Westpac Banking Corporation

Bank accounts

Savings accounts comparison table

Interest rates p.a.
Special offer rates

5.25% p.a.1

Up to 5.45% p.a.10

no
no
0 < $5,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

0.00% p.a.
$5,000 < $10,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

0.00% p.a.
$10,000 < $20,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

2.55% p.a.

$20,000 < $50,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

2.55% p.a.

$50,000 < $100,000

3.50% p.a.

0.50% p.a.

Refer to footnote 2

2.55% p.a.

$100,000 < $250,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

3.55% p.a.

$250,000 < $500,000
3.50% p.a.

0.50% p.a.

Refer to footnote 2

3.55% p.a.

$500,000+
3.50% p.a.

0.50% p.a.

Refer to footnote 2

3.80% p.a.

Bonus rates

N/A

3.40% p.a.3

N/A

N/A

 

Frequency

Tiered (paid monthly)

Tiered (paid monthly)

Refer to footnote 2

Tiered (paid monthly)

Features
Minimum opening balance

N/A

 

N/A

 

$5,000

N/A

 

Monthly service fee

NIL

 

NIL

 

NIL

 

$5.00
Minimum monthly balance to waive monthly service fee

N/A

N/A

N/A

 

$10,000
Free transactions (per month)

Unlimited Online Banking and automated Telephone Banking electronic transactions only

$2.50 charge for all withdrawals

N/A

Unlimited Online Banking and automated Telephone Banking electronic transactions only

Immediate access to funds

Yes 4

yes
no
yes
Excess transaction fees
Online Banking electronic withdrawal

NIL

 

$2.50

N/A

NIL

 

Telephone Banking electronic withdrawal

NIL

 

$2.50

N/A

 

NIL

 

Telephone Banking staff assisted withdrawal

N/A

$2.50

N/A

$2.50

Direct debit

N/A5

$2.50

N/A

$0.25
EFTPOS

N/A5

$2.50

N/A

$0.50

Westpac/St.George/BankSA branded ATMs withdrawal

N/A5

$2.50

N/A

$0.50

Cheques written

N/A5

N/A

 

N/A

$0.50
Branch staff assisted withdrawal

N/A5

$2.50

N/A

$2.50
Additional fees
Non-Westpac/St.George/BankSA branded ATMs6 within Australia (cash withdrawal or balance enquiry)

N/A

 

NIL

N/A

 

NIL

Overseas ATM cash

withdrawal7

N/A

 

$5.00

N/A

 

$5.00
Overseas ATM balance enquiry

N/A

 

NIL

 

N/A

 

NIL

 

Westpac foreign transaction fee

Refer to footnote 8

Refer to footnote 8

Refer to footnote 8

Refer to footnote 8

Dishonour of cheques written or direct debits

$9

$9.00

N/A

 

$9

Periodical payment not made fee

$9

$9.00

N/A

 

$9

Account overdrawn fee

$9

$9.00

N/A

 

$9

Accessing your money
Branch
no
yes

N/A

 

yes
Online Banking
yes
yes

N/A

 

yes
Telephone Banking
yes
yes

N/A

 

yes
ATM
no
yes

N/A

 

yes
EFTPOS
no
yes

N/A

 

yes
Cheque
no

N/A

 

N/A

 

yes
Debit MasterCard®9
no
yes
no
yes
Things you should know
  • 1.  Westpac eSaver special introductory interest rate is currently 5.25% p.a. made up of the Westpac eSaver standard variable rate (currently 3.50% p.a. and subject to change) plus an additional fixed increment of 1.75% p.a. above the Westpac eSaver standard variable rate. The special introductory rate is available for a 4 month period from the date your new Westpac eSaver account is opened. After the special introductory period the interest rate for Westpac eSaver will revert to the then current standard variable rate (currently 3.50% p.a.). This offer is available for new Westpac eSaver accounts opened between 12 January 2010 and 9 February 2010. Rate subject to change. 
  • 2. Please refer to Term Deposit rates.
  • 3. Bonus interest is payable on the full balance when bonus interest criteria is met, that is a credit balance is maintained, a minimum $50 deposit (accounts opened 'As Trustee For', Student or Youth need only make a deposit of any value) and no withdrawals are made  in the calendar month (except bank account fees, government transaction taxes or withdrawal of funds to place in a Westpac Term Deposit).
  • 4. Through a linked Westpac transaction or savings account in the same name(s) as your Westpac eSaver account.
  • 5. Not available on standard Westpac eSaver account. To operate the Westpac eSaver account, you must hold a Westpac transaction or savings account in the same name(s) as your Westpac eSaver account. A $5 transaction fee applies if these transactions are performed.
  • 6. Non-Westpac Group 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 next business day) of the transaction and itemised separately on your statement.
  • 7. Nil for cash withdrawals from participating Global ATM Alliance partners in designated countries. For more information, read Using ATMs overseas.
  • 8. 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).
  • 9. 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.
  • 10. If you open a new Westpac Reward Saver account between 12 January 2010 and 9 February 2010 (Promotion Period) you will earn the standard variable interest rate (currently 0.50% p.a.) plus a promotional rate of 1.55% p.a. interest fixed for 4 months.