Simple Saver
The name says it all. This no-fuss savings account gives you the same competitive interest rate, whatever your balance. And your first manual or electronic withdrawal each month is free.
Benefits
Rates
Fees
Highlights of Simple Saver
- earn the same set interest rate on every dollar you save
- no monthly account maintenance fee to pay
- no minimum balance required
More features
- an ATM/EFTPOS card (or simply link this account to your existing card)
- deposit or withdraw money at anytime
- automatic registration for phone banking and online banking
- we protect your Simple Saver 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
- set up a Sweep in to your Simple 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 credits such as wages, into up to six different Westpac accounts
- set up automatic payments
- no restrictions on how often you deposit or withdraw money each month
Fees at a glance
- you’ll pay no monthly account fee for your Simple Saver account.
- all electronic deposits are free
- one free withdrawal per month (manual or electronic)
See our ‘Rates' and 'Fees’ tabs for more.
Tip
Remember, all deposits are free with your Simple Saver. Plus you get one free withdrawal a month (manual or electronic). If you do need to make other withdrawals or transactions, it’s cheaper to do it online than in the branch. ($1 compared to $3 per transaction).
| Simple Saver - Interest rates | |
| Interest is calculated daily, and the same rate applies whatever your balance. | |
| Tier | Rate |
|---|---|
| All balances | 0.05% p.a. |
| Simple Saver - Fees | |
| Service fees still apply. | |
| Fee type | Fee amount |
|---|---|
| Account maintenance fee All balances |
Free |
| All deposits Including ATM's |
Free |
| First withdrawal (whether manual or electronic) each month | Free |
| Electronic withdrawals First manual or electronic withdrawal each month is free. EFTPOS, Westpac ATM transfers and withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, funds transfer, phone banking payments |
$1 per transaction |
| Manual withdrawals First manual or electronic withdrawal each month is free. Cheques and withdrawals at a Westpac branch |
$3 per transaction |
Other fees
For other types of fees that could apply to this account (e.g dishonour fees, or international payments), you can find our fees in this section.
Fee exemptions
There are no monthly account or transaction fees charged for under 19 year olds.