If you’re ready to give your savings the boost it deserves, then major bank Westpac and its eSaver savings account is worth considering. This account features a special 5.00% rate for the first 5 months for customers who open an account online as a limited time offer. For general new customers, the 54.90% maximum rate offer applies. After the first 5 months, the rate reverts to the standard 1.10% variable rate. There’s also no minimum balance required at the end of each month, allowing to make deposits at your own pace.
Not only does this savings account feature a sweet introductory rate for new customers, which includes a 3.55% bonus rate on top of the 1.10% standard rate. There’s no monthly account-keeping fee and free, unlimited transactions available from your phone or online, as well as direct debits. Or if you prefer in-person assistance, the good news is there are no over-the-counter deposit and withdrawal fees either (just remember there is an overdrawn fee of $15).
With this savings account, the interest is paid on the last business day of every month and there’s no minimum balance required each month. However, in order to use this account, you will need to open a Westpac Choice Account, which does require a minimum monthly deposit of $2,000.
The eSaver account is a great option for existing Westpac customers who are looking to kickstart their savings or new customers that will be able to meet the minimum deposit requirements of the Westpac Choice Account.
While this savings account does have a great introductory rate to help you get ahead with your financial goals, it does only last for 5 months before reverting to a rate of 1.10%. If you are going to be regularly putting money away, you might be better off with the Westpac Life Account, which has an ongoing bonus rate.
Balances from $0: 1.10% p.a. |
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Balances from $0: 5.00% p.a. |
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Bonus rate for the first 5 months from account opening, includes 0.10% p.a. bonus interest for new accounts opened online. |
$0.00 |
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n/a |
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unlimited free transactions from phone and internet. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
$0.00 |
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$0.00 |
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Monthly |
no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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no |
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no |
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Must link to a transaction account with this provider. Bonus introductory rate includes 0.10% p.a. bonus interest for new accounts opened online. |
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none |
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none |
I've been with Westpac since the 90s and they used to be a fairer and decent back with good customer service. These days the customer service is mostly outsourced to another country which makes not difficult to have someone understand when questions need to be answered or when support is required. Their communication has become appalling, not providing updates to key information such as suspicious transactions made on personal accounts or they flag normal activity as suspicious and causing accounts not only with myself but others to be put on hold. They have got some decent savings account which I have two with Westpac. But their annual fees are quite expensive. Interest rates could be more competitive given the increasing cost of living. Security with Westpac's app and emails are good and educational to keep people aware of any fraud emails that may float about. But that is far as it goes with communication with them. They definitely need to improve with their customer service, keep customers in the loop via app, email, text or phone calls if something happens to one's account. They should offer better interest rates, zero fees and more flexible options for all working class Aussies.
Read full reviewI've been with Westpac since the 90s and they used to be a fairer and decent back with good customer service. These days the customer service is mostly outsourced to another country which makes not difficult to have someone understand when questions need to be answered or when support is required. Their communication has become appalling, not providing updates to key information such as suspicious transactions made on personal accounts or they flag normal activity as suspicious and causing accounts not only with myself but others to be put on hold. They have got some decent savings account which I have two with Westpac. But their annual fees are quite expensive. Interest rates could be more competitive given the increasing cost of living. Security with Westpac's app and emails are good and educational to keep people aware of any fraud emails that may float about. But that is far as it goes with communication with them. They definitely need to improve with their customer service, keep customers in the loop via app, email, text or phone calls if something happens to one's account. They should offer better interest rates, zero fees and more flexible options for all working class Aussies.
They are a very well known and highly numbered in members big banks in Australia. They are the main banks that most Australian businesses uses in terms of business finance management. The Westpac bank also has the reputation of safely ensuring their customers information MD personal details are not jeopardize from fraudulent activity and are very efficient in delivering the best customer service and confidence in banking with one of the four major big banks that this country is proud to be a part of.... So Am I in the sense of highly recommending this particular bank- WESTPAC AUSTRALIA BANK™ to all of my family and friends. I have the utmost respect and Trust that this bank and it's services in their resource of handling Ur savings, investments and further financial services & features provided which separates them fr the rest.
Read full reviewThey are a very well known and highly numbered in members big banks in Australia. They are the main banks that most Australian businesses uses in terms of business finance management. The Westpac bank also has the reputation of safely ensuring their customers information MD personal details are not jeopardize from fraudulent activity and are very efficient in delivering the best customer service and confidence in banking with one of the four major big banks that this country is proud to be a part of.... So Am I in the sense of highly recommending this particular bank- WESTPAC AUSTRALIA BANK™ to all of my family and friends. I have the utmost respect and Trust that this bank and it's services in their resource of handling Ur savings, investments and further financial services & features provided which separates them fr the rest.
customer service is excellent
Read full reviewcustomer service is excellent
I'd recommend this to everyone
Read full reviewI'd recommend this to everyone
Easy to use app, friendly staff, convenient cashless and careless withdrawals and deposits.
Read full reviewEasy to use app, friendly staff, convenient cashless and careless withdrawals and deposits.
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000