Savings Account For New Arrivals

Why open a Westpac eSaver savings account?

Competitive standard variable interest rate
Bonus fixed interest rate for the first 5 months¹
No account-keeping fee²
No minimum deposit or monthly balance
Unlimited withdrawals and deposits via a linked everyday account
Manage and access your account 24/7 using only Online Banking³

Tip: Once you arrive in Australia, you can apply online in just a few minutes. We'll need to verify your ID, which may mean we need to see you in person at your nearest branch.

Interest rates

Within 12 months of arrival in Australia (new eSaver customers only):

5.20 % p.a.

Introductory special rate for the first 5 months

1.10 % p.a.

Standard variable interest rate after 5 months

The introductory special rate for the first 5 months is a combination of:

Standard variable rate	1.10% p.a.
5 month introductory fixed rate¹	3.55% p.a.
New arrival fixed bonus rate⁴ (available from 10/10/2023 for a limited time only)	0.55% p.a

Just arrived? Pair up a Westpac Choice everyday account with an eSaver saving account

Choice everyday account

Over 18? Get $50 on us!

Open a Choice account online now or in-branch by 30 September 2024 and make a single deposit of $100 within 10 days of opening, and we’ll give you $50.

T&Cs and eligibility apply^#

plus

eSaver savings account

Get a 5.20% p.a. total introductory rate

Open an eSaver at the same time (or just the eSaver if you already have a Choice account) to earn interest of up to 5.20% p.a. on eSaver savings for the first 5 months.

Open now Open now

Fees

Standard fees (fees may change)	Westpac eSaver	Westpac Choice
Account-Keeping Fee	$0	$0 for 12 months ($5 thereafter unless you meet criteria for fee waiver below)
Domestic ATM Transactions⁷	$0	$0
Overdrawn Fee	$15	$15
Branch staff assisted withdrawal	$0	$0
Telephone Banking withdrawal (automated)	$0	$0
Telephone Banking withdrawal (non-automated)	$0	$0
Direct debit	$0	$0
Point of Sale (POS) transactions - All transactions conducted at a POS terminal	$0	$0
Online banking (including mobile banking) fees	$0	$0

This fee is waived for:

Customers that deposit at least $2,000 each month (other fees apply)
Customer under the age of 30 or a full-time tertiary students
Australian Pensioner Concession or Health Care Card holders
New to Australia or expatriate customers (for the first 12 months).

Overseas fees

Overseas fees apply to Westpac Choice account only.

Standard fees (fees may change)	Amount
Overseas ATM balance enquiry from a non-Global Alliance Partner ATM	$0
Overseas ATM balance enquiry from a Global Alliance Partner ATM	$0
Overseas Withdrawal Fee from a non-Global Alliance Partner ATM	$5
Overseas Withdrawal Fee from a Global Alliance Partner ATM	$0
Foreign Transaction Fee	Depends on transaction type - see below

Foreign Transaction Fee

The 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.

Credit Cardholders who currently withdraw money from linked Westpac account via credit card, it is important to know that this functionality may not be 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®. Go to our Debit Mastercard page or visit a Westpac branch. Terms and Conditions and Fees and charges may apply.

Frequently asked questions

When does the introductory special rate apply?

An introductory fixed bonus rate of 3.55% p.a. applies for the first 5 months, on top of the standard variable rate when you are a new Westpac eSaver customer.

After 5 months, the standard variable interest rate, currently 1.10% p.a. will apply to your eSaver account.

When is interest paid to my eSaver account?

Do I need a Westpac Choice account to open a Westpac eSaver account?

How can I avoid paying Account-keeping fees on the Westpac Choice account?

Things you should know

Deposit Accounts for Personal customers Terms and Conditions (PDF 620KB)

Online Banking Terms and Conditions (PDF 555KB)

Personal Telephone Banking Terms and Conditions (PDF 215KB)

Find out what information you need to provide to become a customer (PDF 657KB)

Westpac Debit Mastercard® Terms and Conditions (PDF 218KB)

Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.

1. Introductory fixed interest: If you have not had a Westpac eSaver account before, an introductory fixed interest rate of 3.55% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 1.10% p.a. will apply. Existing or previous eSaver account holders are not eligible for this offer. Joint accounts are eligible where the primary account holder has not held an eSaver account before.

2. No account-keeping fee on Westpac eSaver: To open a Westpac eSaver account, you must hold a Westpac everyday account. Fees and charges apply on a Westpac everyday account.

3. Online Banking 24/7 access is subject to system availability.

4. New Arrivals Fixed Bonus Rate

Bonus offer available from 10/10/2023 for a limited time only for customers who are new to Australia (arrived in the last 12 months).
Only available for new eSaver accounts opened by sole applicants who have never held an eSaver account before.
Customers must hold a valid foreign issued identification document in our identification checklist (PDF 657KB)
If you are experiencing issues applying online, please contact a Westpac branch.
Not available in conjunction with any other offer, unless we determine otherwise.
We reserve the right to withdraw, amend or extend this offer at any time.

5. Debit Mastercard®: Westpac Choice Youth account, the eligible card age is 8. For any other transaction account, the eligible card age is 14. You must have an Australian residential address.

Once you arrive in Australia you can request a Debit Mastercard^®. Read the Terms and Conditions (PDF 218KB) and decide whether the product is right for you.

6. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac  Online Banking Terms and Conditions (PDF 555KB) for full details, including when a customer will be liable. 

7. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au. 

# $50 Cashback offer: Fees and charges apply. Read the Deposit Accounts for Personal Customers Terms and Conditions (PDF 620KB) before making a decision and consider whether the product is right for you. To receive AUD50, you must: open a new Westpac Choice account between 1 May 2024 and 30 September 2024, have never held a transaction account with Westpac before, and make single deposit of AUD100 into the new account within 10 days of account opening. The offer is available for customers who are new to Australia (arrived in the last 12 months) and over 18 years of age. Customers must hold a valid foreign issued identification document in our identification checklist (PDF 657KB). For joint accounts, both account holders must not have held a Westpac transaction account before. The AUD50 promotion amount will be paid into the customer’s Westpac Choice account within 50 days of meeting these terms and conditions. The Westpac Choice account must remain open during that period to receive the cashback reward. Limited to only one eligible account per eligible customer (including where it is a joint account) and paid to the Westpac Choice account that was opened first. Not available in conjunction with any other offer unless we determine otherwise. We reserve the right to withdraw, amend or extend this offer at any time. We recommend you seek an independent, professional tax advice to determine tax implications on the cashback based on your personal circumstances.

Mastercard® is a registered trademark of Mastercard International Incorporated.

NEW TO AUSTRALIA? OPEN A SAVINGS ACCOUNT

Why open a Westpac eSaver savings account?

Interest rates