Westpac Savings Accounts

Westpac is a provider of savings accounts, as well as other banking solutions such as loans, credit cards, insurance, superannuation and financial advice.

Compare Westpac savings accounts

Considering a savings account from Westpac? The table below displays a snapshot of Westpac savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

Compare Savings Accounts

What savings accounts does Westpac offer?

Westpac offers the following savings accounts at the time of writing:

Westpac Life

A flexible savings account with bonus interest for regular savers that may be a suitable option for either long and short-term savings goals.

Westpac eSaver

An online savings account with a high interest rate, 24/7 access to your funds and no minimum balance.

Bump Savings

Available for under 18s, an account designed to help children kickstart their savings.

Star Rating based on a Junior Saver in NSW with $1,000 in current savings. 

You can view the current interest rates on Westpac savings accounts in our comparison tables.

Do Westpac savings accounts require a linked transaction account?

A linked transaction account is required for the Westpac Life account.

You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.

Does Westpac charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Westpac charges the following fees on its savings account at the time of writing (7/08/18).

  • $2.50 staff assisted telephone banking withdrawal
  • $2.50 branch staff assisted withdrawal

Other fees may also apply. For more information on fees and how they apply, please check the Product Disclosure Statement.

What does Westpac offer in terms of mobile banking for savings accounts?

Westpac offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Westpac’s mobile banking include:

  • Check your balance and make quick transfers between accounts
  • Quick access to its most popular services

How to apply for a Westpac savings account

Before applying for a Westpac savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Westpac savings account online, provided you have the correct documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number
  • A current Australian Tax File Number

Once your account is opened, Westpac may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Westpac states on its website that you can open an account in less than three minutes.

Related article: How to change bank accounts

Eligibility requirements

To be eligible for a Westpac savings account, you will have to meet the following eligibility requirements:

  • Be over 18 years of age
  • Be an Australian resident for tax purposes
  • Live at an Australian residential address

What other banking products does Westpac provide?

Westpac provides a variety of different products to consumers, including:

About Westpac

According to Westpac it was Australia’s first bank, and its first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers.

Westpac is one of the ‘Big 4’ Australian banks and owns a number of other banking brands including St. George, Bank of Melbourne, BankSA, and RAMS.

Westpac Life

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Written by: Maddie Clarey | Last updated: August 27, 2018