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 0.40% rate for new customers for the first 5 months, after which it reverts to the standard 0.05% 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 0.35% bonus rate on top of the 0.05% standard rate. There’s no monthly account fee and free, unlimited transactions available from your phone or online. Or if you prefer in-person assistance, the good news is there are no over-the-counter deposit and withdrawal fees either.
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 0.05%. 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: 0.05% p.a.
Balances from $0: 0.40% p.a.
Bonus rate for the first 5 months from account opening
$0.00
n/a
unlimited free transactions from phone and internet.
n/a
n/a
n/a
$0.00
$0.00
n/a
$0.00
$0.00
n/a
$0.00
$0.00
Monthly
no
none
no
no
no
no
no
yes
yes
no
no
Must link to a transaction account with this provider. $5 fee applies for all transactions except phone and internet banking
none
none
I have been a Westpac customer for over 50 years and have always had good customer service. They have always helped when needed.
Read full reviewI have been a Westpac customer for over 50 years and have always had good customer service. They have always helped when needed.
I’ve been with the bank for over 25 years.
Read full reviewI’ve been with the bank for over 25 years.
Cons are that the bank tellers have to meet a quota of how many savings accounts they open for customers and opening more accounts aren't in your best interest
Read full reviewCons are that the bank tellers have to meet a quota of how many savings accounts they open for customers and opening more accounts aren't in your best interest
the Temora branch are wonderful people always great you with a smile ,very polite happy ,easy to get on with and very helpful
Read full reviewthe Temora branch are wonderful people always great you with a smile ,very polite happy ,easy to get on with and very helpful
I like every one of the big 4 banks, you take your chances, some are better than others, but they do need to look and update their finance products options for people who do not work etc.. as government Centrelink payments are more guaranteed that job wages now and in the future.
Read full reviewI like every one of the big 4 banks, you take your chances, some are better than others, but they do need to look and update their finance products options for people who do not work etc.. as government Centrelink payments are more guaranteed that job wages now and in the future.
As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.
Virgin Money
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1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.70% p.a. (for $0 to $250,001)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
