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7 May 2007

Westpac introduces new savings and transaction products

Westpac today unveiled a new range of consumer and business savings and transaction accounts aimed at providing new customers with a more simplified and competitive range of savings and transaction products.

Westpac Group Executive, Consumer Financial Services, Mike Pratt, said the new products were introduced as a result of significant research and customer feedback identifying the need for a more integrated product range that better balanced interest rates and access to accounts for customers.

"We've responded to what our customers have been telling us, and are pleased to launch a new menu of savings and transaction accounts that offer value, choice and convenience," Mr Pratt said. "We have reduced some fees and expanded many product features to offer Westpac customers accounts that better suit their needs."

Peter Hanlon, Westpac Group Executive, Business Financial Services said: "Westpac continually looks at innovative ways of serving our customers to make everyday banking easier, simpler and more convenient. Westpac's two new business accounts have been developed to suit the growing number of business customers seeking a high-interest, low fee account to park surplus funds."

Westpac will offer these new accounts to all new customers from Monday 7 May 2007. The new products will operate alongside existing savings and transaction accounts. Existing retail and business customers will see no changes to their accounts as a result of these new products.

The new products offer a more diverse range of options for customers and feature attractive interest rates and competitive features, including Westpac eChoice that includes unlimited Westpac electronic withdrawals for a $3 monthly fee, and a number of new high-interest savings accounts for both consumers and businesses.

Westpac will also provide its paper-saving e-statements as standard for all new personal accounts. Instead of a paper statement, customers receive an email notification every time their statement is ready to view through Online Banking. Since Westpac introduced e-statements in 2005, approximately 280,000 customers have chosen to receive electronic statements, saving nearly 60 tonnes of paper – the equivalent of 740 trees.

Details of the new accounts for retail and business customers are available from the Westpac website.