Westpac Savings Accounts

Posted November 2nd, 2009 and last modified March 25th, 2014

Westpac Bank Savings Accounts

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

Enjoy a competitive interest rate when you deposit at least $50 and make no withdrawals each month. You can access your funds when you need via branch, Telephone Banking, Online and ATMs.

  • Maximum Rate: 3.71% p.a.
  • Standard Variable Rate: 0.01% p.a.
  • Bonus Rate: 3.70% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

Westpac Savings Accounts Comparison

Rates last updated July 30th, 2014.
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
Westpac Reward Saver
Westpac Reward Saver
Enjoy bonus interest each month if you make no withdrawals, and deposit at least $50. 3.71% 0.01% 3.70% $0 $0 / $0 OpenMore
Westpac eSaver
Westpac eSaver
Earn 4.00% p.a. variable rate for 3 months with no minimum balance and no monthly service fee. 4.00% 2.50% 1.50% $0 $0 / $0 OpenMore

Westpac Transaction Account Offer

Rates last updated July 30th, 2014.
Savings Account Description Monthly Account Fee Debit Card Access ATM Withdrawal Fee Interest Rate p.a. Details
Westpac Choice
Westpac Choice
Deposit at least $2,000 per month and enjoy no monthly service fee. Get this award winning transaction account from Westpac. $5 Yes, Visa $0 0.00% No ATM fees when using St.George / Westpac / BankSA ATMs. No monthly service fee if you deposit a minimum of $2,000 per month otherwise $5 monthly fee applies. OpenMore

Westpac Term Deposit Rates

Rates last updated July 30th, 2014.
3 Months p.a. 4 Months p.a. 6 Months p.a. 12 Months p.a. 24 Months p.a. 36 Months p.a. 60 Months p.a. Min Deposit
Westpac Term Deposit
Westpac Term Deposit
2.50% 3.00% 3.05% 3.30% 3.40% 3.70% 4.15% $5,000 OpenMore

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, but before you go ahead and just open the savings account with the highest interest rate, make sure you understand the rates of your returns.

Compare interest rates on Westpac 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.

Compare interest rates on Westpac Accounts

  • 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.

To choose the best Westpac account for your needs:

  • 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.

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.

  • Westpac Business One Business Banking Transaction Account

    Business banking becomes much easier if you have a choice between which accounts will be right for you Choosing a business banking transaction account shouldn’t be a difficult exercise. This is especially true with the Westpac Business One account. You’re given the choice between three different accounts, all designed to suit your specific level of [...]

  • Westpac Business Cash Reserve Business Savings Account

    Boost your business cash flow by earning interest on your savings – before you have to pay GST!

  • Westpac Choice Account Offers Choice to Consumers

    Winner of a Canstar Cannex 5-Star Award in 2010 and showing some great low-cost features, the Westpac Choice Transaction Account is worth a closer look.

  • Westpac Business Cash Reserve

    With WestPac Bank’s Business Cash Reserve account, your business can earn interest, avoid fees, have access to your accounts at all times and earn bonus interest.

  • Westpac Bank Term Deposit

    If you are looking for a safe secure investment with a guaranteed return then a Westpac term deposit may be for you. Term deposits are a great investment because: They have high interest and your money is safely held in an Australian financial institution. The interest rate is fixed for the term of the investment [...]

  • Russians Con Westpac Customers

    Westpac is one of the biggest banks in Australia. They have established a very good reputation for themselves, so when someone scams their customers it jeopardises their brand. Read on to learn of one such con played be a group of Russians.

  • Westpac Fixed Term Deposit

    Westpac being one of the biggest Australian banks is able to offer some of the best options and interest rates available on a fixed term deposit here, are some of these features and interest rates available from Westpac.

  • Westpac Bonus Interest Savings Account

    There are savings accounts and then there are SAVINGS accounts. Westpac has a Bonus Interest Savings Account that is a high yield savings and will make you feel good every time you put money in there. Watch your money grow with this excellent savings account.



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8 Responses to Westpac Savings Accounts

  1. 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,
      Marc.

  2. 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,
      Marc.

  3. 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.

  4. 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.
      Thanks.




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 July 30th, 2014.
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 4.09% p.a. variable rate for 4 months. 4.09% 2.70% 1.39% $0 $0 / $1 OpenMore
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. Earn a up to 4.00% p.a. variable rate for 4 months. 4.00% 2.75% 1.25% $0 $0 / $0 OpenMore
HSBC Serious Saver
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal. 4.00% 2.90% 1.10% $0 $0 / $0 OpenMore
ANZ Progress Saver
ANZ Progress Saver
Earn bonus interest calculated daily and paid monthly when you make a deposit of $10 or more in a month and make no withdrawals. 3.71% 0.01% 3.70% $0 $10 / $10 OpenMore
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