Westpac Choice

Mozo snapshot

For a one-stop account that satisfies your everyday banking needs, Westpac’s Choice bank account could certainly be worth a look. The account offers free access to over 3,000 Westpac ATMs Australia wide and has no domestic electronic, phone, cheque or over the counter fees (withdrawal and deposit). As a bonus, you can avoid paying the $5 monthly account fee if you deposit a minimum of $2,000 per month.

Key features

With the Westpac Choice bank account, you can say goodbye to the $5 monthly fee if you deposit at least $2,000 each month - like your salary. That fee will also be wiped if you’re under 21, studying full time or hold an Australian Pensioner Concession Card or Health Care Card or for the first 12 months if you're an expat customer.

With no minimum balance required and a $2,000 daily ATM withdrawal limit, the Choice Account gives you the convenience of free access to over 3,000 Westpac Group ATMs in Australia including Westpac, St. George, Bank of Melbourne and BankSA. 

Plus, you can use the linked Debit Mastercard wherever Mastercard is accepted around the globe via the Global ATM Alliance network and Westpac Group Partners. Westpac’s Fraud Money Back Guarantee gives extra peace of mind by ensuring any unauthorised transactions are reimbursed (conditions apply). Just bear in mind, there is a $5 overseas ATM withdrawal fee and a 3% foreign exchange margin to consider.

Don’t sweat it if you ever forget your card, because the Choice bank account comes with a cardless ATM withdrawal feature that gives you access to your cash (up to $500 a day) without your debit card through a unique cash code which you can get by calling Westpac customer service or entering your Online Banking Customer ID and password into the Westpac Mobile Banking App. You can also pay for purchases under $100 via “tap and pay” with Mastercard PayPass.

Just like most transaction accounts in Australia, you won’t be earning any interest on this account, but homeowners may be glad to hear that the Choice bank account can be used as a 100% interest offset account should you link it to a Westpac Rocket Repay Home Loan or Rocket Investment Loan.

Who is it good for

The Westpac Choice bank account is designed for Aussies looking for a solid everyday bank account with a wide ATM network and modern features like Google Pay, PayID and Samsung Pay, especially for those who can meet the minimum deposit conditions to avoid paying the $5 monthly account fee.

Any catches

You might want to have your salary (at least $2,000) directly deposited into the account to avoid the $5 monthly fee.