Seems like this deal has been renewed again!
Note that there is a $5 monthly service fee with conditional waivers, thanks to doweyy.
To be eligible for the $50 offer you must: open a new Westpac Choice account online between 29/01/2021 and 07/04/2021 (if you are under 30 years old you can apply online or in branch); and deposit $500 and make 5 eligible card purchases within 30 days of account opening. Eligible card purchases are purchases made using your Westpac debit card linked to your Choice account and excludes ATM transactions and EFTPOS cash out only transactions. If eligible you will receive $50 into your Choice account within 45 days of opening. All account holders on the new Choice account must not hold or have held a Westpac transaction account, or received this offer at any time to be eligible. Offer is limited to one eligible account and is not available in conjunction with any other offer.