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 0.85% 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 0.80% 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. But we should mention that there is a $5 fee for any other type of transaction, like non-automated phone withdrawals.
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: 0.85% p.a.
Bonus rate for the first 5 months from account opening
$0.00
n/a
unlimited free transactions from phone and internet. $5 fee for all other transactions.
n/a
n/a
n/a
$0.00
$5.00
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
Very low interest, if you take any from it anytime in the month all interest is gone. Might as well just use another everyday account and save on fees.
Read full reviewVery low interest, if you take any from it anytime in the month all interest is gone. Might as well just use another everyday account and save on fees.
It is very clearly set out and a reliable service. They were a little late to provide Apple Pay although now have caught up. Would recommend.
Read full reviewIt is very clearly set out and a reliable service. They were a little late to provide Apple Pay although now have caught up. Would recommend.
High monthly fees on accounts, no option to close out via online.
Read full reviewHigh monthly fees on accounts, no option to close out via online.
Great internet banking.
Read full reviewGreat internet banking.
I think this bank is reliable and has good online and app features, however the interest rates for their savings accounts are not very competitive.
Read full reviewI think this bank is reliable and has good online and app features, however the interest rates for their savings accounts are not very competitive.
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.
Promoted
Westpac
Life (18-29 years old)
0.40% p.a.(for $0 and over)
3.00% p.a. (for $0 to $30,000)
Yesup to $250,000
Promoted
MyState Bank
Bonus Saver Account
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Westpac
Life (18-29 years old)
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Citi
Online Saver
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Westpac
Life (18-29 years old)
3.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yesup to $250,000
Promoted
MyState Bank
Bonus Saver Account
1.65% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
1.15% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Promoted
Citi
Online Saver
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ME
Online Savings Account
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bank of Queensland
Fast Track Saver Account
1.50% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Promoted
ANZ
Online Saver
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Promoted
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
1.15% p.a. (for $0 to $250,000)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.80% p.a. (for $0 and over)
Yesup to $250,000
Promoted
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yesup to $250,000
