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Essentials

Why open a Reward Saver account?

  • Earn bonus interest by making no withdrawals and deposit at least $50 a month
  • No monthly service fee (other fees apply)
  • No minimum balance to open the account
  • Monitor savings online, mobile, tablet, or Telephone banking
  • Safe Online Banking with our security guarantee 2

Who is this account for?

It's great for savers who want to:

  • Put money away towards a savings goal and get rewarded
  • Set up regular deposits to help reach that savings goal sooner

Under 12 or aged 12 to 21?

We have separate Reward Saver accounts for kids under 12 and for those aged 12 to 21. Each earns the variable bonus rate when you deposit any amount and make no withdrawals during the month.

Earn bonus interest by making no withdrawals and deposit at least $50 a month

Monitor savings online, mobile, tablet, or Telephone banking

Safe Online Banking with our security guarantee2

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

 

Note: Fees do not count as withdrawals towards breaking the criteria for you to earn bonus interest on your Reward Saver.  

Global Alliance Partners

For more information on participating Global Alliance Partners in designated countries, see Accessing your accounts overseas.

Things you should know

Deposit Accounts for Personal & SMSF customers - Terms and Conditions (PDF 427KB)

Find out what information you need to provide to become a customer (PDF 42KB)

Read the terms and conditions which apply to Online Banking (PDF 385KB) and for Reward Saver before making a decision and consider whether the products are appropriate for you.

Fees and charges apply.

1. The account must also have maintained a credit balance to qualify for bonus interest. Transfers to a Westpac Term Deposit through a Westpac branch do not constitute "withdrawals" for the purposes of qualifying for bonus interest.

2. If your Westpac account is compromised as a result of Internet fraud we guarantee to refund any missing funds, providing you comply with our Online Banking Terms and Conditions (PDF 385KB).

World MasterCard®, MasterCard® and the MasterCard brand mark are registered trademarks, and PayPass is a trademark of MasterCard International Incorporated.