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.
Westpac savings accounts
Other available products
Why choose Westpac
Benefits
- No monthly fees
Drawbacks
- Maximum interest rate comes with conditions
Westpac Savings Accounts
Provider
Compare
5.20%*
1.85%
$28*
$295*
Westpac Life - 18 to 29 years old
5.00%
1.10%
$22*
$139*
eSaver
5.00%*
1.85%
$27*
$284*
Life
5.00%*
2.00%
$27*
$284*
Bump Account
0.30%
0.30%
$2
$17
55+ and Retired
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
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.