Changes to Westpac Simple Saver account.

What's happening?

Having looked closely at our Westpac Simple Saver account (Simple Saver), we’ve decided to make a few changes to simplify it. From 31 March 2025, we’re updating the pricing of our Simple Saver and changing the way you can access your account using a card or Apple Pay/Google Pay (digital wallet).

The main changes you’ll see from 31 March 2025 are as follows. Please note, the fee changes for existing customers will be reflected in their next billing cycle following 31 March 2025.

Previously you would have received your first withdrawal each month free, and then charged $1 for electronic withdrawals. The good news is that all electronic withdrawals from your Simple Saver will be free.
If you need to head into a branch and require a staff-assisted withdrawal, this will still cost $3 per withdrawal. Your first staff-assisted withdrawal each month also remains free.
Using your card to make purchases or ATM withdrawals from your Simple Saver currently incurs a fee. To help reduce potential fees, we’re removing the ability to do this.

Card access

From 31 March 2025, although you’ll no longer be able to use your card or digital wallet to make purchases or ATM withdrawals, you can continue to check the balance or transfer to/from your Simple Saver at an ATM or via digital banking. If you have a transaction account that is also linked to your card, you can still use this to access your transaction account.

Fees

The below outlines the current and new fees.

Please note, the fee changes for existing customers will be reflected in their next billing cycle on or from 31 March 2025.

Features and fees	Simple Saver (Old)	Simple Saver (New)
Card access	Yes	No
Electronic withdrawals ATM transfers, automatic payments, direct debits, bill payments and digital banking and phone banking payments	$1 per withdrawal	No charge
Manual withdrawals (these are withdrawals at a Westpac branch)	$3 per withdrawal	$3 per withdrawal
One free manual withdrawal per month	Yes	Yes
Statement fee	No charge	Free electronic statements $2 per paper statement Find out how to turn off paper statements.
Under 19’s	Fee exemption*	Fee exemption*
Superannuitants/over 65’s	No fee exemption	Fee exemption*

* exempt from paper statement fee and manual withdrawal fee

Account features

Earn the same interest rate , no matter how much you have in the account or how often you take money out.
No monthly account fee.
No fees for transferring funds or using digital banking to pay bills or friends.
No minimum balance necessary.
24/7 fraud protection with Online Guardian.

FAQs.

What is changing on my Westpac Simple Saver account (Simple Saver)?

From 31 March 2025, card access for purchases (including digital wallet) and ATM withdrawals from Simple Saver accounts is being removed and the fees are changing (see above summary table).

Will I still be able to use my card or digital wallet to access my Simple Saver?

You will be able to use your card at an ATM to view your Simple Saver balance or transfer funds from/to your Simple Saver and any other accounts loaded on your card. You will no longer be able to withdraw cash from your Simple Saver at an ATM or make purchases using your card or digital wallet.

Who can I talk to about these changes or my accounts?

If you would like to discuss these changes or your accounts, please phone us on 0800 400 600.

Do I need to do anything to my account, and will it change in any other way?

Your account will move to the new pricing automatically on your next billing cycle on or after 31 March 2025 there is no change to your account number, account access, signing rules, and automatic payments.

Will there be any changes to my account between now and 31 March 2025?

No. If you use a card or digital wallet to access your Simple Saver, you can continue to do so until 31 March 2025. After this date you will no longer be able to use your card or digital wallet to make purchases or ATM withdrawals from your Simple Saver.

The current fees will apply until your next billing date on or after 31 March 2025. The change in fees will automatically apply to your Simple Saver on or after this date.

Why are you making this change?

We regularly review our products and services to ensure they meet our customers’ needs. Recently we found that we can provide better value to more customers by simplifying the fees and operating the account as a savings account (by removing card access).

Where can I see more information about my account and fees?

Your bank statement will show the total transactions and fees paid each month. Depending on your mailing preferences, your bank statement is either posted or it can be found through Westpac One digital banking. Please note electronic statements through Westpac One are free however paper statements will cost $2 after 31 March. Find out how to turn off paper statements.

I previously had a fee waiver on my account, do I keep this benefit?

Yes, fee waivers will be carried over once the account is moved to the new fee plan. If you are under 19 your fee waiver will continue until you turn 19. If you are over 65 you will now receive a fee waiver.

I have been notified my Simple Saver will be converted to a Westpac Everyday Account (Westpac Everyday).

If you are regularly using your card or digital wallet to access your Simple Saver we will automatically convert your account to a Westpac Everyday as outlined in your communication. This is so you can continue to use your card to access your funds.

If you would like your account to remain a Simple Saver, or would like to discuss other options, or get financial advice, please let us know by emailing us at westpacrem@westpac.co.nz or phoning us on 0800 400 600 by 28 March 2025. Note that your account number will remain the same and any regular payments will continue after your account type is converted.

How can I open a new Westpac account?

You can open a new account via Westpac One following the steps.

What is an electronic withdrawal?

Electronic withdrawals include digital banking and phone banking transfers to pre-registered payees, automatic payments, direct debits and bill payments.

What is a manual withdrawal?

Manual withdrawals include staff-assisted withdrawals at a branch.