Online Saver

You’re online right now, so chances are you’re keen to save online too. This account gives you a competitive rate of interest no matter how many transfers you make, and there are no monthly account maintenance or transaction fees either.#

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


It's for you if:

  • you already have a Westpac transaction account and are trying to save
  • you do most of your day-to-day banking online (like paying bills)
  • you regularly transfer money into and out of your savings account

Highlights of Online Saver

  • earn a competitive interest rate calculated daily
  • no monthly account maintenance or online transaction fees
  • earn interest on every dollar
  • no minimum balance
  • make as many transfers to your Westpac transaction account* as you like, without paying a penalty (any transfers from an Online Saver can only be made in from and out to this account)

More features

  • you'll get an ATM/EFTPOS card to check balances or transfer money
  • or simply link this account to the card for your existing transaction account
  • automatic registration for phone and online banking

Fees at a glance

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

Note: fees may apply to the transaction account which you’re transferring money to or from.


Earn even higher interest  by running an Online Bonus Saver account with your Online Saver account.

Simply put the money that you need regular access to into your Online Saver account, and the money you don’t need to touch in your Online Bonus Saver.

When you make a transfer from Online Saver to your Westpac transaction account, you can use your money straight away.

How it works

It's all online

With an Online 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 Saver account.

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

How to withdraw money from your Online Saver account

To withdraw funds from your Online 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 Saver account

You can:

  • transfer funds (to your Online Saver account from your nominated transaction account*) using online banking, phone banking, or at an ATM
  • set up a Sweep in to your Online Saver to automatically move money out of your account, and keep your transaction account at a certain level, so you always have enough to cover bills etc.
  • set up Salary Splitter which can automatically divide your income between a maximum of six different Westpac accounts including your Online Saver account
  • set up automatic payments
  • use a branch deposit box to make cash or cheque deposits

Online Saver - Interest rates
Interest is calculated daily on the full credit balance, and the same rate applies to all balances. Interest is paid (less resident withholding tax) into your Online Saver account on the last business day each month.
Tier Rate
All balances 0.10% p.a.



Online 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
Monthly account maintenance fee
All balances
All electronic deposits
Internet - transfers
Westpac ATM - balance enquiry/transfer of funds
Phone banking transfers
Third party telephone fees may apply
First ten calls each month are free (then 50c per call)