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.
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.