NEW TO AUSTRALIA? OPEN A SAVINGS ACCOUNT
Opening a Westpac eSaver when you arrive in Australia lets you save with unlimited withdrawals and bonus interest for the first 5 months.
Why open a Westpac eSaver savings account?
- Competitive standard variable interest rate
- Bonus fixed interest rate for the first 5 months¹
- No account-keeping fee²
- No minimum deposit or monthly balance
- Unlimited withdrawals and deposits via a linked everyday account
- Manage and access your account 24/7 using only Online Banking³
Tip: Once you arrive in Australia, you can apply online in just a few minutes. We'll need to verify your ID, which may mean we need to see you in person at your nearest branch.
Interest rates
Within 12 months of arrival in Australia (new eSaver customers only):
4.95 % p.a. Introductory special rate for the first 5 months |
1.00 % p.a. Standard variable interest rate after 5 months |
The introductory special rate for the first 5 months is a combination of:
| Standard variable rate | 1.00% p.a. |
| 5 month introductory fixed rate1 | 3.40% p.a. |
| New arrival fixed bonus rate4 (available from 10/10/2023 for a limited time only) | 0.55% p.a |
Account fees
To open a Westpac eSaver savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
Fees and charges may apply on the everyday account, including a $5 monthly account-keeping fee.
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $15 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | $15 |
| Direct debit | $0 |
Debit cards are not available for new eSaver accounts
For old accounts, that have a card, fees are not charged for:
- Point of Sale (POS) transactions
- ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) .
To open a Westpac eSaver savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
If you decide to open a Westpac Choice transaction account, the following fees will apply:
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $5 (criteria for fee waiver below) |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Direct Debit | $0 |
| Point of Sale (POS) transactions | $0 |
| ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) | $0 |
| Overdrawn Fee (for more information: Overdraw Preference Feature | $15 |
| Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas | $0 |
| Overseas Withdrawal Fee from a non-Global Alliance Partner ATM | $5 |
| Transactions made in foreign currency, and the merchant or financial institution is located outside Australia | 3% of the AUD transaction amount |
| Transactions made in foreign currency, and the merchant or financial institution is located in Australia | 2.2% of the AUD transaction amount |
| Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement | 15.01% p.a. |
The monthly fee is waived for:
- Customers that deposit at least $2,000 each month
- Customers under the age of 30 or full-time tertiary students
- Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment
- New to Australia or expatriate customers (for the first 12 months)
- Customers that link their Choice account to their Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked)
- Customers that open a new Westpac Choice account online (for the first 12 months).
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. 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. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 712KB)
Safe and secure savings
Frequently asked questions
An introductory fixed bonus rate of 3.40% p.a. applies for the first 5 months, on top of the standard variable rate when you are a new Westpac eSaver customer.
After 5 months, the standard variable interest rate, currently 1.00% p.a. will apply to your eSaver account.
Interest is paid on the last business day of each calendar month.
Balances in your account on or after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.
Yes, but you can open both accounts at the same time, or just the Westpac eSaver account, if you already have a Westpac Choice everyday account.
If you have arrived in Australia in the past 12 months, you’ll pay no Account-keeping fee for the first 12 months. After this, the usual fee of $5 will apply, unless you’re a:
- Customer under the age of 30
- Customer who is a full-time tertiary student
- Customer who deposits at least $2,000 each month.
Help when you need it
Things you should know
2. No account-keeping fee on Westpac eSaver: To open a Westpac eSaver account, you must hold a Westpac everyday account. Fees and charges apply on a Westpac everyday account.
3. Online Banking 24/7 access is subject to system availability.
4. New Arrivals Fixed Bonus Rate
- Bonus offer available from 10/10/2023 for a limited time only for customers who are new to Australia (arrived in the last 12 months).
- Only available for new eSaver accounts opened by sole applicants who have never held an eSaver account before.
- Customers must hold a valid foreign issued identification document in our identification checklist (PDF 657KB)
- If you are experiencing issues applying online, please contact a Westpac branch.
- Not available in conjunction with any other offer, unless we determine otherwise.
- We reserve the right to withdraw, amend or extend this offer at any time.
Once you arrive in Australia you can request a Debit Mastercard®. Read the Terms and Conditions (PDF 340KB) and decide whether the product is right for you.
6. Safe Online Banking 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. Refer to the Westpac Online Banking Terms and Conditions (PDF 1MB) for full details, including when a customer will be liable.
7. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.
Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.