Westpac Transaction Accounts

Westpac is a provider of transaction accounts, as well as other banking solutions such as home loans, credit cards, personal loans, insurance, superannuation and investment advice.

Compare Westpac transaction accounts

Considering a transaction account from Westpac? The table below displays a snapshot of Westpac transaction accounts on Canstar’s database, sorted by Star Rating. These results are based on a person in NSW with an average of 35 transactions per month.

 


Click here to compare more products based on your circumstances.

What transaction accounts does Westpac offer?

Westpac offers a single transaction account at the time of writing:

Westpac Choice

Westpac’s most popular bank account offers online and mobile banking, no monthly account fee if you deposit at least $2000 per month, and the option of a Westpac PayWear wristband which allows you to make contactless payments on the go.

The Choice account is also available for tertiary students under 21s, retirees and people over 55.

Does Westpac also offer savings accounts?

Yes, Westpac does offer savings accounts in addition to its transaction accounts – the Westpac Life, Westpac eSaver and Bump Savings accounts. For more information, check out our brand page for Westpac Savings Accounts. (Insert hyperlink here)

In order to get more out of a savings account with Westpac, you may need to link it with your transaction account. You do not, however, need to have a savings account with Westpac in order to use your everyday transaction account.

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 in NSW with $1,000 in current savings.

Click here to compare more savings accounts based on your circumstances and preferences. To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here.

Does Westpac charge fees on its transaction accounts?

Transaction 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 Choice account at the time of writing (16 August 2018):

  • Foreign currency conversion fee: 3.00% (Outside Australia) or 2.2% (within Australia)
  • Overseas cash withdrawal: $5.00 (if ATM not a Global Alliance Partner)
  • Debit dishonour fee: $5.00
  • Account overdraw fee: $15.00
  • Periodical payment not made: $5.00

Westpac also charges a $5 monthly fee if you do not deposit at least $2,000 a month,

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

Westpac offers both online and mobile banking for its transaction account products, known as Westpac Live. Its app is available in both the Apple and Google store.

Notable features of Westpac’s mobile banking include receiving e-statements, checking information without signing in via Quick Balance, fast transfers between accounts and Westpac Protect security.

How to apply for a Westpac transaction account

Before applying for a Westpac transaction account, try to first compare it against others on the market to ensure it is the right one for you. You can then apply for a Westpac account online or over the phone. You will need to provide the following 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

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.

To register for Westpac Live online banking, you’ll need:

  • A Westpac Everyday Bank Account
  • Your BSB and Account details
  • Your 9-digit customer ID or debit card number

Related article: How to change bank accounts

Eligibility requirements

Before applying for a Westpac transaction account, you will also have to be an Australian citizen or permanent resident. You’ll also need to be at least 12 years old.

What other banking products does Westpac provide?

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

About Westpac

Westpac is the oldest company in Australia and the first bank ever founded in this country. Established back in 1817 as the Bank of New South Wales, the company grew to a network of 37 branches by 1861. It acquired the Commercial Bank of Australia in 1982 and changed its name to Westpac Banking Corporation the same year, with several other major acquisitions occurring throughout the 1990s and early 2000s.

Westpac is proud of its history and has been actively involved in sponsorship and other initiatives in Australian society. The bank was a major sponsor of the 2000 Sydney Olympic Games, and has supported the Westpac Lifesaver Rescue Helicopter Service for more than 44 years. The company also sponsors the Sydney City2Surf and Adelaide City-Bay fun runs, as well as the Invictus Games in Sydney 2018.

Written by: Sam Bloom | Last updated: August 24, 2018

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