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 |
customer service is excellent
Read full reviewcustomer service is excellent
Great Bank, Easy to use app , Apple Pay . Telephone banking , Lots of ATM , Great service
Read full reviewGreat Bank, Easy to use app , Apple Pay . Telephone banking , Lots of ATM , Great service
Our local Devonport Branch ALWAYS provides efficient and effective service …. With a smile
Read full reviewOur local Devonport Branch ALWAYS provides efficient and effective service …. With a smile
Nil incentives for savings. Nil interest on your savings earned each day. To many fees consumed by this bank. Good customer service and easy to reach by phone. Easy access to ATMS. Nil customer education on how to improve customer financial situation. Nil encouragement to speak to financial planners or incentives for free. Nil free budgeting information nights for the regular customers. Trust is average and overall rating is average. I would not recommend this bank to others customers if they wish to save for their future.
Read full reviewNil incentives for savings. Nil interest on your savings earned each day. To many fees consumed by this bank. Good customer service and easy to reach by phone. Easy access to ATMS. Nil customer education on how to improve customer financial situation. Nil encouragement to speak to financial planners or incentives for free. Nil free budgeting information nights for the regular customers. Trust is average and overall rating is average. I would not recommend this bank to others customers if they wish to save for their future.
always helpful dependable reliable and quality service face to face and over the phone
Read full reviewalways helpful dependable reliable and quality service face to face and over the phone
Life - 18-29 years old
2.00% p.a.(for $0 and over)
5.20% p.a. (for $0 to $30,000)
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
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
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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
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
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
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)
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)
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)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
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)
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
Yes up to $250,000
2.00% 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
Hero Saver
1.00% p.a.(for $0 to $5,000,001)
4.60% p.a. (for $0 to $250,001)
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
Mighty Saver Account
0.01% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000