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 0.50% 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 0.50% bonus rate on top of the 0.05% standard rate. There’s no monthly account-keeping fee and free, unlimited transactions available from your phone or online, as well as direct debits. Or if you prefer in-person assistance, the good news is there are no over-the-counter deposit and withdrawal fees either (just remember there is an overdrawn fee of $15).
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.
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Balances from $0: 0.05% p.a. |
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Balances from $0: 0.50% p.a. |
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Bonus rate for the first 5 months from account opening |
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$0.00 |
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n/a |
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unlimited free transactions from phone and internet. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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no |
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no |
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Must link to a transaction account with this provider. |
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none |
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none |
Why don't Westpac bank acknowledge me when sent messages from my account details page's from Woolworths every Monday saying millions of dollars to my accounting ? They've taken ages with this and seem to be avoiding it. Hope they will help me soon hey.
Read full reviewWhy don't Westpac bank acknowledge me when sent messages from my account details page's from Woolworths every Monday saying millions of dollars to my accounting ? They've taken ages with this and seem to be avoiding it. Hope they will help me soon hey.
Westpac as a bank is the epitome of what fantastic customer should be they treat customers with respect and empathy. Strathfield branch in Sydney is the best branch I walked in the other day explained my concerns they were very attentive they opened an additional account within minutes. They wished me Merry Christmas and gave me a block of Lindt chocolate. The staff are superb professional and very knowledgeable. Highly recommended easily the best bank in Australia. Kind regards.
Read full reviewWestpac as a bank is the epitome of what fantastic customer should be they treat customers with respect and empathy. Strathfield branch in Sydney is the best branch I walked in the other day explained my concerns they were very attentive they opened an additional account within minutes. They wished me Merry Christmas and gave me a block of Lindt chocolate. The staff are superb professional and very knowledgeable. Highly recommended easily the best bank in Australia. Kind regards.
I have been banking with them for a long time, I find there staff friendly & helpful the online & phone banking is very good there products are very competitive. The only problem is the lack of bank branches in some towns & the short opening hours in others.
Read full reviewI have been banking with them for a long time, I find there staff friendly & helpful the online & phone banking is very good there products are very competitive. The only problem is the lack of bank branches in some towns & the short opening hours in others.
Westpac are very helpful and I trust then with my accounts and they have very good Mobil banking app that I know is save. As I do all my banking on my mobile.
Read full reviewWestpac are very helpful and I trust then with my accounts and they have very good Mobil banking app that I know is save. As I do all my banking on my mobile.
When I do go into a branch, I find the branch very happy and helpful.
Read full reviewWhen I do go into a branch, I find the branch very happy and helpful.
Westpac
Life - 18-29 years old
0.15% p.a.(for $0 and over)
2.00% p.a. (for $0 to $30,000)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
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