Westpac eSaver

Opened the eSaver account hoping for high interest. Met all requirements but still getting 1% interest. Called the bank and the operator explained I need to have the balance higher than the previous by month end to get the promotion rate. That's just like the Life account. When I questioned that he said it's the same just different interest rate. Good way to scam people. I won't put any saving with thme anymore

One of the worst banking experiences I’ve ever had. 1. I tried to open an eSaver account and kept running into technical errors right at the final step. This happened repeatedly over two days. No matter how many times I tried, the same error message appeared. 2. Then came the phone support nightmare. The system said the wait time was 20 minutes.… Read more

Fifteen minutes later, it still said 15 minutes. Ten minutes after that, it dropped to 8 minutes and counted down… only to hit zero and announce, “Sorry, we are experiencing long delays,” and add another 10+ minutes. Eventually, I finally got through. 3. The gentleman I spoke to was polite, but his advice was useless. He told me to try the phone app because “it works better.” I did—same technical issue. He then gave me a “direct number” for technical support but wouldn’t transfer me until I tried the app first. I called the number and immediately got dumped into another waiting loop telling me (again) to try ringing from the phone app as it is a faster experience. (which I just did) It took 30 minutes to get through—so much for “faster.” 3. When I finally reached someone, the man was friendly but had no idea what was going on. He said he’d transfer me to technical support… which was confusing because that’s supposedly who I had already called. The next person wasn’t technical support either. She said the issue was probably related to my ID—something the system never indicated. 3. Then she casually dropped the real kicker: to open an eSaver account, you must also open a Westpac everyday account and deposit $2000 each month. Yet the website advertises “no minimum deposit, no monthly balance requirements, and no account-keeping fees.” Only after she told me did I notice the fine print at the bottom of the page: • You must hold a Westpac everyday account in the same name • You must be registered for Online and Telephone Banking • Fees may apply to the everyday account, including a $5 monthly account-keeping fee 4. At that point, I gave up. The whole experience was ridiculous. If you enjoy stress, go ahead and try opening an account with them. As for me, there are plenty of other banks that will happily take my money without putting me through this circus.

The best savings account ever – I have been banking with them since 2013 and they give the best interest on this account so I would recommend opening an account so you can save quicker and faster.

Westpac reduced the base interest rate without any notification to any of their eSaver customers – Opened an eSaver account with Westpac in June 2018 expecting a total interest rate of 2.51% (made up of 0.8% base rate plus the 5 month introductory rate of 1.71% published on their website at the time). After almost 3 months I accidentally discovered I had not been getting 2.51%, but actually 2.21%. After enquiring to Westpac I was told that they… Read more

changed the base rate from 0.8% to 0.5% in early July 2018 three weeks after I opened the account. They did not notify me or any of their eSaver customers about this variable base rate change. They are still promoting the total introductory rate of 2.51%, but now its made up of 0.5% base rate and 2.01% introductory rate and is only available to eSaver accounts opened after the rate change. Westpac reneged by 0.3 % on the 5 month introductory deal taken in good faith without even the basic courtesy of notifying their customers of the rate change. There's nothing stopping them from doing this again in future. Very poor customer service.

eSaver diddled on the interest – Same problem as Kane. I got the 2.51% for the first half-month (11 to 29 June 2018). Now has dropped to 2.21% because, they tell me, the fixed introductory bonus rate has stayed at 1.71% and the variable base rate has gone down from 0.8% to 0.5%. I couldn't work out when this happened - only in about the last four days according to my calculations… Read more

(yes, I keep a spreadsheet), but the telephone operator said it happened on 25th June 2018, which makes no sense at all because I got the full 2.51% for all of June! All a bit random. Don't trust anything they say!

Customer beware! Signed me up on prom rate then dropped it the next day! – Customer beware! I qualified for the promotional rate of 2.51% so I opened a brand-new Esaver account at my branch on a Friday. By Monday Westpac reduced my rate down to a low 2.36 without any notification whatsoever. Four days later I noticed the rate is updated on the app banking. I contact Westpac to be told that the base rate… Read more

had been reduced one day after I signed up and I was no longer qualified for the 2.51% I signed up for!

How convenient! This is absolutely ridiculous they refuse to honour their promotional rate, they are still offering this rate to new customers, yes new customers meaning people who sign up on the Monday or there after not including the people who signed up at the end of the business day on Friday!

Well this is absolutely disgusting and appalling I reported this to the Federal reserve!

I’m in the process of closing all my accounts and removing any affiliation with Westpac and it’s other associated or linked to Westpac operation as sadly this is not the first time Westpac has done something like this specifically to me.

I’m closing my banking personal and business removing all insurances including car house and contents life insurance etc including my credit cards moving my home loans to the bank that does not sign you up with one promise and then change it to another and not even give you a notification of the update!

Don’t use Westpac!

Never again. Farewell – In a nutshell: you get hit with an ongoing chain of charges to keep the account intact (I do not belong the demographic that can feed it >$2000 a month), and then another series of (hidden until you indicate you wish to close) charges to close the account. Perhaps I was misguided in thinking a bank was a service to help one save fiat currency... This is one bank where I was leaking savings left right and centre. Farewell Westpac.

Good – this one has a better rate of interest than other savings accounts though not the highest available it can also be linked easily to other saving accounts so that transfer of money to the higher rate of interest account is easy all in all a combination of two accounts is a great way to pay your bills over the net the westpac on line bank web page… Read more

is easy to navigate and it is easy to transfer money, pay by B Pay or set up regular payments from the staff are very easy to deal with i can not think of a thing

OK – Good account to save but limit your transactions to reduce the fees you are charged. I prefer the ING Savings Maximiser to this account. Good interest rate, easy to use internet and phone banking. Limited transactions - if you organise a direct debit from the esaver you are slugged with a $5 fee each time.