Westpac Reward Saver

Westpac Reward Saver

Maximum Variable Rate

1.75

Standard Variable Rate

0.01
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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

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.

To get the bonus interest rate, make sure you make no withdrawals and deposit at least $50 for the month. But if you don't achieve this one month, don't worry, you can still be eligible the following month.

Product Name
Westpac Reward Saver
Maximum Variable Rate
1.75% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
1.74% p.a.
Introductory / Bonus Offer Conditions
If you deposit $50 and make no withdrawals each month.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$50
Internet Banking
Yes
Internet Transaction Fee
$2.50
Phone Banking
Yes
Phone Transaction Fee
$2.50
Joint application?
Yes
Minimum Age Requirement
12
Maximum Age Requirement
No Maximum Age
Age Conditions
To apply for a Debit MasterCard you must have an Australian residential address and be over the age of 18.
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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 1.74% 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 1.74% p.a. will be applied. This makes the total earned interest 1.75% 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.

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Pros

  • Interest rate of 1.75% 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.

This interest rate is a variable rate, meaning it can change whenever Westpac sees fit, such as when the cash rate changes.

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.

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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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