Solutions

Which account is right for me?

The right savings account for you will depend on what you want from the account, how you want to save, and how much you have to start with.

Things you might consider are:

• Do you prefer to put money aside regularly, maybe a set amount from each pay?
• Do you only need to access your account using Online Banking and Telephone Banking?
• Do you need ready access to your savings using a branch or an ATM?
• Do you want to lock your money away as an incentive to not spend?
• Do you need certainty on the interest you receive on your savings?

I want to put money aside every pay

This is a great way to save and a good habit to get into. You can set up a savings account and arrange for a direct debit from your transaction account to be credited to it every payday. This way you don’t get the chance to spend your savings. You can arrange direct debits through Telephone Banking or at one of our branches.

I only need to access my account using Online Banking or Telephone Banking

Our Westpac eSaver account is ideal if you’re after a competitive return and want to access your account through Online Banking or Telephone Banking.

I might need access to my savings using a branch or an ATM

Most of our accounts will let you access your money via a Westpac branch or an ATM at any time. The exceptions are a Term Deposit as it is established for a set term or Westpac eSaver as transactions are restricted to Online Banking or Telephone Banking.

One option that provides you with full access to your savings without any penalty is the Westpac Cash Manager. This account offers tiered interest, meaning the more money you have, the better the interest rate. And you have the flexibility to access your funds via a branch, ATM, EFTPOS, Cheque, BPAY ^®, Online Banking or Telephone Banking.

I have a lump sum that I don't want access to but also want certainty on the return I receive 

If you have a lump sum of at least $5,000, you can consider locking your money in a term deposit. A Term Deposit is an option that will allow you to put your money away for a set term at a set rate of return. You’ll know exactly what interest you’ll receive ¹ and when it’ll be paid.

You can also use the Term Deposit calculator as a guide to how much you might earn in interest during your investment period.

Review your options:

• Compare savings accounts
• Use our savings account selector tool to help work out the best account for you.