Personal Accounts Terms & Conditions

Section 9 – Fees and Charges Tables 

Other bank charges

Customers are referred to our Online Banking and/or Corporate Online terms and conditions for fees associated with Overseas Telegraphic Transfer (Outward)/International Payments transactions made via these channels.

Minor changes are made to some fee names listed in this section to make them consistent with the applicable Online Banking terms and conditions. 

A definition for Corporate Online is added: ‘means the Westpac online banking platform where corporate and business customers can view, manage and transact on their accounts. The Corporate Online Terms and Conditions and Fees and Information Sheet are located at westpac.com.au’

Section 4 - Understanding debit cards​
 

Rules about your Debit Mastercard ®   and Handycard and  Daily limits.

On page 36 second paragraph, increase daily cash withdrawal limit to $2,000 for Debit Mastercard.​
 

Page 36, Update table ‘Transaction Type’, for transactions:​

• Cash withdrawals through ATM​
• Cash-out at a POS terminal​
• Bank@Post withdrawal​

Debit Mastercard limit to increase to $2,000.

• For Westpac Choice ‘Can I pay bills using BPAY®?’ removed reference to authorised signatories being excluded from making BPAY Payments via Telephone Banking.

• Under ‘Accounts for children’, clarified authorised signatories can use staff-assisted Telephone Banking. 

Westpac 55+ and Retired: ​

Increasing the frequency of credit interest paid to 55+ and Retired account holders from quarterly to monthly.

On page 19, ‘in branch’ has been removed from the seventh bullet point.

Section A. Features and Benefits

Westpac Term Deposit, Westpac Farm Management Deposit and Westpac Controlled Money and Separate Trust Term Deposit

How often is interest paid? from “Monthly, yearly or at Maturity (where the term is 12 months or less) or at the end of any notice period.” to “Monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section B. Your Account

Section 9. Interest rates that apply to your Account.

9.2 How the interest you earn is calculated and paid.

Update the second paragraph of 9.2 to “Interest is calculated daily and can be paid either monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section A Features and Benefits Who is eligible to open an account? (Table)

For Westpac Term Deposit (Page 5) Updated – Who  is eligible to open an account? – with text:

Personal customers of all ages with an Australian residential address and business customers (all signatories 18 years or above) with an Australian operating address. Additional restrictions apply if the Account holder is under the age of 14. Refer to clause 4 for more information.

Section B Your Account

Clause 4 Opening an Account for a minor in their own name.

For The following additional restriction applies if the minor is under the age of 12: (Page 15) – Updated with text:

• Electronic banking access is not permitted (refer to our Online Banking Terms and Conditions for further details).

Section B Your Account

Clause 9 Interest rate that applies

Sub-clause 9.2 How the interest you earn is calculated and paid

Interim interest payments

For Interim interest payments (Page 24) Replaced the second paragraph in the table with text:

• based on your interest payment frequency and the anniversary date relating to your account opening. Where you have nominated your interest to be paid into another account you hold with us:
  • if your anniversary interest payment date falls on the 29^th, 30^th or 31^st of a month which does not have that date (like February), it will, subject to the next bullet point, be adjusted based on the days available in that month and paid on the last day of that month.
  • if the interest payment date falls on a non-Business day, it may be made available that day, but will be processed and count towards the balance of your nominated account from the next Business day (including for the purposes of any applicable interest, fees, and overdrawing calculations relating to that account).

Where you have nominated your interest to be paid to an account with another financial institution, the timing of when that payment will appear in that account will depend on that institution’s processing times.