Westpac Savings Accounts

Rates and Fees verified correct on August 5th, 2015

Compare the savings accounts that Westpac have to offer, all in one place.westpac

Westpac may now be known as one of the four pillars of the Australian financial industry, but holding a place as a market leader is not new to Westpac – the first bank in Australia. In 1817 Westpac was known as the Bank of New South Wales and after acquiring the Commercial Bank of Australia in 1982 changed its name to Westpac Banking Corporation.

After merging with St.George bank in 2008, Westpac now strives to serve over 10 million customers in both Australia and New Zealand. With more and more people now recognising Westpac as one of the most respected financial providers, this institution offers a secure means to manage your earnings.

Westpac Reward Saver

Westpac Reward Saver

  • Maximum Rate: 2.50% p.a.
  • Standard Variable Rate: 0.01% p.a.
  • Bonus Rate: 2.49% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

Compare Westpac savings accounts

Rates last updated August 5th, 2015
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac Reward Saver
Enjoy bonus interest each month if you make no withdrawals, and deposit at least $50.
2.50% 0.01% 2.49% $0 $0 / $0 Open More
Westpac eSaver
Earn 3.11% p.a. variable rate for 3 months with no minimum balance and no monthly service fee.
3.11% 1.75% 1.36% $0 $0 / $0 Open More
Westpac Business Cash Reserve
A business savings account with competitive rates for amounts over $10,000.
1.70% 1.70% $0 $10,000 / $0 More

Compare Westpac transaction accounts

Rates last updated August 5th, 2015
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Interest Rate p.a. Fee Free Deposit p.m. Details
Westpac Choice
Deposit at least $2,000 per month and enjoy no monthly service fee. Enjoy this transaction account from Westpac.
Array Visa $0 0.00% $2,000 No ATM fees when using St.George / Westpac / BankSA / Bank of Melbourne ATMs. No monthly service fee if you deposit a minimum of $2000 per month. Open More
Westpac Business One Account - High Plan
An account designed to handle all of your large volume business transaction needs.
Array Mastercard 0.00% 100 cheques or 50 branch transactions free per month. More

Compare Westpac term deposits

Rates last updated August 5th, 2015
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Westpac Term Deposit
Westpac Term Deposit
2.00% 2.25% 2.30% 2.40% 2.65% 2.65% 3.10% $5,000 Open More

Westpac’s continued commitment to Australian banking customers

  • Westpac are focussing on bringing back over 600 local bank managers to branches across Australia.
  • At March 2009 Westpac employed approximately 38,000 people in Australia, New Zealand and around the world.
  • Westpac has approximately 530,000 people and institutions in Australia and around the world who are shareholders.
  • From November 2009 Westpac began offering an interest free loan to help eligible Australians make green improvements to their homes.

How to compare Westpac interest rates

Interest rates can be a confusing part of banking and can distract you when you are trying to choose a savings or transaction account. While certainly playing a major role in the money you will accumulate from your savings account, the features also provided will also play a major role in the interest that is actually received. Here you can see a comparison of the interest rates offered on Westpac savings and transaction accounts.

  • Do not make a high interest rate the top priority on a transaction account. Your transaction account is for everyday use and you don’t want to have to worry about how many transactions you have made that month which might jeopardise your interest earned – this is why there are specialist high interest savings accounts. Your top priority with a transaction account is to keep it convenient and tailored towards your own spending habits otherwise you may see yourself tied up in a range of unwanted fees.
  • Westpac transaction accounts only offer interest to pensioners. As you can see, the only Westpac transaction account which offers interest returns on your funds is the Deeming account for over 55s and retirees.
  • Don’t discard a Westpac transaction account if it doesn’t earn you interest. It’s alright to have more than one bank account and when you open both a Westpac transaction account and a high interest savings account you can easily link your everyday funds to a high interest account to earn you those returns.
  • Check for promotional interest rates. The Westpac eSaver and Reward Saver accounts are both currently offering promotional interest rates. These promotional rates are set to expire, or are based on the usage of the account and will not remain constant for the life of the account. Therefore, before you choose a savings account with a high interest rate, make sure the other features and fees of the account suit your needs too as the interest rate may not always be as attractive.
  • Find out the standard interest rate before opening a savings account. The standard interest rate will be that which your funds earn after the promotional period ends. Finding the standard interest rate will also tell you whether the rate is a direct reflection of the RBA’s cash rate, or whether it is Westpac’s own standard variable rate.
  • Find out the conditions of the interest rate. Your savings account interest rate may be subject to the condition that you make no withdrawals in a month, or you deposit a certain amount into your savings account each month. Again, this is why it is important to compare both the promotional interest rate, and the standard interest rate.

