Westpac Reward Saver

Moneybuddy says

If you are one of those people that many are envious of - a regular saver - then this account may be a match perfect for you. The Westpac Reward Saver offers serious savers a bonus interest rate, as long as no withdrawals have been made and at least $50 has been deposited by the last business day of the month. Start getting rewards for your talent of saving, with the Westpac Reward Saver bank account.

The Basics

Interest paid Monthly

Interest calculated Monthly

Headline interest rate p.a. 1.85%

Monthly fee $0

Account type Savings

The cool stuff: features

ATM access Yes

EFTPOS access Yes

Branch access Yes

Internet Banking Yes

Age restrictions No

Cheque book facility No

Debit card Yes


GiroPost No

Phone access Yes

The Facts & Figures

Balance less than $1k (p.a.) 1.85%

Balance less than $5k (p.a.) 1.85%

Balance less than $25k (p.a.) 1.85%

Balance greater than $100k (p.a.) -

Min. balance -

Min. opening deposit -

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee -

EFTPOS transaction fee -

Branch assistance fee -

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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

If you’re a regular saver, Reward Saver could help you reach your savings goal, with bonus interest to boost your balance.

Key features

  • Earn bonus interest when you make no withdrawals and deposit a minimum of $50 each business month
  • Get access to your money 24/7 online, by mobile and telephone banking


  • No minimum balance
  • No monthly account service fee
  • Over 2,900 Westpac ATMs across Australia
  • Apply for a Debit MasterCard® or Handycard to link to your account for more ways to access your savings if you need to


  • If you deposit less than $50 in a month or make a withdrawal your interest is only 0.01% p.a. It's a great savings account if you're disciplined, but look at the Westpac eSaver if you're not.

Terms & conditions

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.Bonus interest will be payable for each month in which, by the last business day of the month, the account has maintained a credit balance, a deposit of at least $50 has been made with no withdrawals (excluding transfers to a Westpac Term Deposit through a Westpac branch)If you make any withdrawals from your account, you will not earn the bonus interest rate for that particular month the withdrawal is made.


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