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.
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    Apply now

    Westpac Reward Saver

    Apply online
  •  

    Give us a call

    1300 558 724

    8am-8pm, 7 days a week

Essentials

Great interest for savers

  • 3.71% p.a. variable interest rate when bonus rate applies
  • 0.01% p.a. standard variable base rate

How to earn bonus interest

  •  Earn 3.70% p.a. standard bonus variable rate each month when you deposit $50 and make no withdrawals
  • Under 12? Earn bonus variable interest when you deposit any amount and make no withdrawals Find out more
  • Aged 12 to 21? Earn bonus variable interest when you deposit any amount and make no withdrawals Find out more
  • No minimum balance required to open the account.
  •  

    Apply now

    Westpac Reward Saver

    Apply online
  •  

    Give us a call

    1300 558 724

    8am-8pm, 7 days a week

Features

Why a Westpac Reward Saver account?

  • Earn bonus variable interest every month you deposit $50 and make no withdrawals by the last business day of the month
  • You can set up regular transfers (periodical payments) to your Reward Saver account to reach your savings goal sooner
  • Access your savings if you need to through Online Banking, Mobile Banking, Telephone Banking and branches
  • Westpac has been helping people save securely for 195 years.

When your Reward Saver account is open

  • Register for Westpac Online Banking and/or Telephone Banking for more ways to manage your savings
  • Choose eStatements for convenient online access to 7 years of account activity.
  •  

    Apply now

    Westpac Reward Saver

    Apply online
  •  

    Give us a call

    1300 558 724

    8am-8pm, 7 days a week

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 

 

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.

  •  

    Apply now

    Westpac Reward Saver

    Apply online
  •  

    Give us a call

    1300 558 724

    8am-8pm, 7 days a week

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, Some Global Alliance ATMs require you to select the "credit" option.  A list of Global Alliance members is available at westpac.com.au/unstoppableyou. Excludes American Express cards.
    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 rateUp to 3.71% 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)3.70% 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.

  •  

    Apply now

    Westpac Reward Saver

    Apply online
  •  

    Give us a call

    1300 558 724

    8am-8pm, 7 days a week