Deeming Account
Essentials
- No monthly service fees 1
- Only available to retirees over 55 years old or pensioners with a concession card
- 8 free withdrawals per calendar month 2 across Westpac branches, Westpac/St.George/BankSA branded ATMs, EFTPOS, Telephone Banking and Online Banking
- 12 free Telephone Banking enquiries per month
- Optional paperless eStatements
- Option to add Debit MasterCard. ® 3
How you can access your money
- ATM
- EFTPOS
- Debit MasterCard ® or Handycard
- Telephone Banking
- Online Banking
- Branch
- Cheque
- BPAY ®.
How deeming affects you
The Federal Government sets (or 'deems') interest rates for pensioners. If you are a pensioner, when the government assesses your income it assumes that a 'deemed' rate of interest is being earned, regardless of what is actually being earned.
At Westpac, we use these deemed interest rates as a guide for setting the interest rates on our Deeming Account which provides you with an effective bank account, specially designed for pensioners and retirees.
You can obtain more information on the deeming rules by calling Centrelink on 132 300.
Confirming your eligibility
A Deeming Account is available to customers who are:
- Holders of a current Pensioner Concession Card and in receipt of an Australian government pension; or
- Aged 55 years and over, and retired.
Eligible customers are entitled to one Basic Account or Deeming Account only.
Add a Debit MasterCard ® to your account 3
You can use a Debit MasterCard ® to get instant access to your funds at ATMs throughout Australia and overseas, and at merchants that have EFTPOS within Australia. You can use your Debit MasterCard ® on the Internet or over the phone to purchase goods and services and pay bills using BPAY ®. You can also use your Debit MasterCard ® to make purchases overseas wherever you see the MasterCard logo.
Things you should know
- 1. Some fees and charges may be payable. Terms and Conditions apply. These may be varied, or new Terms and Conditions introduced in the future. See our comparison table for a list of current interest rates and fees.
- 2. Based on when we process the withdrawal to your account which may be on a date after the day on which you make the withdrawal.
- 3. A Debit MasterCard® or Handycard comes free with your account. A Debit MasterCard® will only be issued if the customer meets the eligibility criteria. Customers must be over 18 years of age and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit MasterCard®, you’ll be offered a Handycard to access your account.
- 4. Non-Westpac/St.George/BankSA branded ATMs apply an ATM operator fee by the ATM Owner, which is disclosed at the time of the transaction on the ATM screen. This fee will be debited on the day (or the next business day) of the transaction and itemised separately on your statement.
- 5. Nil for cash withdrawals from participating Global ATM Alliance partners in designated countries. For more information, read Accessing your accounts overseas.
- 6. The Westpac Foreign Transaction Fee is payable and will be incorporated into the $AUD transaction amount shown on your statement. The fee charged will either be:
- a) 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside of Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee); or
- b) 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus 0.2% Westpac On-Charged Scheme Fee).
-
To view PDF files you need Adobe Acrobat Reader. Use Adobe's online PDF conversion tools to convert to another format. - BPAY ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
- MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.
Fees
| Fee | Amount |
|---|---|
| Monthly service fee | NIL |
| Online Banking withdrawal or direct debit | $0.25 |
| Telephone Banking withdrawal (automated) | $0.40 |
| Telephone Banking withdrawal (staff assisted) | $2.50 |
| EFTPOS | $0.60 |
| Westpac/St.George/BankSA branded ATMs withdrawal | $0.60 |
| Cheques written | $1.00 |
| Direct Debit | $0.25 |
| Branch staff assisted withdrawal | $2.50 |
| eStatements | NIL |
| Fee | Amount |
|---|---|
| Non-Westpac/St.George/BankSA branded ATMs within Australia (cash withdrawal or balance enquiry) | NIL 4 |
| Overseas ATM cash withdrawal 5 | $5.00 |
| Overseas ATM balance enquiry | NIL |
| Westpac Foreign Transaction Fee |
Refer to footnote 6 |
| Dishonour of cheques written or direct debits | $9 |
| Periodical payment not made fee | $9 |
| Account overdrawn fee | $9 |
Note: The Deeming Account allows 8 free withdrawals before withdrawal fees apply.
Things you should know
- 1. Some fees and charges may be payable. Terms and Conditions apply. These may be varied, or new Terms and Conditions introduced in the future. See our comparison table for a list of current interest rates and fees.
- 2. Based on when we process the withdrawal to your account which may be on a date after the day on which you make the withdrawal.
- 3. A Debit MasterCard® or Handycard comes free with your account. A Debit MasterCard® will only be issued if the customer meets the eligibility criteria. Customers must be over 18 years of age and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit MasterCard®, you’ll be offered a Handycard to access your account.
- 4. Non-Westpac/St.George/BankSA branded ATMs apply an ATM operator fee by the ATM Owner, which is disclosed at the time of the transaction on the ATM screen. This fee will be debited on the day (or the next business day) of the transaction and itemised separately on your statement.
- 5. Nil for cash withdrawals from participating Global ATM Alliance partners in designated countries. For more information, read Accessing your accounts overseas.
- 6. The Westpac Foreign Transaction Fee is payable and will be incorporated into the $AUD transaction amount shown on your statement. The fee charged will either be:
- a) 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside of Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee); or
- b) 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus 0.2% Westpac On-Charged Scheme Fee).
-
To view PDF files you need Adobe Acrobat Reader. Use Adobe's online PDF conversion tools to convert to another format. - BPAY ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
- MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.
Rates
For the Deeming Account interest is calculated daily on each split portion of your account balance.
| Amount | Rate |
|---|---|
| 0 < $2,000 | 2.00% p.a. |
| $2,000 < $41,000 | 3.00% p.a. |
| $41,000+ | 4.50% p.a. |
View Deeming Account essentials
Things you should know
- 1. Some fees and charges may be payable. Terms and Conditions apply. These may be varied, or new Terms and Conditions introduced in the future. See our comparison table for a list of current interest rates and fees.
- 2. Based on when we process the withdrawal to your account which may be on a date after the day on which you make the withdrawal.
- 3. A Debit MasterCard® or Handycard comes free with your account. A Debit MasterCard® will only be issued if the customer meets the eligibility criteria. Customers must be over 18 years of age and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit MasterCard®, you’ll be offered a Handycard to access your account.
- 4. Non-Westpac/St.George/BankSA branded ATMs apply an ATM operator fee by the ATM Owner, which is disclosed at the time of the transaction on the ATM screen. This fee will be debited on the day (or the next business day) of the transaction and itemised separately on your statement.
- 5. Nil for cash withdrawals from participating Global ATM Alliance partners in designated countries. For more information, read Accessing your accounts overseas.
- 6. The Westpac Foreign Transaction Fee is payable and will be incorporated into the $AUD transaction amount shown on your statement. The fee charged will either be:
- a) 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside of Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee); or
- b) 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus 0.2% Westpac On-Charged Scheme Fee).
-
To view PDF files you need Adobe Acrobat Reader. Use Adobe's online PDF conversion tools to convert to another format. - BPAY ® Registered to BPAY Pty Ltd ABN 69 079 137 518.
- MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.
Did you know?
Adding a Debit MasterCard ® to your Deeming Account will allow you to make purchases overseas, online - at over 28 million locations worldwide.
