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Westpac bows to pressure, announcing savings rates hikes

Westpac bows to pressure, announcing savings rates hikes

16 Jun, 2023 - 3 min read

Westpac has this afternoon announced it will be increasing the rates on select savings accounts, effective 20 June, following last week’s RBA rate hike announcement.

The bank had previously remained silent on what it intended to do for its customers with a savings account.

In today’s announcement, Westpac has said it will increase its Life account with the full 0.25% points. However existing eSaver customers have missed yet again, with their rate remaining at 1.10%.

The bank has also increased its Spend&Save rate, for Australians aged 18 – 29, to a healthy 5.20%, provided customers meet certain terms and conditions.

Westpac savings rate changes – effective Tuesday 20 June

	Old max rate	New max rate	Change
Life	4.50%	4.75%	+0.25%
eSaver	4.50% for 5 mths then 1.10%	4.65% for 5 mths then 1.10%	+0.15% to intro rate, no change to ongoing
Spend&Save (ages 18-29)	5.00%	5.20%	+0.20%
Bump (under 18s)	4.50%	Under review

Source: RateCity.com.au. Note: terms and conditions apply for some maximum rates.

Big four bank savings account rates post RBA

BONUS SAVERS
Account	Max rate	Conditions for max rate
CBA GoalSaver	4.65%	Grow balance each mth
Westpac Life	4.75%	Grow balance each mth
NAB Reward Saver	4.75%	1 deposit, no withdraw / mth
ANZ Progress Saver	4.25%	$10+ dep, no withdraw/mth
ONLINE SAVERS
Account	Rate	Conditions for max rate
CBA NetBank Saver	4.75% for 5 mths then 2.20%	No conditions
Westpac eSaver	4.65% for 5 mths then 1.10%	No conditions
NAB iSaver	4.75% for 4 mths then 2.00%	No conditions
ANZ Online Saver	3.40% for 3 mths then 1.60%	No conditions
OTHER
Account	Max rate	Conditions for max rate
ANZ Plus Save (15 yrs+)	4.65%	None
Westpac Spend&Save (18-29 yrs)	5.20%	Grow bal each mth. 5+ purchases on linked account.

Source: RateCity.com.au. Note: Westpac rates effective 20 June.

RateCity.com.au research director, Sally Tindall, said: “The big four banks have now all declared their hands, but it’s a mixed bag depending on who you bank with, which account you have, and your time as a customer.”

”Westpac has the highest and lowest ongoing savings rates out of the big four banks, serving up a competitive 5.20 per cent for young adults yet a miserable 1.10 per cent for existing eSaver customers,” she said.

“If you’re a longsuffering eSaver customer, know you are getting fleeced.

“A rate of 1.10 per cent is not something you should cop on the chin. Spend half an hour looking at better options and an extra ten minutes opening a new account. You should start seeing the benefits of a higher savings rate straight away,” she said.

Compare savings accounts

Maximum rate condition

3.75%*

0.01%

*Make a single deposit of $10 or more and no wi...

Progress Saver

Bonus interest with conditions
App banking
Online banking

4.75%*

2.40%

*Grow your balance (excluding interest and bank...

Youthsaver Account

Bonus interest with conditions
App banking
Online banking

4.90%

intro 5 months then 2.15%

2.15%

Not applicable

NetBank Saver

Intro offer rate
App banking
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Linked account required

4.65%

0.10%

Not applicable

Reward Saver

App banking
Online banking

Product database updated 12 Apr, 2025

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Eden Radford

External Comms Lead

Eden Radford is the External Comms Lead for RateCity, bringing almost a decade of experience across the finance services and technology sectors. In prior years, Eden has worked with Lendi, Aussie, Xero, Qualcomm, Accenture, and Dyson, among others, while being a pillar of expertise for government clients and contracts, as well. Eden has a passion for improving financial literacy, data storytelling and helping people better understand the decisions they can make about their own finances.