Westpac savings account types Westpac Choice. 3. May 5, 2025 · Most banks offer savings accounts and term deposits that pay interest on the account balance, typically on a monthly basis or at the end of the term if it’s a term deposit. 2 days ago · The Westpac Life Savings high interest savings account offers rates up to 4. For all accounts, balances in your account on and after the last business day of the month, including deposits made to your account on or after the last business day of the month, will not be included in the interest calculation for that month, but in the interest calculation for the following month. Set up in branch or call 0800 400 600 . 10% p. Westpac 55+ and Retired is a transaction account for eligible retirees aged 55 or over to deposit and withdraw funds by various channels including Debit Mastercard and also offers interest on account balances. A transaction account is designed to give you readily available access to your money. Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. Westpac was the first of the big four banks to adjust its savings rates. An online savings account with a high interest rate, 24/7 access to your funds and no minimum balance Jul 6, 2023 · The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Find out what information we need from new customers You can open a Westpac Bump savings account, which is designed to help under 18s kick-start your savings plans. Designed for different purposes, transaction accounts are best for paying bills, shopping and receiving wages, while savings accounts are ideal for growing your savings and reaching Whether you’re opening a transaction account, a savings account, or both, it’s crucial that your accounts are secure, and your money stays safe. An online savings account designed for those who wish to earn a higher rate of interest on their investments having convenient access to funds via Telephone Banking or Online Banking. everyday bank accounts; savings accounts; term deposit; The everyday account types include: General bank account; Under 21s and student accounts; Joint bank accounts; 55+ and retired account; International student accounts Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. A bundle of everyday and savings joint accounts, to help you manage your money together³. Some of the security features Westpac offers include 24/7 fraud monitoring and a Fraud Money Back Guarantee. Once you're in Westpac One online banking (or are an existing customer), you can then also apply for other products such as a term deposit, credit card, personal loan and some of our Savings accounts. The big banks Westpac savings account rate cuts. Bonus interest is payable each month that you: Westpac everyday account: To open a Westpac eSaver account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking. A savings account is a type of financial account opened with a financial institution, such as a credit union or one of Feb 18, 2025 · This page will detail the latest rate change announcements for savings accounts following the RBA's February decision. Rate Type. 3 The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Notice Saver, based on a PIR of 28% and an income tax rate of either 30%, 33% or 39%. Westpac offers the following savings accounts at the time of writing: Westpac Life. Child must be Online savings accounts typically offer higher rates of interest when compared to transaction accounts and are designed to help you save money and reach your savings goals (in other countries, they may be referred to as interest checking accounts). It outlines the necessary details required from the organization, including registration information, type of account needed, and customer declaration. if bonus interest criteria are met : Standard variable rate: 0. 4% higher than the average 0%. 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. The Life savings account is Westpac’s offering for regular savers. If you decide to open a Westpac Choice transaction account, the following fees will apply: Account Max Rate p. 0. the products and services described on this website are Westpac Life. The ANZ Serious Saver Account is a basic savings account with a bonus savings component. Bank on the go with Westpac One® online banking. Your savings account. You can transfer money between accounts, be rewarded with bonus interest and get a debit Mastercard each. Westpac Bank Account Types. We are required to verify your: Full name; Date of birth; Residential address; Occupation; Signature; Citizenship; TIN Westpac provides Papua New Guinea with a range of overseas banking services, including various personal and business loans, bank accounts, Internet Banking, term deposits and overseas transfers. 40% p. An interest rate of 2. 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 Aug 27, 2024 · Card type Promoted. Westpac provides Fiji with a range of overseas banking services, including various personal and business loans, bank accounts, Internet Banking, term deposits and overseas transfers. 50% p. We are required to verify your: Full name; Date of birth; Residential address; Occupation; Signature; Citizenship; TIN; Income source The document is an account opening form for companies, societies, clubs, and other associations at Westpac Banking Corporation. Card access to your account using a Visa Debit Card 1 or Westpac Handycard . Mar 5, 2025 · Westpac. Apple Pay Google Pay Samsung Pay The Westpac Life savings account offers one of the most competitive savings rates in the market for customers under 30. T&Cs apply. 