How to choose the best Westpac account for your earnings

The best Westpac account is one which will give you access to your funds when, where and how you want and one which will reward you for how you use your account. The last thing you want to deal with after spending so much time building up your savings is to then be tied down by annoying withdrawal fees.

  • Look for promotions or specialised products which are specifically targeted to you. As well as a specialised retiree transaction account, Westpac also offers a benefits package to full time university, college or TAFE students, and under 21s.
  • The Westpac Choice Student account offers you fee free branch and telephone banking, a discounted rate on personal loans, bonus interest on a linked Reward Saver account and you’ll get the $30 annual fee on a student Visa Debit card waived for the first year.
  • Open a Westpac Choice Youth account if you are under 21 and enjoy fee free branch, EFTPOS, ATM and telephone banking, bonus interest on a Reward Saver account and a discount on a personal loan interest rate.
  • Understand the features of your Westpac accounts and use them. Your account may offer free BPAY transactions because it is an online-based account so don’t go into the post office to pay your bills.
  • Open your savings or transaction account online. This stops you procrastinating about finding time to go to a branch and ensures you don’t forget about finding a better transaction account, or depositing those extra funds to a savings account. Instead you can set up your new Westpac accounts online in a few minutes and in some cases be saving right away – when you can see instant results, you can stay motivated more easily.
  • Do you travel overseas often? The Westpac choice account offers free withdrawals from their partner ATMs, though currency conversion fees and exchange rates still apply. These include Westpac NZ, Westpac Pacific Banking, BNP Paribas, Deustche Bank, Barclays Bank, ABSA, Bank of America, ScotiaBank, Ukrisbbank and Bank of Nanjing.

Click here to learn more about the Westpac Choice account.

Choosing the best savings or transaction account is as easy as determining your spending habits and savings goals, and then comparing the Westpac accounts listed here. Finding the right account for your savings is never as simple as finding the one with the highest interest rate. The flexibility of the account options will play a huge role in the total amount of money you will be able to earn. Once you have both these clear in your mind, you will see the connections between your needs and the Westpac accounts appear before your eyes and you can follow our secure links to the Westpac banking website to sign up today.

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This page was last modified on 20 January 2015 at 10:03.

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18 Responses to Westpac Savings Accounts

  1. Default Gravatar
    Bob | July 7, 2015

    You have not supplied any detailed comparison of the Westpac 55+ and Retired account. Can you explain why? It seems to have a good interest rate at call daily for amounts over $41,000.
    Thank you ! Bob

    • Staff
      Belinda | July 8, 2015

      Hi Bob,

      Thanks for your enquiry.

      Although we strive to provide information on a number of competitive savings accounts on the market, inevitably there are some accounts which we have not yet reviewed.

      I’ll pass this feedback on to the team and we’ll definitely take this on board.


  2. Default Gravatar
    Gayle | May 5, 2015

    Am I able to open bank accounts for my grandchildren (14, 8 & 9) and if so what documentation do I need?

    • Staff
      Belinda | May 13, 2015

      Hi Gayle,

      Thanks for your enquiry.

      It is possible to open a savings account for your grandchildren.

      Generally, you will need to supply original or certified copies of each child’s birth certificate and passport.

      You may be interested to read more about opening savings accounts for grandchildren.

      I hope this helps.


  3. Default Gravatar
    G'day | March 23, 2015

    Hi, I am an Australian citizen living in the USA . I would like to set up an account have money deposited into and wait for the exchange rate to improve . Then I would like to remove the money with out having to return to Australia to do it! This money may stay in there for more than a year . Is this possible ? Thanks

    • Staff
      Shirley | March 23, 2015

      Hi there,

      Thanks for your question.

