Savings accounts
Saving for a goal or important event? Choose a savings account with bonus interest or a fixed introductory rate to meet your short- or long-term savings needs.
Boost your savings with Westpac
- You could earn bonus interest every month you grow your savings even if you withdraw money
- No monthly fees or transfer fees on savings accounts – other fees may apply
- Plus, no transactional fees on accounts for kids
- Options for short- and long-term savings with special introductory rates
Find the right Westpac savings account for you
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GOAL SAVINGS ACCOUNT FOR REGULAR SAVERS
Make your savings work harder to achieve your goals with Westpac Life. You could earn bonus interest each month your balance grows.
Earn up to:4.50%p.a.Total variable interest rateWith a:0.40%p.a.Standard variable base rate
To earn bonus interest over the month:
- Tick - Keep your account balance above $0 at all times
- Tick - Make a deposit into the account. Interest paid into the account doesn’t count
- Tick - Your balance must be higher at the end of the month than at the beginning.
How interest and bonus interest is calculated in FAQs.
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YOUTH SAVINGS ACCOUNT
Get a Westpac Bump account to separate your savings from your spending. Set up Savings Goals and get bonus interest when you make regular savings.
Earn up to:4.50%p.a.Total variable interest rateWith a:1.75%p.a.Standard variable base rate
To earn bonus interest over the month:
- Tick - Keep your account balance above $0 at all times
- Tick - Make a deposit into the account. Interest paid into the account doesn’t count
- Tick - Your balance must be higher at the end of the month than at the beginning.
How interest and bonus interest is calculated in FAQs.
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TERM DEPOSIT ACCOUNT FOR LONG-TERM SAVERS
A fixed interest rate means you’ll know exactly how much you’ll earn. Make the most of our bonus interest and choice of different terms.
11 months Special Offer option 1:4.00%p.a.Open or renew online fixed rate11 months Special Offer option 2:3.90%p.a.Open or renew in-branch fixed rate
Special Offer rates are available from 8/04/2025:
- Tick - On Term Deposits opened or renewed by a Westpac customer
- Tick - For deposits of $5,000 to $2,000,000 on terms of 11 months
- Tick - Interest payments paid monthly or at maturity. T&Cs apply.
Special offer T&Cs and Online bonus conditions in FAQs.
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ONLINE SAVINGS ACCOUNT FOR SHORT-TERM SAVERS
Save smarter with Westpac eSaver. Enjoy a hot intro rate for the first 5 months, unlimited withdrawals, and 24/7 access to your savings.
Introductory rate option 1:4.50%p.a.Online application (sole applicants only)Introductory rate option 2:4.15%p.a.In-branch or staff assisted applications
The 5-month introductory rate applies for:
- Tick - Sole applicants who have never held an eSaver account before
- Tick - Joint account holders where the primary account holder has never had an eSaver account
- Tick - The first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate will apply.
How interest and bonus interest is calculated in FAQs.
Aged 18-29?
You could earn up to 5.00% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. T&Cs and exclusions apply.
Calculate your savings potential
Estimate how much you’ll need to put away each month for the things you want to save for. Begin with your starting balance to figure out how long it may take to reach your goal.
Get both a banking and savings account
Frequently asked questions
A savings account is a type kind of bank account where you can deposit your money and let it grow by earning interest. It helps you save money over time while still letting you use your money when you need it.
With a savings account, you can:
- Make deposits
- Receive money from other people or banks
- Grow your savings with the interest earned on your balance.
There are different types of savings accounts for different saving goals and needs.
In most cases interest rates on savings accounts can be either fixed or variable. Depending on the type of savings account, you might get an introductory or a bonus rate.
When comparing savings accounts, look at the interest rates offered. Consider if you're wanting to save for a short-term goal or build consistent long-term savings. Higher rates mean you'll earn more on your savings. Check if there are any fees associated with the account and consider how easily you can access your money.
Interest: is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
Bonus interest: is calculated after 11:59 pm on the last business day of the month. If you make transactions before this time, it might change whether you get the bonus interest.
We define a month as: from the end of the last business day of the previous month to the end of the last business day of the current month. By the end of the business day, we mean 11:59pm on any weekday, except weekends and national public holidays.
A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate.
A savings account gives you access to your money at any time but has an interest rate that can change.
Special Offer Terms and Conditions
If you deposit between $5,000 to $2,000,000 for 11 months, you can get the Special Offer. Please be aware that:
- The rate is only for the first term, and it might change later
- Interest is paid either every month or at the end of the term
- If you need to take out money early, you must give 31 days' notice unless in cases of hardship
- If you withdraw early, the interest rate might be lower
- To renew a Term Deposit, you need to give instructions during the variation period
- We reserve the right to withdraw or change this offer at any time.
Online Bonus conditions
The Online Bonus applies:
- For existing Westpac customers
- When Online Banking or the Westpac App is used to open or renew a Term Deposit during the variation period
- In conjunction with any other applicable offer.
The Online Bonus is not available to those that can’t open or renew online. These include:
- Some joint accounts
- Financial Institutions
- Westpac Institutional Bank customers
- Farm Management Deposits
- Term Deposits held as security.
Not in all cases.
Under 18?
- Opening a Bump savings account? You don’t have to open an everyday account. However, you’ll only be able to access your money in branch. For easy access to your money you might want to open a Westpac Youth Choice everyday account.
18 or over?
- Opening a Westpac Life or Westpac eSaver savings account? You’ll need to open a Westpac Choice everyday account if you don’t already have one.
- Opening or renewing a Term Deposit? You don’t have to open an everyday account.
Note: Although monthly fees don’t apply for savings accounts or Term Deposits, a $5 monthly account-keeping fee may apply for a Westpac Choice account.
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.