Westpac, one of Australia’s big four banks, is the country’s first and oldest bank having been established in 1817 as the bank Of New South Wales.
Following its merger with the Commercial Bank of Australia in 1992, it changed its name to Westpac Banking Corporation.
In 2008, Westpac merged with St.George Bank Limited, resulting in the country’s largest financial services group. It further extended its reach when in July 2011, it launched the Bank of Melbourne.
Westpac is defined by six key business areas: Consumer Financial Services, Business Financial Services, BT Financial Group Australia, Westpac Institutional Banking (WIB), New Zealand Banking and Pacific Banking.
The bank’s Consumer Financial Services division oversees consumer products throughout Australia including deposit accounts, transaction accounts, credit cards, mortgages (it is one of the largest home lenders in Australia), personal loans and car loans.
Westpac trades on the Australian Stock Exchange (ASX) and is one of the country’s top 10 publicly traded companies.
Westpac, one of Australia’s big four banks, is the country’s first and oldest bank having been established in 1817 as the bank Of New South Wales.
Following its merger with the Commercial Bank of Australia in 1992, it changed its name to Westpac Banking Corporation.
In 2008, Westpac merged with St.George Bank Limited, resulting in the country’s largest financial services group. It further extended its reach when in July 2011, it launched the Bank of Melbourne.
Westpac is defined by six key business areas: Consumer Financial Services, Business Financial Services, BT Financial Group Australia, Westpac Institutional Banking (WIB), New Zealand Banking and Pacific Banking.
The bank’s Consumer Financial Services division oversees consumer products throughout Australia including deposit accounts, transaction accounts, credit cards, mortgages (it is one of the largest home lenders in Australia), personal loans and car loans.
Westpac trades on the Australian Stock Exchange (ASX) and is one of the country’s top 10 publicly traded companies.
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Westpac has everyday bank accounts to suit a range of circumstances. It also has a range of convenient payment preferences including Apple Pay, Westpac PayWear™, Fitbit Pay™, Garmin Pay™, Google Pay™, and Samsung Pay™.
Westpac Choice is an everyday bank account that is simple to use and comes with tap and go facilities as well as a debit Mastercard for easy access to your money. There are no ATM fees if you use any of the 50,000 major bank ATMs in Australia or partner ATMs around the world. Customers can access the Westpac Mobile Banking App for a convenient way to bank. There is a $5 monthly service fee on this account, however this is waived if you deposit at least $2000 a month.
As the name suggests, the Westpac 55+ account is for those 55 years and over and are retirees. With this account, customers receive unlimited access to their account via online banking, telephone banking, Westpac, St.George, BankSA and Bank of Melbourne ATMs and branches. Daily transaction limits do apply to this account.
Account highlights include the fact that you can earn split interest on your account balance,
have the ability to link a debit Mastercard to this account so you can access your funds easily and make online purchases and there is no monthly service fee.
A current Pensioner Concession or Health Care card is required to be eligible for this basic low-cost transaction account. Australian social security benefits will be paid into your Choice account for concession holders account. There are no monthly service fees, overdrawn or dishonour fees with this account. Use you Debit Mastercard to access your money as well as make online purchases. There are no ATM fees if you use any of the 50,000 major bank ATMs in Australia or partner ATMs around the world.
Note: Westpac also has accounts for kids, students, joining finances and people moving to Australia.
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Student Bank account
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Joint Everyday Banking and Savings Accounts
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The Everyday Banking and Savings account ensures you have your everyday bank account and your savings in one place, so you are able to access your funds easily whilst still growing your savings. You can use your Debit Mastercard for all your online and instore purchases and access cash at ATMs. Receive a competitive base rate on your savings and if you grow your balance each month, you will be eligible to earn bonus interest. Utilise the Savings Goal feature in online banking or the app to set up and track your goals. There is a $0 monthly service fee.
With the Westpac Life account you can split your savings into six different goals and earn bonus interest for each month that your balance grows. Customers should remember to add to their savings account by setting up regular payments to be made into that account directly from your everyday transaction account. You can access your accounts and keep track using the Westpac banking app. There is a $0 monthly service fee.
This online savings account offers introductory bonus interest, unlimited withdrawals and 24/7 access. Receive unlimited access provided you have a linked Westpac Choice account.
You are not required to make a minimum monthly deposit and there is no monthly service fee.
This account is for kids under 18 years old and can be opened by a parent. Anyone between the ages of 12-17, can open a Bump Savings account by themselves. There are no monthly service fees and you can earn bonus interest by making monthly deposits to the account.
Enjoy a fixed rate along with your choice of terms between one month and five years. You can also choose the frequency your interest is paid from monthly, yearly or at maturity.
Deposits can be made of between $5,000 and $2,000,000. Once your term matures, choose to renew for another term, top up or take your funds out.
The Variable Rate Home Loan comes with a 2-year introductory rate if you are new to Westpac. This loan applies to owner occupier home loans with principal and interest repayments. You can make extra repayments at any time on this home loan without having to pay any extra fees. It also comes with redraw facilities, so you can access the extra funds whenever you need them. You can use this home loan in conjunction with an offset account to save money on interest. You also have the option to split your balance between fixed and variable. If you choose to add an offset account, a $395 annual package fee will apply.
This loan is available to both owner occupier and investors and an annual package fee of $395 does apply. There is no establishment fee or monthly service fees and no annual fees on Westpac credit cards. Lock in a fixed interest rate and know what your repayments will be for the term you select, from one to five years. If it’s a new loan, you can make up to $30,000 in extra repayments. There is the option to apply for interest only payments for a total of five years.
Benefit from both fixed and variable rates by splitting your home loan between the two.
By doing this, you can enjoy the flexibility of the variable rate for one portion and have the security of knowing what your repayments will be for the fixed portion. Other benefits include:
Note: Westpac offers other loans including a Home Loan Package, Construction Loan and a Line of Credit.
Under these categories are a range of different credit card products.
Westpac has a selection of rewards cards to choose from. These have a higher annual card fee but in exchange you earn Westpac Altitude, Qantas or Velocity Points as well as benefits such as complimentary insurances.
Earn points and redeem them in many different ways including with cash back and gift cards. It’s also possible to earn points at a higher rate with select merchants and airlines
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Sign up for a low rate card and receive a low ongoing purchase rate.
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Lower your costs with Westpac’s low annual card fees. These cars work best by paying off your purchases in full each month.
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Westpac offer the types of personal loans:
1. Unsecured Personal Loan
2. Car Loan
3. Flexi Loan
Note: Westpac also offer Overdrafts.
Used for large purchases or consolidating debt.
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Specifically used to purchase a car.
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The Flexi Loan is for those who like the ability to redraw on the loan at any point without needing to reapply for the loan.
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