanks for your question.

      The Westpac eSaver currently only holds AUD. If you’re happy with this, please also note that you’ll need to complete an ID check here in Australia to be eligible to open an account.


    • Default Gravatar
      | August 31, 2015

      I am happy to come to Australia for that an ID check. Please do me an invitation letter for my visa application.

      May i also ask, how about Westpac Papua New Guinea doing an ID check? I do my banking with Westpac Papua New Guinea

    • Staff
      Shirley | August 31, 2015

      Hi George,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not affiliated with Westpac. It’s best that you speak to Westpac Papua new Guinea about your options – it may be possible that you can open a Westpac Australia account through Westpac Papua New Guinea.


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