Savings Accounts terms, fees and rates

 

 

 

Terms

Transaction and service fees
Online Bonus Saver PIE Term Sheet
Notice Saver PIE Term Sheet
Westpac Cash PIE Fund / Notice Saver PIE Fund Annual Report for the year ended 31 March 2018
Westpac Banking Funds Trust Deed
Westpac Electronic Banking Service Terms
Westpac One App Terms and Conditions


Fees 


Interest rates and fees are current as at 18 November 2018 and are subject to change without notice. Some other service fees may apply from time to time, including overdrawn or Line of Credit charges. 

Savings Accounts

 Savings and PIE accounts

Accounts no longer available to open

 

Notice Saver - Fees
Note: Service fees are charged to your Westpac transaction account.
Fee typeFee amount
Account maintenance and transaction fees
Free 
Txt banking service fee
Txt alerts, txt banking balances and transfer confirmations
Free 
Phone banking service fee
Third party telephone fees may apply
First ten calls each month are free (then 50c per call) 

 

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)

To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made. These fees relate to Online Bonus Saver only. Standard fees will apply to the account which money is being transferred to or from.

 

Online Saver PIE & Online Bonus Saver PIE - Fees

The Online Saver PIE Account is no longer available for new accounts. Online Bonus Saver PIE is still available.

Note: Service fees are charged to your Westpac transaction account.

Fee typeFee amount
Account maintenance and transaction fees
Free 
Phone banking service fee
Third party telephone fees may apply
First ten calls each month are free (then 50c per call) 
Txt banking service fee
Txt alerts, txt banking balances and transfer confirmations
Free 

 

Online Saver - Fees

The Online Saver Account is no longer available for new accounts.

Note: Service fees still apply.#

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

 These fees relate to Online Saver only. Standard fees will apply to the account which money is being transferred to or from.

 

Simple Saver - Fees
Service fees still apply.
Fee typeFee 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

 

Save & Win - Fees

The Save & Win Account is no longer available for new accounts.

Note: Fee exemptions available to under 19 year olds. Service fees still apply.#

Fee typeFee amount
Account maintenance fee
All balances
Free 
All deposits
Including ATM's
Free 
Electronic withdrawals
EFTPOS, Westpac ATM transfers and withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments
$1 per transaction
Manual withdrawals
Cheques and withdrawals at a branch
$3 per transaction

 

Bonus Saver - Fees

The Bonus Saver Account is no longer available for new accounts.

Service fees apply.
 

Fee typeFee amount
Account maintenance fee Average monthly balance below $1,000 $2.50 per month
 Average monthly balance of $1,000 or more  Free
All deposits
Including ATM's  
Free 
Withdrawals - manual or electronic One free transaction per month.
Cheques, withdrawals at a branch, Eftpos, Westpac ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and Phone Banking payments 
$3 per transaction
Term investment transfers
 
Free 

 

Cash Management Account - Fees

The Cash Management Account is no longer available for new accounts.
Note: Service fees apply.

Fee typeThresholdFee amount
Account maintenance fee Average monthly balance below $5,000 $2.50 per month
Average monthly balance of $5,000 or more Free
All deposits
Including ATM's
Free
Electronic transactions
Eftpos, Westpac ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments
$1

Find out about transaction accounts here

You can get a copy of the current disclosure statement for Westpac New Zealand Limited, a copy of any applicable investment statement or term sheet for your investment, and full details of the terms and conditions from any Westpac branch in New Zealand free of charge. See the  transaction and service fees brochure for more details.

 

Interest Rates

Interest rates are current as at 18 November 2018 and are subject to change without notice.

As we simplify and improve things to make your banking easier, we are no longer offering Online Saver, Online Saver PIE and Save & Win as of 24 November 2017. But if you already have one of these accounts, don't worry - you can continue using your account as usual.

Savings and PIE accounts

Accounts no longer available to open

 

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

To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.

 

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies whatever your balance.
TierRate
All balances 0.10% p.a.

 

Notice Saver - Rates of return

Rate of ReturnEffective Return *

 2.65% p.a.

If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
2.73% p.a. 2.85% p.a.

 

More about Notice Saver

* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Notice Saver, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.

Investments made in the Westpac Notice Saver PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.

 

Online Bonus Saver PIE - Rates of return
 
TierBase Rate of ReturnBonus Rate of ReturnPotential Rate of ReturnEffective Return *
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  If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
2.16% p.a. 2.26% p.a.

More about Online Bonus Saver PIE

* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Notice Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.

Investments made in the Westpac Online Bonus Saver PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.


To make withdrawals from your Online Bonus Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquires, fund transfers and for deposits (if deposit facilities exist). No cash withdrawals from ATMs can be made.

 

Savings accounts no longer for sale

 

Save & Win - Interest rates

The Save & Win Account is no longer available for new accounts.
Interest is calculated daily, and the same rate applies to all balances.

TierRate
All balances 0.05% p.a.


 More about Save & Win


 

Online Saver - Interest rates

The Online Saver Account is no longer available for new accounts.

TierRate
All balances 0.10% p.a.


 More about Online Saver


 

Online Saver PIE - Rates of return

The Online Saver PIE Account is no longer available for new accounts.

TierRate of ReturnEffective Return *
Balances $500 and above 0.10% p.a. If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
0.10% p.a. 0.11% p.a.


* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Online Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.

Investments made in the Westpac Online Saver PIE Fund is offered under the Westpac Cash PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.


More about Online Saver PIE


 

Bonus Saver - Interest rate

The Bonus Saver Account is no longer available for new accounts.

Less than $10,000 0.05% p.a. 0.05% p.a. 0.10% p.a.
$10,000 and over 0.05% p.a. 0.05% p.a. 0.10% p.a.
*Note: When you make at least one deposit and no withdrawals in a month.

 

Cash Management - Rates of return
The Cash Management Account is no longer available for new accounts.
TierRate
Balance less than $20,000 0.00%
Balance $20,000 and over 0.10%

Find out about savings, Cash PIE & Notice Saver PIE accounts here

You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.