Westpac Reward Saver Account is no longer available for new applications. Although the bank account cannot be applied for, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other Westpac savings accounts, please go through our Westpac Savings Accounts Page.
The Westpac Reward Saver gives you added incentive to leave your savings alone by offering a competitive rate of interest each month no withdrawals are made and you are able to make a nominal deposit. With this type of encouragement, your savings goals could soon become a reality.
What are the features of the Westpac Reward Saver Savings Account?
The Westpac Reward Saver’s features make it worth looking into when you are comparing the various savings account products being offered by Australian banks. Be sure to compare these features against others offer in the market to find an account that suits your needs. If you don't believe a savings account is right for you, you could consider one of the other account offered by Westpac.
Bonus interest rate of 1.24% p.a. when you deposit at least $50 and make no withdrawals
If you do qualify for the bonus interest rate for your savings balance, an additional 1.24% p.a. will be applied. This makes the total earned interest 1.25% p.a. of your savings account balance.
Each month that you are able to deposit at least $50 into your savings account without making any withdrawals, the bonus interest rate will be applied on top of the standard. This is a month to month offer, so if the conditions are not met in August for example, you can still qualify in September.
Base interest rate of 0.01% p.a.
When you don't meet the deposit and withdrawal conditions and the bonus rate does not apply, the standard variable interest rate for the Reward Saver is 0.01% p.a.
Special Reward Saver accounts for under 21s
Westpac offers special Reward Saver accounts for children under the age of twelve and individuals aged between 12 and 21. These accounts allow for the bonus rate to be applied so long as a deposit of any amount is made during the month.
Interest calculation daily
The interest is calculated daily on the balance and paid into your account on the last business day of the month. Any deposits made on that day or afterwards will count towards the next months balance.
$0 monthly service fees
There are no monthly fees or charges for maintaining this account.
Withdrawal fee of $2.50
Your account will be charged $2.50 when you make a withdrawal online, by phone, with direct debit or at a branch. This is another incentive to keep you from taking money out of your savings account before your goal is reached.
Mobile app available
You can keep an eye on your savings growth through online, mobile or phone banking.
No opening deposit
There is no set amount of money required to open a Westpac Reward Saver account.
Need to deposits at least $50 to earn bonus interest
Withdrawals are not allowed as an additional condition of earning bonus interest
$2.50 online banking withdrawal fee
Westpac Reward Saver Account is no longer available for new applications. Although the bank account cannot be applied for, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other Westpac savings accounts, please go through our Westpac savings accounts page.
As finder.com.au is an online comparison service, we do not represent Westpac. However, their interest rates will change frequently. To view their interest rates, we suggest that you visit their website.
You can withdraw funds online using your Westpac online banking details, over the phone or within a branch. Please note that a fee applies.
You can access your Reward Saver account through online, telephone or internet banking. If you are having difficulty transferring money from your account, you will need to contact Westpac directly.
Please note that we don’t recommend specific products, services or providers. With the Westpac Reward Saver, if you deposit $50 by the last business day of the month and make no withdrawals in the month you’ll receive the bonus interest rate. You can access your funds at any time, but please note that you’ll lose the bonus interest for only that month.
Any withdrawals from this account will see you miss out on bonus interest for the month.
You can close your savings account by contacting Westpac directly.
Unfortunately the conditions state that you can’t make any withdrawals for the month for the bonus interest to apply. To see what can be done to get the bonus interest back, please contact the Westpac customer team directly as they may be able to offer you a solution.
There are no fees for leaving your account open providing you don’t overdraw it, dishonour a direct debit or carry out any of the other activities using the account which come with a fee. For more information check out the PDS for this product.
This account should allow you to access your money through online banking, mobile banking, telephone banking and branches. If for some reason you’re not able to access your funds it’s best to contact Westpac directly and find out what may be the problem.
Unfortunately with this account, as is the case with most savings accounts with these conditions, making a withdrawal will see you earn no interest for that month.
Fees don’t count as a withdrawal with the Westpac Reward Saver. Withdrawals count as physically taking cash out, transfers or BPay. So you won’t miss out on the bonus interest in the month that the transaction fees were taken out, unless you make another withdrawal.
You can’t withdraw money from the Westpac Reward Saver without losing interest, if you withdraw money you’ll loose the bonus interest for that month.
Unfortunately the Westpac Reward Saver is for personal customers only. You will need to speak to a Westpac representative about the benefits they can provide you, as we are not affiliated directly with Westpac.
You can close your Westpac Reward Saver by contacting Westpac to request this. Please see our comparison of debit cards to find the one that best suits your personal and financial situation.
Unfortunately the interest is paid directly into your Westpac Reward Saver. You can transfer it into your cheque account but this will void the bonus interest for that month.
Usually you will need to provide personal details with valid ID and a Tax File Number if applicable. The person opening the account needs to attend. When the account holder turns 21, the interest rate will revert back to the standard variable interest rate, you don’t have to close the account if you’re still happy with it.
Interest is calculated daily and paid monthly.
You don’t need to be an existing Westpac customer to open a joint account with your boyfriend. When you both apply for the joint account, whether online, on the phone or in branch, make sure that the both of you are present. It may be better to make a separate application rather than through your boyfriend’s netbank.
You can open three accounts, but the account must be opened in your child’s name and their parent or guardian must sign the account opening form.
The rate is subject to change – Westpac will notify you if there are any pending changes.
The Westpac reward saver doesn’t have cheque access available. Sorry for any misinterpretation and inconvenience caused.
There’s no maximum balance that interest is payable. Westpac is covered by the Australian Government Guarantee, which covers $250,000 per person per institution.
The Westpac Reward Saver is for personal customers only, Westpac have a separate range of products for SMSFs.
The Westpac Reward Saver doesn’t have a promotional period, there is a bonus interest rate if you meet the requirements. Westpac have recently made changes to their financial products so it is possible that they have reduced the interest rate. Westpac can only open this account for individual and trusts, but not companies.
Industry standard is that interest will be paid into an account on the first business day of each month. But it can differ with some institutions.
BPAY transactions incur a withdrawal fee of $2.50 – so just be mindful of this charge.
The application for this account says that only Australian residents may apply. For non-residents, please apply within your local branch.
There is no advertised maximum limit on this account.
In answer to your question about the Westpac Reward Saver, under the current conditions, a withdrawal on the last day of the month will still void the bonus interest rate for that singular month.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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