Deeming Account

Apply at your nearest branch or for more information
call 132 032

The Westpac Deeming Account is a simple and effective solution specially designed to comply with legislated deeming rules. In effect, the Federal Government sets – or deems – interest rates for pensioners, so when it assesses your income, it assumes you are earning that 'deemed' rate of interest, regardless of what you are actually earning.

We use these deemed interest rates as a guide for setting the interest rates on our Deeming Account. To qualify, you need to have an eligible pensioner concession card or be aged 55 years or over and retired.

No monthly account service fee
8 free Westpac withdrawals per calendar month across branch, ATM, EFTPOS, Telephone and Internet Banking

Features and Benefits

Paperless estatements as standard (paper statements available on request)
Enjoy convenient ATM and EFTPOS access with Debit MasterCard enabling you to make purchases overseas, online and over the phone at 26 million locations worldwide*

You can obtain details about the deeming rules from Centrelink on 132 300.

*If you're not eligible for a Debit MasterCard, you will be offered a Handycard to access your account. To be eligible for Debit MasterCard you must be over 18 and an Australian citizen or permanent resident of Australia.

Access Options

Branch
Internet Banking
Telephone Banking
Cheque
ATM
EFTPOS

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