Westpac Reward Saver

Westpac Reward Saver

Maximum Variable Rate

1.50

Standard Variable Rate

0.01

Being rewarded with a competitive interest rate is one way Westpac inspires you to save.

  • If you're under 21 you can deposit any amount, make no withdrawals and still get the bonus rate
  • $0 monthly service fees
  • 24/7 access to your account
  • No minimum balance required

Product details

Important information

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 1.49% 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 1.49% p.a. will be applied. This makes the total earned interest 1.50% 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.

Launch savings calculator

Pros

  • Interest rate of 1.50% p.a. if conditions are met
  • $0 Account keeping fees
  • 24/7 access to your account

Cons

  • 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

How do you apply for the Westpac Reward Saver?

If you feel like the rewards offered by the Westpac Reward Saver account will give you the push you need to start saving, you can apply online in just five to ten minutes.

Eligibility

Before clicking ‘Go to Site’ check the following requirements to ensure that you are eligible for this account:

  • Age requirement. You must be at least 12 years old to be considered for this account. Keep in mind that if you are under 21, Westpac does have a separate yet similar account that is designed for younger applicants.
  • Residency requirement. Applicants need to be permanent Australian residents with a physical address inside of Australia.
  • E-mail address and phone number. In order to continue with the online application you will need to be able to provide Westpac with a working email address and telephone number. This allows for them to contact you about the status of your application plus provide you with pertinent information about your account.

Documentation

If you are eligible to proceed to the application page, have the following documentation ready. This will ensure that the information you provide is accurate:

  • Identification documents. Westpac will try and verify your identity by using the information from your driver’s licence or passport. If this is not possible you may need to visit a branch and verify your identity in person before being allowed to make any withdrawals from the account.
  • Tax File Number. You may be obligated to pay an income tax on the interest earned from your Reward Saver. While you are not obligated to give Westpac your TFN, not doing so could result in them charging you at the highest marginal tax rate.
  • Personal details. Your full name, date of birth and residential address are all required to be filled in on the online application form.

 

What happens next?

After the application is received by Westpac and your identity has been verified, you will be issued an account number so that you may begin to grow your savings. This could take up to two business days from the time your application was submitted. Remember, it is important to compare your options before applying for an account to make sure it meets your needs.































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6 Responses

  1. Default Gravatar
    JessieAugust 14, 2016

    Hi..Concerning WESTPAC E SAVER . I would like to know if monthly deposit can be cashed in at one of their suburbia agency Thank you

    • Staff
      ClarizzaAugust 15, 2016Staff

      Hi Jessie,

      Thanks for your question.

      Yes, you can deposit cash at your local Westpac branch. But you will need to deposit it to your Westpac Choice Account and then transfer it to the Reward Saver.

      Hope this helps.

      Clarizza

  2. Default Gravatar
    MikeAugust 5, 2016

    I have a Westpac Reward Saver account that I now want to close. How do I close the account?

    • Staff
      AnndyAugust 7, 2016Staff

      Hi Mike,

      Thanks for your question.

      You or any other authorised person can close your Westpac Reward Saver account at any time by visiting a local Westpac branch. You may also call Westpac’s Telephone Banking and request them to close your account.

      Cheers,
      Anndy

  3. Default Gravatar
    October 9, 2015

    It was written “This makes the total earned interest 3.50% p.a. of your savings account balance.”. Isn’t the maximum rate 2.5% (2.49% variable/bonus + 0.01% fixed rate) instead of 3.5%?

    Thanks

    • Staff
      ShirleyOctober 9, 2015Staff

      Hi Sarah,

      Thanks for your question and the feedback!

      Yes you are correct – the copy is now updated to reflect this information.

      Cheers,
      Shirley

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