75% is 1. Savings accounts come in various forms, with different levels of access to your money – they usually don’t have a linked Debit Card to access your cash at ATMs. There aren’t any age restrictions to opening an account, and it includes the Savings Goals feature, where money within the account can be ‘bucketed’ into up to 6 different goals. 1 Apple Pay and Google Pay are available to eligible Westpac debit and credit Mastercard customers. By selecting the OPEN NOW button, you can open a Choice account at the same time as the Westpac Life account or just the Life savings account. 00% p. You’ll need an everyday account to open a Westpac Savings account. variable interest rate on savings up to $30,000*. Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. To open a Westpac personal bank account, you’ll need to provide us with a signed and completed personal account opening form, along with some current identification documents. Type Floating: Rate 0 To open a Westpac Life savings account, you must: Hold a Westpac everyday account in the same name ; Be registered for Online and Telephone Banking. 4 days ago · How transaction bank accounts differ from savings accounts. This information does not take your personal objectives, circumstances or needs into account. 75 % lower than the highest rate Updated May, 2025 May 9, 2024 · Westpac notes that your account balances may not look the same as this. Generally, two types of bank accounts in Australia are transaction accounts and savings accounts. Any advice has been prepared without your objectives, financial situation or needs. Westpac Fraud Money Back 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. You can easily compare features across our range of accounts to decide which account could work best for you. Bonus variable rate: 4. To open a Westpac personal bank account, you’ll need to provide us with a signed and completed Personal Account Opening Form (PDF 415KB), along with a Westpac referee form and any other current identification documents. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. We have everyday bank accounts to help you better manage your money and savings accounts to help grow your money. The types of business savings account on offer include standard and bonus interest rate easy access savings accounts, and business term deposits – which allow you to invest funds for a fixed period at a fixed interest rate. Special Conditions Max Balance; Rabobank’s High Interest Savings Account: 5. High-Interest Savings Accounts: For those looking to supercharge their savings, Westpac’s high-interest options are worth exploring. That means you could open a Westpac Choice account if you don’t have one already. We are required to verify your: Full name; Date of birth; Residential address; Occupation; Signature; Citizenship; TIN; Income source If you're new to Westpac, you can open a Westpac Everyday account and a debit card or a Simple Saver account online. But with so many different banks and account types available out there Our everyday bank account comparison table makes selecting the most appropriate bank account that much easier. The rate of 0. Customers also need a compatible Apple or Android device. a. The rate of 1. Access and manage your money with a range of day-to-day accounts, savings accounts and term deposits. Access to our smart money tools to help you manage your account. After 5 months the standard variable rate The $20 excludes interest earned on the account and/or Westpac fees charged to the account. Westpac Savings Accounts; Westpac Community Solutions One 50000 99999 VARIABLE . There are two main types of bank accounts in Australia: transaction accounts and savings accounts. 50% base interest rate; 2. Refer to the Westpac Debit Mastercard Terms and Conditions for full details, including when a customer will be liable. The Business Premium Cash Reserve has certain qualifying criteria. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. An ‘untouchable’ savings account like a term deposit sets savings aside for an agreed period while providing certainty of knowing what interest will be paid on the deposit, provided the deposit conditions are met. 40% is 0. 55%: Westpac Westpac Life BONUS : 3. Westpac Life Savings Account. Each offers slightly different features and benefits, so no matter who you are, you’ll be able to find something that suits your needs 6 . for the first 5 months applies. Set some personal goals and put money aside regularly to earn bonus interest1. 75% p. We outline the best bank accounts currently available. Westpac eSaver. 2. At the end of the 12-month period, the monthly Account Keeping fee (currently $5) will apply unless the minimum monthly deposit criteria are met. 45%: 4. Access your account with an EFTPOS or debit card¹. (calculated daily) applies on the part of the balance above $249,999. These rates were effective at the time of writing in February 2025 but may since have changed. 00%: Intro rate applies for 4 months before reverting to base. Jan 15, 2025 · Westpac’s standard savings accounts, like the Westpac Choice account, are perfect for those who need frequent access to their money while still earning some interest. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view our Personal Transaction and Savings Accounts Terms and Conditions and our Term Deposit Terms and Conditions. A flexible savings account with bonus interest for regular savers that may be a suitable option for either long and short-term savings goals. For Westpac issued products, conditions, fees and charges apply. Some Oct 21, 2022 · Almost everyone needs a bank account and savings account, either to pay for your everyday expenses, to keep an emergency fund, or for short-term savings goals (given other assets like shares are too volatile for the short-term). 