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Westpac Reward Saver

Westpac Reward Saver is savings account which is designed to reward regular savers who are happy to make no withdrawals. In return for this Westpac offers a rate of upto 1.25% p.a. This rate includes a bonus of 1.24% p.a. variable rate on top of the 0.01% p.a. standard base variable rate every month you maintain a credit balance, make no withdrawals and deposit at least $50 by the last business day of the month. This is a month to month offer, so if you fail to meet the conditions in April for example, you still qualify for the Bonus Interest Rate in May, so long as you meet the conditions of depositing $50 and making no withdrawals.

  • Set up regular transfers (periodical payments) - to your Reward Saver account to help reach your savings goal sooner.
  • Earn interest on your entire balance - from $1 to no upper limit.
  • No monthly service fee - No charges to maintain or administer the account 
  • Track your savings how you prefer to - Online, Mobile or Telephone Banking
  • Safe online banking - with Westpac's security guarantee.
  • No minimum balance to open the account
  • Withdrawal fees - Your account will be charged $2.50 when you make a withdrawal online, by phone, with direct debit or at a branch.  

When is interest paid to my Westpac Reward Saver account?

Interest is paid on the last business day of each calendar month. Balances in your account on and 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

Under 12 or aged 12 to 21? 

Westpac offer a separate Reward Saver accounts for kids under 12 and for those aged 12 to 21. Each earns the variable bonus rate when you deposit any amount, so no need to keep these to the $50 level of this account, and make no withdrawals during the month. 

Account Details
Provider Westpac
Product Details High interest savings account with bonus interest rate, $0 account fee & mobile, online and branch access plus BPay.
Max. Variable Rate 1.25% p.a.
Standard Variable Rate 0.01% p.a.
Bonus Variable Rate 1.24% p.a.
Bonus Rate Conditions Deposit $50 and make no withdrawals each month to earn a Bonus 1.24% p.a. interest
Account Features
Min. Opening Deposit $0
Internet Banking Yes
Phone Banking Yes
Joint Application Yes
Min. Age to Apply 12
Covered by Govt Guarantee Yes (Up to $250,000 per person, per institution)
ATM Access Yes
EFTPOS Facility Yes
Bpay Yes
Cheque Facility No
Branch Access Yes
Fees
Monthly Account Fee $0
Monthly Deposit to waive Account Fee -
Phone Transaction Fee $2.50
Internet Transaction Fee $2.50
ATM Withdrawal Fee -

What happens when I click "Go to site"?

  • 1

    Clicking Go to site will direct you to the providers web site

  • 2

    Complete the online application on the providers web site

  • 3

    Once approved the provider will issue your new product, delivery times will vary by provider.