Westpac eSaver

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 1.30% 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.

Key features:

Not only does this savings account feature a sweet introductory rate for new customers, which includes a 1.25% 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.

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.