Westpac Review, Offers, Rates & Alternatives
Westpac is one of Australia's big four banks, offering everyday accounts, savings, term deposits, home loans, personal and car loans, credit cards and insurance. On Giraffy its standout listings are the Westpac Life Spend&Save bonus saver (up to 5.75% for 18–34 year olds), a 1-year term deposit at 4.80% p.a. and a 2-year fixed home loan at 5.99% p.a. The Westpac Choice everyday account charges AUD 5 a month unless you deposit AUD 2,000 or more each month.
Live offers
- Westpac Choice Account
- Westpac Business One Account
- Westpac Travel Card
- BT Panorama Super
- Westpac Plan
| Products | Everyday accounts, savings, term deposits, home loans, personal and car loans, credit cards, insurance |
|---|---|
| Everyday account | Westpac Choice: AUD 5/month, waived with AUD 2,000+ deposited monthly |
| Savings | Westpac Life Spend&Save up to 5.75% (ages 18–34, bonus on first $30,000) |
| Term deposit | 4.80% p.a. for 1 year, from AUD 5,000 |
| Home loan | 2-year fixed from 5.99% p.a. (80% LVR) |
| Deposit protection | Financial Claims Scheme — up to A$250,000 |
Best for
- Savers aged 18–34 who can meet monthly bonus conditions
- Customers who want savings, home loan and insurance with one big-four bank
Not ideal for
- Anyone who can't deposit AUD 2,000 a month — NAB Classic Banking and ANZ Plus list no monthly fee
Westpac savings and term deposits
Westpac pays its top savings rate as a bonus for meeting monthly conditions.
- Westpac Life Spend&Save: up to 5.75% for customers aged 18–34 who grow their balance and make eligible purchases; bonus on the first $30,000
- Westpac Term Deposit: 4.80% p.a. for 1 year, minimum AUD 5,000
- Deposits covered by the Financial Claims Scheme up to A$250,000
Best for: Younger savers who can grow their balance every month.
Westpac Choice everyday account
Westpac Choice is the bank's main transaction account.
- AUD 5 monthly fee, waived when you deposit AUD 2,000 or more a month
- Overdraft facility available
- Access to Westpac's ATM network and app
Best for: Customers whose salary is paid into the account each month.
Westpac home loans
Westpac lists fixed and variable home loans.
- 2-year fixed from 5.99% p.a. at 80% LVR
- Flexi First Option variable from 6.14% p.a., with redraw
- St.George, BankSA and RAMS are part of the Westpac group
Westpac personal and car loans
Westpac's live loan listings on Giraffy.
- Unsecured personal loan from 7.29% p.a.
- Car loan secured by your car from 6.49% p.a., including electric and hybrid car loans
- Loan terms from 1 to 7 years
Westpac vs alternatives
Westpac vs CommBank
Slightly lower 2-year fixed home loan rate. Westpac vs CommBank: CommBank lists a 2-year fixed home loan at 5.89% p.a. against Westpac's 5.99%. CommBank Everyday charges AUD 4/month (waived with AUD 2,000/month); Westpac Choice charges AUD 5.
Westpac vs NAB
An everyday account with no monthly fee and no conditions. Westpac vs NAB: NAB Classic Banking lists AUD 0 a month with no conditions, while Westpac Choice needs AUD 2,000 a month to waive its AUD 5 fee. NAB's 2-year fixed home loan is listed at 5.94%.
Westpac vs ANZ
App-based banking with no monthly fee. Westpac vs ANZ: ANZ Plus lists a AUD 0 monthly fee. ANZ's 2-year fixed home loan is 5.94% p.a. against Westpac's 5.99%.
Westpac in Australia — FAQ
Does the Westpac Choice account have a monthly fee?
Yes. Westpac Choice is listed at AUD 5 a month, waived in any month you deposit AUD 2,000 or more. NAB Classic Banking and ANZ Plus list no monthly fee if you can't meet that condition.
What is Westpac's best savings rate?
Westpac Life Spend&Save is listed at up to 5.75% for customers aged 18–34 who grow their balance and make eligible card purchases each month, with the bonus paid on the first $30,000. The 1-year Westpac Term Deposit is listed at 4.80% p.a. from AUD 5,000.
Is Westpac's home loan rate competitive?
Westpac's 2-year fixed home loan is listed at 5.99% p.a. at 80% LVR — close to the other big four: CommBank 5.89%, NAB 5.94% and ANZ 5.94%. Compare all lenders on Giraffy's mortgages page.