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Free $50 from Westpac when you open a BT Super for Life account

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Westpac will give you $50 when you set up a BT Super for Life account, provided that you put at least $50 of your own money in there. They've got some good products (including a very low-fee cash option) and it is very convenient if you already bank with Westpac. The blurb from the site is set out below:

In a first for an Australian bank and created by BT Financial Group, Westpac's superannuation specialist, our new, award-winning BT Super for Life fund lets you see and manage your superannuation on the same screen as your Westpac Online bank account.

And if you open an account with $50 we'll give you $50. (Terms and Conditions apply)

Additionally:
It takes as little as ten minutes to set up your new BT Super for Life account. All you need is your tax file number
Save up to 46% on fees compared to average retail super funds¹
No commissions, no establishment fees, no withdrawal fees
Consolidate existing super funds with our easy rollover service
Select investment strategies based on your life stage.
Open your BT Super for Life account in ten minutes with $50 and we'll give you $50.*

You will need your tax file number to set up an account or for more information call 1300 653 553 or visit BT Super for Life (www.btsuperforlife.com.au) .

Full terms and conditions are here: http://westpac.com.au/internet/publish.nsf/Content/PBISS%20BTSFL%20$50%20cash%20offer%20Terms%20&%20Conditions

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closed Comments

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    "BT Super for Life's fees are 46%* lower than the average retail personal super fund. You'll pay a management fee of up to 0.99%p.a. and an administration fee of $5 a month."
    as per http://www.btsuperforlife.com.au/access.asp?page=about_low_f...

    IE all this offer does is waive the first year of administration fees.

    That said I'm not too familiar with how much annual fees are for this kind of thing…but its not really giving you $50 so much as waiving your fees. Seems like the way all banks are going with their advertising now, as was the case with the recent NAB deal where they "gave" you $50 credit on a new credit card, which had an annual fee of $49 (most credit card offers include no annual fee).

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