      Yes this is possible. If you would like to discuss your eligibility or options, please get in touch with Westpac directly.


  4. Default Gravatar
    Peter | September 5, 2014

    Can I access my money from my reward saver account ASAP like can u give me a temp master card or something like that

    • Staff
      Shirley | September 8, 2014

      Hi Peter,

      Thanks for your question.

      You can withdraw the funds from a Westpac branch, however, this will incur a fee of $2.50 per transaction.

      There is no linked debit card with this account.


  5. Default Gravatar
    Franca | August 1, 2014

    My 16 year old son is travelling to Germany in September with school. I am enquiring about a debit travel card for him to use when away. What is the best type of card which will not attract a lot of fees when withdrawing funds or topping up. Can this card be used at any ATM in Europe. Can I top this card up from Melbourne when needed to be topped up. How long will the card take to issue.

    • Staff
      Marc | August 4, 2014

      Hi Franca,
      thanks for the question.

      This page refers to Westpac Savings accounts, which generally aren’t able to be used overseas. You can view this page however, which explains the various debit card options for travelling.

      I hope this helps,

  6. Default Gravatar
    Coll | February 14, 2014

    Hi, do you have a no-fee account with a debit card attached to it?

    • Staff
      Marc | February 17, 2014

      Hi Coll,
      thanks for the question.

      Westpac, along with most other institutions, don’t offer savings accounts with debit cards attached to them. Debit cards are usually offered on transaction accounts, and Westpac have a number of accounts which don’t charge monthly fees, or waive them if your salary is deposited into them each month.

      I hope this helps,

  7. Default Gravatar
    Shams | February 14, 2014

    I am currently a Westpac customer, but I have three term deposits with Suncorp because their interest rates were more attractive. One of my term deposits mature today and I am about to reinvest for 6 months. What is the best interest rate you will pay for a $2,000,000.00 term deposit? Would be grateful for your response asap

    • Staff
      Marc | February 14, 2014

      Hi Shams,
      thanks for the question.

      I’d recommend calling Westpac directly regarding this, as they’ll be able to discuss potential options and rates. Be sure to call a number of different banks and get rate quotes before opening an account, as banks have been known to match rates to secure larger deposit amounts like yours.

      I hope this helps,

  8. Default Gravatar
    Brian | February 14, 2013

    I have a westpac visa card
    What is the safest way to purchase goods etc. in Europe & Asia
    use my Visa or open a debit card

    • Staff
      Adrian | February 14, 2013

      Hi Brian,

      Thanks for your question. This is from Visa’s website:
      ‘With Visa’s Zero Liability policy, you won’t be held responsible for fraudulent charges or unauthorised purchases made with your card or account information*. This means you can use your card to shop with total confidence, as you will always be protected against unauthorised use.’

      I hope this helps, Adrian.

  9. Default Gravatar
    Karen | October 24, 2012

    Hi I would like to open a bank account for my 14 year old son could u help me with that please

    • Staff
      Adrian | October 24, 2012

      Hi Karen. This is the page for the Westpac Kids Reward Saver.
      To apply please call Westpac on 1300 558 724 or visit a branch to apply for this account.

Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Rates last updated August 5th, 2015
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Earn 3.50% p.a. when you open an Orange Everyday bank account and deposit $1,000+ into it each month e.g your salary.
3.50% 2.25% 1.25% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn 3.25% p.a. every month when you deposit $200 (excludes interest) and make no withdrawals each month on balances up to $250,000. Available on balances up to $250,000.
3.25% 0.01% 3.24% $0 $0 / $0 Open More
ANZ Online Saver
Earn a great interest rate of up to 3.10% p.a. for 3 months with the ANZ Online Saver. Interest is calculated daily and paid monthly.
3.10% 2.00% 1.10% $0 $0 / $0 Open More
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal for balances of up to $1,000,000.
2.75% 2.10% 0.65% $0 $0 / $0 Open More
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