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Westpac eSaver

Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.85% p.a. (for $0 and over)
Govt deposit guarantee
Yesup to $250,000

Mozo editorial review Westpac eSaver

Last updated: 4 September 2020.

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What's hot
  • No minimum balance
  • No account fees
What's not
  • $5 fee for all transactions except phone and internet banking
Mozo snapshot

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.

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Key features

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.


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Who is it good for

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.

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Any catches

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.


Details

Rates and fees information correct as at 23 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.05% p.a.

  • Balances from $0: 0.85% p.a.

  • Bonus rate for the first 5 months from account opening

Fees
  • $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

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • 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

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall
7.4/10
Price
6.6/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.9/10
Trust
7.5/10

Latest reviews of Westpac eSaver

  • Overall 4/10
    Look for others.

    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 review

    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.

    Price
    3/10
    Features
    1/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    7/10
    Less
    Thomas, Victoria reviewed 21 days ago
  • Overall 8/10
    Quality service.

    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 review

    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.

    Price
    7/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Hugh, New South Wales reviewed 26 days ago
  • Overall 5/10
    Non competitive interest rates.

    High monthly fees on accounts, no option to close out via online.

    Read full review

    High monthly fees on accounts, no option to close out via online.

    Price
    3/10
    Features
    6/10
    Customer service
    6/10
    Convenience
    7/10
    Trust
    6/10
    Less
    James, Western Australia reviewed 3 months ago
  • Overall 7/10
    Good customer service

    Great internet banking.

    Read full review

    Great internet banking.

    Price
    8/10
    Features
    9/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    6/10
    Less
    Sue, Western Australia reviewed 4 months ago
  • Overall 6/10
    Great app features for a standard bank account

    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 review

    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.

    Price
    3/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Stephanie, New South Wales reviewed 5 months ago
Westpac

About Westpac

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.

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