Westpac eSaver

0.50% p.a.(for $0 and over)

2.51% p.a. (for $0 and over)

 

Westpac eSaver Review

Rates and fees information correct as at 23 September 2018.

Review published: 28 February 2018

What's hot:

  • Mozo 2018 Experts Choice winner

  • Total special 2.51% variable rate (0.50% revert rate)

  • No minimum balance

What's not:

  • Customers must link transaction account to Westpac Choice Account

  • $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, which was awarded a 2018 Experts Choice Award for Kick Start savings is worth considering. This account features a special 2.51% rate for new customers for the first 5 months, after which it reverts to the standard 0.50% variable rate. There’s also no minimum balance required at the end of each month, allowing to make deposits at your own pace.

Key features:

Not only does this savings account feature a sweet introductory rate for new customers, which includes a 2.01% fixed bonus rate on top of the 0.50% 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.


Who it's 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.

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 0.50%. 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.



How are Westpac savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.4

Based on 4838
Westpac savings accounts reviews

6.6 6.1 7.5 7.9 7.5

Read Westpac savings account reviews by the Mozo community

Latest reviews of Westpac eSaver

Westpac

Westpac eSaver savings account review

Overall rating   6 / 10

Ok

I like this savings account because you can withdraw when you need too

Full review

I like this savings account because you can withdraw when you need too

    Price   5 / 10

    Features   4 / 10

    Customer service   0 / 10

    Convenience   4 / 10

    Trust   0 / 10

Less

Joanne, New South Wales, reviewed 3 days ago

Westpac

Westpac eSaver savings account review

Overall rating   5 / 10

I'm happy

I've got no complaints.

Full review

I've got no complaints.

    Price   5 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   5 / 10

Less

Eessmay, Western Australia, reviewed 6 months ago

Westpac

Westpac eSaver savings account review

Overall rating   9 / 10

Great service in all aspects

Everyone is efficient & the customer service is good.

Full review

Everyone is efficient & the customer service is good.

    Price   9 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Orleans, Queensland, reviewed 6 months ago

Westpac

Westpac eSaver savings account review

Overall rating   10 / 10

Great

Best bank ever.

Full review

Best bank ever.

    Price   0 / 10

    Features   0 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Tracy, New South Wales, reviewed 7 months ago

Westpac

Westpac eSaver savings account review

Overall rating   5 / 10

Easy communication

No complaints.

Full review

No complaints.

    Features   6 / 10

    Customer service   5 / 10

    Convenience   7 / 10

    Trust   5 / 10

Less

Anja, Queensland, reviewed 7 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.50% p.a.

  • Balances from $0: 2.51% p.a.

  • Bonus rate for the first 5 months from account opening

Fees

  • $0.00

  • none

  • unlimited free transactions from phone and internet. $5 fee for all other transactions.

  • none

  • none

  • none

  • $0.00

  • $5.00

  • none

  • $0.00

  • $0.00

  • none

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

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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