Westpac Bonus Saver

Be rewarded for saving with bonus interest, earn potential interest of 0.65% p.a.* with our Westpac Bonus Saver!

Be rewarded with Bonus Interest*
Interest paid monthly or compounded
Immediate access to your money

How Westpac Bonus Saver works

Make unlimited withdrawals and still earn bonus interest as long as on the last business day of the month your balance is $20* greater than on the last business day of the month prior. With Westpac Bonus Saver, you won't pay for any monthly account maintenance fees. Transaction and service fees will apply.

Keep on track to earn your bonus return by checking the status of the Bonus Indicator which will appear in Westpac One online banking.

Manage your money in Westpac One online banking, phone banking, in-branch, or through a Westpac ATM².

Interest rates & Fees

Tier	Base	Bonus	Potential
Westpac Bonus Saver - Interest rates
You can earn bonus interest as long as on the last business day of the month your balance is $20 greater than the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. If you need to access your money payments can be made directly out of your Westpac Bonus Saver account. Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Westpac Bonus Saver account on the last business day of each month.
All balances	0.05% p.a.	0.60% p.a. On the last business day of the month your account balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.	0.65% p.a. On the last business day of the month your account balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.

Fee type	Fee amount
Westpac Bonus Saver - Fees
Note: The term 'free' refers to Westpac fees only. Service fees still apply.
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)
Paper statements	$1.50 per statement Free for electronic statements.
Manual withdrawals Cheques and withdrawals at a branch.	$2.50 per transaction

How to apply

Start saving

Adding funds to your Westpac Bonus Saver is as simple as a Transfer from your transaction account using online banking, phone banking, or a Westpac ATM, or making a cash deposit using a branch deposit box or over the counter.

Top Tip: Set up an automatic payment for the middle of the month to ensure your monthly deposit is always made in plenty of time.

If you need to withdraw

If you need to dip into your savings, payments can be made directly out of your Westpac Bonus Saver account via Westpac One, you can transfer funds to your transaction account at a Westpac ATM², or you can withdraw cash over the counter at a Westpac Branch (a $2.50 fee applies).

Terms and conditions

*Monthly bonus returns are available for Westpac Bonus Saver as long as on the last business day of the month the balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.

¹Service fees still apply, for example clearance fees and if you make more than 10 Phone Banking calls per month to manage your Westpac Bonus Saver. Refer to the Transaction and Service Fees brochure for details (also available free of charge from any Westpac branch).

²ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.

Fees relate to Westpac Bonus Saver only. Standard fees will apply to the account which money is being transferred to or from.

Interest rates and fees are current as at 27 May 2020 and are subject to change without notice.

The above rates are not available to financial institutions. Full details of the Westpac General Terms and Conditions are available here or from any Westpac branch in New Zealand.