Westpac Reward Saver

Our Reward Saver account could reward you for savings with bonus interest.

Earn variable bonus interest. $0 monthly service fee, other fees may apply.
  •  

    Westpac Reward Saver

    It only takes 5 - 10 minutes

    Open account

Essentials

Don’t we all deserve a little reward now and then? Imagine earning bonus interest just by saving regularly and not making any withdrawals.

Now you can with a Reward Saver. And no minimum balance needed to open the account:

  • Earn bonus variable interest every month you deposit $50 by the last business day of the month and make no withdrawals in the month*
  • Set up regular transfers (periodical payments) to your Reward Saver account to reach that savings goal sooner
  • If you want to monitor your savings, or need access, there’s Online, Mobile and Telephone Banking.
Total variable interest rate3.60% p.a.
Base rate0.01% p.a.

Bonus rate * paid each month when bonus
criteria is met 

3.59% p.a.

Under 12 or aged 12 to 21?

We have separate Reward Saver accounts for kids under 12 and for those aged 12 to 21. Each earns the variable bonus rate when you deposit any amount and make no withdrawals during the month.

  •  

    Westpac Reward Saver

    It only takes 5 - 10 minutes

    Open account
  •  

    1300 558 724

    8am-8pm, 7 days a week

  •  

    Visit us

     

    Find a branch

Fees

For all Reward Saver accounts (including Westpac Reward Savers for under 12s and under 21s and for those previously known as Westpac Youth Reward Saver, Westpac Student Reward Saver and Westpac Kids Reward Saver).

Standard fees (fees may change)Amount
Monthly service fee$0
Online Banking withdrawal$2.50
Telephone Banking withdrawal (automated and staff assisted)$2.50
Direct debit$2.50
Branch staff assisted withdrawal$2.50
Dishonour of direct debits $9 
Periodical payment not made fee $9 
Account overdrawn fee $9 

Fees for all Westpac Reward Saver accounts (including those previously known as Westpac Youth Reward Saver , Westpac  Student Reward Saver and Westpac Kids Reward Saver) set up prior to 20 September 2013, to which a Handycard or Debit MasterCard® is linked.

Standard fees (fees may change)Amount
EFTPOS$2.50
Westpac, St.George, BankSA, Bank of Melbourne ATM withdrawal$2.50
Non-Westpac, St.George BankSA, Bank of Melbourne ATMs within Australia cash withdrawal or balance enquiry - however the ATM owner may apply an ATM operator fee$0
Overseas ATM cash withdrawal from a non-Global Alliance partner ATM $5
Overseas ATM cash withdrawal from a Global Alliance partner ATM$0
Overseas ATM balance enquiry  $0 
Westpac Foreign Transaction Fee Depends on transaction type- see below 

Note: Fees do not count as withdrawals towards breaking the criteria for you to earn bonus interest on your Reward Saver. 

Westpac Foreign Transaction Fee

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 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).
 
Global Alliance Partners

For more information on participating Global Alliance Partners in designated countries, see Accessing your accounts overseas.

  •  

    Westpac Reward Saver

    It only takes 5 - 10 minutes

    Open account
  •  

    1300 558 724

    8am-8pm, 7 days a week

  •  

    Visit us

     

    Find a branch
Things you should know
    1.  A 3% Westpac Foreign Transaction Fee applies to overseas debit or credit card withdrawals. A 2% cash advance fee applies to credit card withdrawals where the "Credit" option is selected.A list of Global Alliance members is available at westpac.com.au/unstoppableyou. Excludes American Express® cards. It is important to know that the functionality to withdraw money from a linked Westpac account via Credit Card is not available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and or Cheque account funds when overseas please speak to us about obtaining a Debit MasterCard®.
    2. St.George Bank, BankSA and Bank of Melbourne are divisions of Westpac Banking Corporation ABN 33 007 457 141.
  • MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. 

Rates

Total variable interest rateUp to 3.60% p.a.
Standard variable base rate (when no standard variable bonus rate applies)0.01% p.a.
Standard variable bonus rate (each month when you deposit $50 and make no withdrawals or, if you’re under 21, when you deposit any amount and make no withdrawals)3.59% p.a.

When is interest paid to my Reward Saver account?

Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.

  •  

    Westpac Reward Saver

    It only takes 5 - 10 minutes

    Open account
  •  

    1300 558 724

    8am-8pm, 7 days a week

  •  

    Visit us

     

    Find a branch