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. 

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 on or before the last business day of the month (interest earned does not count as a deposit)
  • you won’t need to withdraw money out of your account during the month

Highlights of Online Bonus Saver

  • base interest
  • receive competitive bonus interest for each month you make at least one deposit, and no withdrawals
  • 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*
  • 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 (which automatically divides your income between a maximum of six different Westpac accounts)

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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. You can also use branch deposit boxes to make cash or cheque deposits. 

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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.

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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
  • note: interest earned does not count as a deposit each month

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Interest rates

Online Bonus Saver - Interest rates
The Online Bonus Saver 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. It's easily accessed anytime, through your Westpac One online banking.

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 of each month.
TierBaseBonusPotential
All balances 0.10% p.a. 2.00% p.a. If you make at least one deposit and no withdrawals during the month 2.10% p.a. If you make at least one deposit and no withdrawals during the month

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Fees

Online Bonus Saver  - Fees
Note: 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 - funds transfers
Free 
Westpac ATM - balance enquiry/transfer of funds
Free 
Phone Banking funds transfers
Third party telephone fees may apply
First ten calls are free each month (then 50c per call)

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