Westpac eSaver

Moneybuddy says

Westpac eSaver is an online savings account that offers a high introductory bonus and a competitive ongoing savings rate. The current variable interest rate is 2.71% p.a for the first 5 months, which includes the 1.46% p.a fixed introductory bonus. After 5 months the current standard variable rate is 1.25% p.a. The eSaver allows you very easy access to your money. You can transfer your money between accounts with little hassle, online and via telephone banking. There are no fixed terms, which means that you maintain constant access to your money and the account won't lock it away from you for any set time. You also don't need to keep a minimum monthly balance, and there's no account service fees. An easy savings option from Westpac.

The Basics

Interest paid Monthly

Interest calculated Monthly

Headline interest rate p.a. 2.71%

Monthly fee $0

Account type Savings

The cool stuff: features

ATM access No

EFTPOS access Yes

Branch access No

Internet Banking Yes

Age restrictions Yes

Cheque book facility No

Debit card No

BPAY No

GiroPost No

Phone access Yes

The Facts & Figures

Balance less than $1k (p.a.) 2.71%

Balance less than $5k (p.a.) 2.71%

Balance less than $25k (p.a.) 2.71%

Balance greater than $100k (p.a.) 2.71%

Min. balance $0

Min. opening deposit $0

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee $5

EFTPOS transaction fee $5

Branch assistance fee $5

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Westpac says

The Westpac eSaver is ideal for those looking to earn a competitive return whilst having the convenience to instantly access funds, through automated Telephone and Internet Banking, 24 hours a day, 7 days a week.

Features and benefitsHigh interest calculated daily on the full balance and paid monthly, No monthly service fee, Unlimited and fee free access to funds via Internet or Automated Telephone Banking to a linked transaction or savings account, No minimum balance, transfers or fixed investment terms, Optional paperless estatementsNote: To operate the Westpac eSaver account, you must hold a Westpac transaction or savings account in the same name(s) as your Westpac eSaver account.

Key features

  • Bonus interest rate of 1.46% p.a for the first 5 months
  • High interest calculated daily on the full balance and paid monthly
  • No monthly service fee
  • Unlimited and fee free access to funds via Internet or Automated Telephone Banking to a linked transaction or savings account
  • No minimum balance
  • transfers or fixed investment terms
  • Optional paperless estatements

Pros

  • No account fees
  • No minimum monthly balance
  • No fixed terms
  • Easy transfer of money between accounts
  • Interest rate bonus for the first 5 months

Terms & conditions

To hold a Westpac eSaver, customers must hold a Westpac Transaction or Savings account in the same name.The fixed introductory bonus rate is only available for the first 5 months from account opening on top of the standard variable rate if you open a new Westpac eSaver account and you have not held an eSaver account in the last 5 months. The standard variable rate may be changed at any time, but the fixed bonus rate will not change while it applies.Fees may apply on the other linked transactions or savings account.All non automated Telephone Banking or non-Online Banking transactions will incur a $5 transaction fee, these include branch staff assisted withdrawals, card access, cheque book access, periodical payments, direct debits and BPAY® transactions. Daily transaction limits apply.For all accounts, balances in your account on and after the last business day of the month, including deposits made to your account on or after the last business day of the month, will not be included in the interest calculation for that month, but in the interest calculation for the following month.

 
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