Westpac savings accounts
Westpac savings account options include eSaver and Reward Saver, neither of which incur a monthly service fee. The eSaver account offers bonus interest for the first five months. Reward Saver has a base rate of 0.01 per cent, but pays bonus interest in any month that you deposit at least $50 and make no withdrawals. Westpac also offers term deposits, home loans, credit cards, car loans, personal loans, insurance, superannuation, financial planning and investment services. Westpac is Australia’s first and oldest bank, having begun life in 1817 as the Bank of New South Wales.
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Why choose Westpac
Westpac Savings Accounts
Starting deposit
Monthly deposit
For time period (in months)
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5.00%
intro 5 months then 1.45%*
1.10%
*Available for new accounts opened online by ne...
eSaver
- Bonus interest with conditions
- Intro offer rate
- App banking
- Online banking
5.00%*
1.85%
*Ensure your account balance is higher at the e...
Life
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.20%*
1.85%
*Make a deposit and make 5+ purchases on your W...
Westpac Life - 18 to 29 years old
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.00%*
2.00%
*End the month with a higher balance and ensure...
Bump Account
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
0.30%
0.30%
Not applicable
55+ and Retired
- App banking
- Online banking
Savings Accounts calculator
Use our savings account calculator to see how much you can earn under different investment scenarios.
The result provided is an estimate only. Please read our Calculator Assumptions and Disclaimer for more information.
Your savings at the end of the term would be
Total interest earned
$0
- This calculator provides an estimate of how much you would earn in interest based on your initial deposit (made at the end of the first period), regular deposits (credited to the savings account at the end of a period), interest rate and savings period.
- The Present Value provided by this calculator is displayed as the amount labelled 'Your savings at the end of the term'.
- Calculations assume that details entered into the calculator, including interest rates, do not change for the savings period. ‘Savings period’ assumes equal length of time.
- While standard interest rates are an annual percentage, the interest earned here is based on a daily calculation and paid monthly.
- The calculation rounds off the savings amount to the closest dollar value.
- All calculations are estimates only. All results are based solely upon the data entered into the calculator.
- Calculator does not include all fees and charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only, is general and has not taken into account your personal circumstances. Consider whether you need financial advice from a qualified adviser. Read our full disclaimer.
Savings Calculation Assumptions
- The recurring deposit is considered on the first day of the month from month 2. It is assumed that the initial deposit in month 1 includes the individual's monthly contribution for the recurring amount.
- The calculator is for a 12 month period for a non-leap year
- Interest is calculated daily and added monthly
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.