75% higher than the average 0%. Open in less than 3 minutes. Base Rate p. Westpac has one high interest savings account: Westpac Bonus Saver: 2. Also it is -1. No monthly account or electronic transaction fees. Westpac Life is a flexible savings account that supports your savings goals. To open a Westpac Bump Savings account, there is no requirement for customers to hold a Westpac everyday account. These may change or we may introduce new ones in the future. 24/7 protection and security with Online Guardian. Savings accounts are more flexible, while term deposits generally offer higher interest rates but require you to lock in your money for a set period. Transaction (or everyday) accounts and savings accounts are the two main types of bank accounts in Australia Transaction accounts (often called checking accounts or current accounts in other countries) give you access to your cash and will most likely be the account your employer will pay your wages into, if you’re working Sweep Over automatically moves money from your transaction account to your Savings account, so you can save faster and have enough in reserve to cover unexpected bills. Most types of business - plus trusts, not-for-profits and associations - can open most Westpac business accounts online. You could earn bonus interest each month your balance grows. Then, when you're ready, ask your parents or a trusted adult to help you look at different ways you can begin investing. This includes: 1. For more information refer to the Choice Basic brochure (PDF 662KB) Fees. Lending criteria apply to approval of credit products. Bonus Saver has a lower base interest rate, but offers premium interest if you increase your account balance by at least $20 each month. . 25% bonus interest rate; Unlimited free withdrawals; Compare savings accounts for free with Australia Savings Account Westpac Westpac Savings Accounts. Parental Control: Parents, grandparents, or guardians must be an account signatory to have Parental Control. Interest. 5. New customers with two or more signatories will need an ID and document check in branch before they can start making payments from their account. Account Name Rate; Westpac Westpac eSaver INTRODUCTORY : 3. Oct 11, 2021 · Westpac Choice joint transaction account + Westpac Life joint savings account. To open a Westpac Life savings account, you must: Hold a Westpac everyday account in the same name ; Be registered for Online and Telephone Banking. Savings accounts are designed to help you reach your savings goals, where access might be limited so you can earn interest on your money. Westpac offers its personal banking customers. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. Once you've selected a transaction account to take care of your everyday banking needs, it's a good idea to set up a savings account as well. This can be linked to your transaction account so you can move money between the two, easily; you could also set up a regular automatic payment (perhaps every payday). 15%: Westpac Cash Investment Account 5000000 VARIABLE Interest is calculated daily using a tiered interest rate, meaning the particular interest rate that applies to you will depend on the daily closing balance of your Cash Investment Account. Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked) For Westpac Choice Concession accounts. Our must-read guide compares the fee-free, low overdraft and interest-earning bank accounts offered by the ANZ, ASB, BNZ, Kiwibank, Westpac, Heartland, TSB, SBS and more. Full details are available on request. eSaver: If you have not had a Westpac eSaver account before, a total introductory rate of 4. ANZ Bonus Serious Saver Savings Account. Westpac Life. To ensure access to Savings and/or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard®. The rate indicated applies when you can earn bonus interest when you make no withdrawals as well as deposit at least $20 or higher before last or on last business day of the month. Types of savings accounts available; If you’re aged 18-29, the Westpac Life savings account offers a 5. 00% Apr 24, 2025 · Savings Accounts - Westpac is perhaps the most versatile for new customers when it comes to opening a savings account, with four different options available. Westpac Banking Corporation ABN 33 007 457 141, incorporated Total variable rate: 4. 1. If you decide to open a Westpac Choice transaction account, the following fees will apply: With a Westpac Bump kids savings account, get the money-growing habits you need. Conditions and fees may apply. How do you open these account types? To open a Westpac personal bank account, you’ll need to provide us with a signed and completed personal account opening form, along with some current identification documents. Savings accounts may be a single or joint account, giving account access to both parties. To save you time, if you want a Westpac transaction account for your everyday banking, plus a separate account for your savings, you can open both accounts online in one application. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. Fees and charges may apply on the everyday account. 2 You must be a member of Air New Zealand’s Airpoints™ programme to be eligible to earn Airpoints Dollars™. qlyer ijujge gaaghw zmcsq jkgj tddfs ugcvtmb kgou vwj gvckfbtg