Online savings account
Why open an eSaver account?
- Competitive interest rate on savings
- No Account-Keeping Fee 1
- Unlimited access via a linked Westpac Choice account (if you don't have one, we'll open one for you)
- No minimum deposit or monthly balance
- New Westpac eSaver customers receive an introductory fixed rate on top of the standard variable rate for the first 5 months.
Interest rates
Total introductory variable rate for the first 5 months (new eSaver customers only):
4.75% p.a. Online application |
4.40% p.a. In-branch or staff assisted applications |
The total introductory variable rate is a combination of:
| Standard variable rate (after 5 months or existing customers) | 1.00% p.a. |
| 5 month introductory fixed rate2 | 3.40% p.a. |
| Online bonus rate (available from 28/02/2025 for a limited time only. Only available for new eSaver accounts opened online by sole applicants who have never held an eSaver account before.) | 0.35% p.a. |
Get the Westpac App for even easier banking
View and transfer funds fast
Quick Balance lets you view the balance of three main accounts and quickly transfer money without signing in.
Manage your cards in one place
Misplaced your card? Temporarily lock it while you’re looking, order a new one, or change your PIN, all in the app’s convenient Cards Hub.
Get sorted with in-app budget tools
Track your month-to-month Cash flow and spot areas where you could be making savings with your spend sorted in Categories.
Account fees
To open a Westpac eSaver savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
Fees and charges may apply on the everyday account, including a $5 monthly account-keeping fee.
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $15 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | $15 |
| Direct debit | $0 |
Debit cards are not available for new eSaver accounts
For old accounts, that have a card, fees are not charged for:
- Point of Sale (POS) transactions
- ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) .
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 712KB)
Safe and secure savings
- Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
- Westpac Protect™ Security Code: Keep your Online Banking safe with a Security Code when using the Westpac App or your Online Banking service. This Security Code confirms that it's you transacting or making changes to your profile.
- Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
Help when you need it
Rates, tools and calculators
Things you should know
2. Introductory fixed interest: If you have not had a Westpac eSaver account before, an introductory fixed interest rate of 3.40% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 1.00% p.a. will apply. Existing or previous eSaver account holders are not eligible for this offer. Joint accounts are eligible where the primary account holder has not held an eSaver account before.