Westpac savings account options include eSaver and Reward Saver, neither of which incur a monthly service fee. The eSaver account offers bonus interest for the first five months. Reward Saver has a base rate of 0.01 per cent, but pays bonus interest in any month that you deposit at least $50 and make no withdrawals. Westpac also offers term deposits, home loans, credit cards, car loans, personal loans, insurance, superannuation, financial planning and investment services. Westpac is Australia’s first and oldest bank, having begun life in 1817 as the Bank of New South Wales.
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Westpac savings accounts
Why choose Westpac
Benefits
- No monthly fees
Drawbacks
- Maximum interest rate comes with conditions
Westpac Savings Accounts
Product
Westpac Life - 18 to 29 years old
Features
*Make 5+ eligible debit card purchases on your Westpac Choice account and make at least 1 deposit into your Westpac Life Account so that your balance is higher than at the beginning of the month in your Westpac Life Account
Winner of Best Savings Account Young Adults, RateCity Gold Awards 2023
Maximum rate
Base rate
Maximum monthly interest
Total interest earned
5.20%*
p.a
2.00%
p.a
$28*
$301*
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Product
eSaver
Features
*Limited time only. Only available for new eSaver accounts opened online by sole applicants who have never held an eSaver account before.
Maximum rate
Base rate
Maximum monthly interest
Total interest earned
4.75%
p.a
intro 5 months then 1.20%*
1.10%
p.a
$22*
$148*
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Product
Life
Features
*Make a deposit to the account each month and ensure your account balance is higher at the end than the beginning
Maximum rate
Base rate
Maximum monthly interest
Total interest earned
4.75%*
p.a
2.00%
p.a
$26*
$274*
Go to site
Product
Bump Account
Features
*Make a deposit to the account, account balance is higher at the end than the beginning and account balance is above $0 at all times.
Maximum rate
Base rate
Maximum monthly interest
Total interest earned
4.75%*
p.a
2.00%
p.a
$26*
$274*
Go to site
Savings Accounts calculator
Use our savings account calculator to see how much you can earn under different investment scenarios.
Your monthly interest earned would be
at interest rate 5.20 %
Total interest earned
$295
Total amount
$6,495
Savings Calculation Assumptions
- The recurring deposit is considered on the first day of the month from month 2. It is assumed that the initial deposit in month 1 includes the individual's monthly contribution for the recurring amount.
- The calculator is for a 12 month period for a non-leap year
- Interest is calculated daily and added monthly