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 be quickly realised.
To get the bonus interest rate, make sure you make no withdrawals and deposit at least $50 for the month.
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:
- Base interest rate. When the bonus rate does not apply, the standard variable interest rate for the Reward Saver is 0.01% per annum (p.a.).
- Bonus interest rate. If you do qualify for the bonus interest rate for your savings balance, an additional 1.84% p.a. will be applied. This makes the total earned interest 1.85% p.a. of your savings account balance.
- How to get the bonus rate. 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.
- Special accounts. 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 and payment. 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.
- Monthly service fee. There are no monthly fees or charges for maintaining this account.
- Withdrawal fees. 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.
- Account monitoring. You can keep an eye on your savings growth through online, mobile or phone banking.
- Opening deposit. There is no set amount of money required to open a Westpac Reward Saver account.
- $0 minimum balance required to open the account
- Apply for a Debit MasterCard
- $2.50 online banking withdrawal
How do you apply for the Westpac Reward Saver?
If you feel like the rewards offered by Westpac’s savings account will give you the push you need to start saving, you can apply online in just five to ten minutes.
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.
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.
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.
Does the interest rate vary month to month?
This interest rate is a variable rate, meaning it can change whenever Westpac sees fit, such as when the cash rate changes.
I have $120,000 in my reward saver account and got just under $300 in interest but in December through until April had $110,000 in and got more than $300 interest, do you vary the interest?
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.
How do I withdraw/ transfer money out of reward saver account?
You can withdraw funds online using your Westpac online banking details, over the phone or within a branch. Please note that a fee applies.
Will you show me the steps to do it online? I can’t seem to find a link to transfer money out of the account.
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.
If I deposit $395,000 and deposit $600 per month, what is the best account and interest rate I want it if I need it I can withdraw easily and only loose interest on that month
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.
I did a wrong Operation that transferred $100 out from my Reward Saver account to my choice account. but I transferred back immediately just 1 minute later. May I know is this will effect my this month bonus interest?
Any withdrawals from this account will see you miss out on bonus interest for the month.
I want to delete the reward saver account of mine. How is it possible?
You can close your savings account by contacting Westpac directly.
I accidentally selected Reward account to transfer out payment to someone and immediately I have put back the same amount into the account from my eSaver account. Will I get any special interest for the month ? What can be done to get back the interest?
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.
If I transfer my entire rewards saver account and don’t close it yet, do I get charged a fee?
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.
I tried to withdraw money from my reward saving account? But the machine said its unable? What I’m going to do?
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.
I am looking for an account to deposit savings. I already have an esaver with Westpac. If I withdraw from the Reward Saver account on (say) 29th of any month does that affect the bonus interest for the whole month or just for the remaining days of that particular month?
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.
Does the transaction fee for withdrawals count as a withdrawal when the bank takes it out, meaning that no bonus interest is available in the month it is taken? I made some withdrawals last month, and have the transaction fee taken out this month – does that mean there is no bonus interest for 2 months, or just applies to the month I made the withdrawals?
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.
When can I withdraw money from my reward saver account without losing interest
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.
Can this account used by a SMSF (which has an ABN)? If your SMSF is a Westpac Shareholder, what benefits would this offer for this account?
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.
I need a debit account that I can use that is not going to charge transaction fees. I have used this account over Christmas to do my shopping and am shocked to see how much I have lost in transaction fees – could you please advise me a better debit card to us and if what is involved in closing this account and opening another more beneficial one for me.
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.
Can the interest earned on my reward saver be paid to my cheque account directly without the penalty of withdrawal?
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.
I am looking to open the accounts for two students aged 18 and 25 years. What documents needed to open account?. Does the person opining the account have to attend or can a parent or grandparent open the account on their behalf? Once the account holder passes 25 years will they have to withholder all the funds?
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.
Is interest calculated annually or monthly?
Interest is calculated daily and paid monthly.
My boyfriend and i are looking to open up a joint savings account to save for a house deposit. He is currently a Westpac customer but I’m not. Can we open a joint online savings account ourselves through his netbank? Whats is the best way to go about this?
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.
My wife and I are planning on opening three accounts for our children that are under 12 years (min age for account) therefore the accounts will be opened in my wife’s name. We will deposit $50.00 per month into each of the accounts in-order to receive the bonus interest. Are we able to open three accounts in my wife’s name as trustee for each child?
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.
Is this interest rate a fixed rate or will it change?
The rate is subject to change – Westpac will notify you if there are any pending changes.
$2.5 be charged the withdrawal fees on all withdrawals except for when cheques are written, which means with Westpac Reward Saver will come with cheque book? Please advice me.
The Westpac reward saver doesn’t have cheque access available. Sorry for any misinterpretation and inconvenience caused.
What is the maximum balance that interest is payable on for the reward saver account? Is there an amount guaranteed by WESTPAC or The Australian Government for this account should there be any financial issues with the bank i.e in case of receivership etc?
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.
Is it OK for my SMSF (DURHAM FUND) to apply for an A/c ?
The Westpac Reward Saver is for personal customers only, Westpac have a separate range of products for SMSFs.
Just wondering if Westpac Reward Saver has a time limit for new customers? etc 3 months? Plus was the bonus variable rate has changed? And if Westpac will open this account for trust company as well as individuals?
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.
Is the interest paid on the 1st of each month, providing there are no withdrawals and a monthly deposit of $50?
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.
What fees will i incur if i BPAY $s from my Westpac rewards saver, to another eg, electricity bill?
BPAY transactions incur a withdrawal fee of $2.50 – so just be mindful of this charge.
I’m in the process of getting visas to permanently stay in Australia, I’ll need to pay for these in about 9/12 mths. Can I use the Westpac rewards saver acct to store my payment till needed, (100kAu$approx). What are the tax implications being a non resident. I do have a choice and e-saver acct. with you.
The application for this account says that only Australian residents may apply. For non-residents, please apply within your local branch.
What is the maximum amount of money you can put into a reward saver account.
There is no advertised maximum limit on this account.
If every three months (on the last day of that month) I withdraw an amount equal to the interest earned over the past 3 months, what is interest earning situation during that 3rd month?
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.