Online Bonus Saver

Go online. Earn bonus interest. Save more. This account delivers exactly what it promises. All you need to do is make one deposit and no withdrawals from your account each month.

Check out our special, limited time interest rate offer here

These graphs are stylized and don't show amounts and are meant to emphasize the way accounts earn interest not accurate amounts. 

Benefits

It's for you if:

  • you want the opportunity to earn bonus interest on your regular savings 
  • you like to manage your savings online
  • you can make at least one deposit per month
  • you won’t need to withdraw money out of your account during the month

Highlights of Online Bonus Saver

  • base interest
  • competitive bonus interest rate for each month you make at least one deposit, and no withdrawals
  • you will be entitled to, and paid, bonus interest on the last business day of each month
  • no minimum balance needed to earn bonus interest
  • no monthly account maintenance or transaction fees#
  • managing your account online is free

More features

  • to operate your Online Bonus Saver Account you must hold a Westpac transaction account*
  • access to your account 24/7 via online banking, phone banking, or ATMs
  • an ATM/EFTPOS card (or simply link this account to your transaction account)
  • automatic registration for Phone Banking and Online Banking
  • you can regularly boost your Online Bonus Saver balance with automatic payments, or Salary Splitter (can automatically divide your income between a maximum of six different Westpac accounts)
  • we protect your online account with Westpac Online Guardian, our online security system. There are no special codes or gadgets to worry about, just a single username and password chosen by you
  • if you want to make regular transfers from your savings account – but don’t want to lose the opportunity to earn bonus interest – think about running an Online Saver account with your Online Bonus Saver

Tip

If you want to make regular transfers from your savings account – but don’t want to lose the opportunity to earn bonus interest – think about running an Online Saver account with your Online Bonus Saver. That way, with Online Bonus Saver you could earn bonus interest on the savings that you don’t need to touch, and also earn interest on the savings that you need to access within the month.

Fees at a glance

You’ll pay no monthly account fees or online transaction charges for your Online Bonus Saver account.#

How it works

It's all online

With an Online Bonus Saver account, you’ll manage your account the fast and convenient way – with online banking or phone banking.

As long as you have an existing Westpac transaction account* you can get an Online Bonus Saver account.

You can also use Westpac ATMs to check your balance, transfer funds and make deposits. Your can also use branch deposit boxes to make cash or cheque deposits. 

How to withdraw money from your Online Bonus Saver account

To withdraw funds from your Online Bonus Saver you will need to transfer money into a Westpac transaction account first, and then withdraw the money from there. So, if you don’t already have a transaction account with us, take a look at our great options here.

Making deposits into your Online Bonus Saver account

You can:

  • transfer funds (to your Online Bonus Saver account from your nominated transaction account)* using online banking, phone banking, or at an ATM
  • set up a Sweep in to your Online Bonus Saver to automatically move money out of your account
  • set up Salary Splitter which automatically divides your income between a maximum of six different Westpac accounts, including your Online Bonus Saver account
  • set up automatic payments
  • use a branch deposit box to make cash or cheque deposits
Rates

Online Bonus Saver - Interest rates
The Online Bonus Saver (an on call savings account) works by topping up the base interest rate with bonus interest if you make one deposit (of any amount) every month, and no withdrawals or transfers that month.

Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Online Bonus Saver account on the last business day each month.
TierBaseBonusPotential
All balances 0.05% p.a. 2.55% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.60% p.a. If you make at least one deposit and no withdrawals by the last business day of the month

 

Fees

Online Bonus Saver  - Fees
Note: Any transactions or balance enquiries made at another bank's ATM will incur an additional $1 charge each time. The term 'free' refers to Westpac fees only. Service fees still apply.
 
Fee typeFee amount
Account maintenance fee
All balances
Free 
All electronic deposits
Free 
Internet - transfers
Free 
Westpac ATM - balance enquiry/transfer of funds
Free 
Phone Banking transfers
Third party telephone fees may apply
First ten calls are free each month (then 50c per call)