Westpac Banking Corporation

Solutions

Choosing the right account

I need an account for my pay and expenses

It’s important that you choose the right account so you can bank how you want to and minimise fees.

First of all, you need to think about what’s important to you

  • How do you prefer to access your money? Are you happy to do all your banking electronically, using Online Banking and Telephone Banking or do you want a wider range of options, including using our branch network?
  • How can you minimise fees? Different accounts have different fee structures, depending on how you access your money. Make sure you’re clear about the free transactions each account offers and choose the account that will be most cost effective for you.
  • Do you want your account to act as a mortgage offset account? If you have a mortgage with us, every dollar in your offset account reduces the interest you pay on your loan.

What are my choices?

  • Westpac Choice lets you bank at a branch, Westpac/St.George/BankSA branded ATMs, over the internet or phone and write cheques from your cheque book for a flat monthly account service fee. You can also use this transaction account as a Mortgage Offset Account.
  • You can tie all your banking together with our over 21s package.

Review your options:

Use our Bank account selector tool to help work out the best Westpac account for you.

What if I have specific needs?

We have special accounts and packages for your situation. If you’re a:

I’m a student, or aged under 21

We know money can be tight when you’re just starting out, so we’ve created special fee free accounts for students and customers aged under 21. You could be eligible for some big savings on other types of banking products.
Our Student Package and Youth Package are designed for your every day banking needs.

I’m a retiree over 55 years of age

We recognise that retirement is a different phase of life, and we want to help you get all the benefits you are entitled to. If you are aged over 55 and retired, or you have an eligible pensioner concession card, you qualify for our Deeming Account which offers everyday banking with no monthly account service fees. When the ATO assesses your income, it assumes you are earning a 'deemed' rate of interest set by the Federal Government, regardless of what you are actually earning.

We use these deemed interest rates as a guide for setting the interest rates on our Deeming Account.

I'm receiving a government pension or benefit

If you receive a government pension or benefit, you want your money to go as far as possible. Our Basic Account is designed specifically for you to pay your pension or benefit into it, with no monthly account service fees.


I'm a new migrant, or about to move to Australia

If you’re moving to Australia or have recently arrived, you’ve got lots to deal with. We can help set up your new account, so it’s waiting for you when you arrive.
For more information refer to Moving to Australia.


I want to transfer my account to Westpac

No problem. If you've got an existing account with another bank, it's easy to switch to Westpac by following the steps outlined in Switch to Westpac.



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