Westpac has finally removed its monthly account keeping fee for its transaction account for people under 30.
This is a new way to avoid the fee, in addition to previous ways to avoid the fee including:
Great combo to the ongoing high-interest Spend&Save offer for under 30s.
Referrer & Referee get $50 after referee makes 5 card purchases & deposits $500+. Maximum of 5 referrals allowed per customer: bonus is not paid to either parties if the referral code has been used more than 5 times.
I know - Westpac is finally catching up
Nope, that isn't the case, can you please explain how can a full-time tertiary student earn $2,000 each month ? Do you have any stats to support your claim that ALL full-time tertiary students can earn $2,000 each month ?
They don't need to. The Choice account is for anyone 12+, so there's lots of different ways to waive the fee. Earning $2,000 per month is one, as is being a full-time student. Now anyone under 30 doesn't need to jump through any hoops.
Wrong. Not ANZ!
I'm going to leave westpac as soon as I am no longer a student. I can't stand their app. It's horrendous. Only reason i suffer it is for the insane interest rates. Cannot wait to go to either Up or 86400.
Which version of the app are you on? iOS or Android? The updated version of the app is currently in development for Android and is heaps better.
Latest Version on iOS, which i believe is "upgraded". Still lacks so many basic features I've come to expect after being with ANZ, Up, and 86400. Not being able to sort transactions chronologically is incredibly frustrating.
The deposit/purchase notifacations are good, except really annoying when I move money from my spending account to my savings. I know i moved the money, I don't need two notifications telling me it moved.
The restriction on password length also boggles me, why would Westpac restrict that to only 6 characters?
All these little frustrations add up to become a very frustrating user experience.
I think the big banks underestimate how much a good app can improve the customer experience.
Haha the password limit is so stupid, especially for a bank, it leaves the customer with 0 confidence in their security. When I was with them, I had a password setup that was 8 characters long I think. But they went through some changes and it went to 6 characters, so what happened? That just snipped the last 2 characters off my 8 character long password.
The updated version of the app is currently in development for Android and is heaps better.
But there's no Cardless Cash if you use the beta version …
Yeah companies that want to skimp and make a web-app in a hosted browser container are just pretty much lazy and want to save on costs for hiring native iOS and Android devs. Overall the experience is super average.
I'm going to leave westpac as soon as I am no longer under 30.
Why not now?
2.5% interests rate is attractive
Account keeping fees lol
This shouldn't be a deal, can achieve this at many banks.
Suncorp has a heap with very easy setup and decent app, even gets access to discount gift cards.
All very true. Just thought that people with a Westpac account would want to know about the info and those who are with Westpac for the high-interest rate under 30 now have 1 less thing to worry about
I agree, thanks for letting us know, it's a helpful update as the fee was annoying to deposit $2k each month for.
yeah, it saves one less superfluous transfer just to bypass that requirement
Thanks for the heads up, the Spend & Save bonuses are great and this is one less thing I have to worry about.
It take days to setup a business account and still waiting. I was told identity has to be verified by backend office upon setup in branch. I have been with Westpac for more than a decade, nearly two. I thought I’m their existing customer?
Even if westpac offers it free for everyone that’s not a deal. Free transaction account is normal with most financial institutions. The banks who still charge $5/month are still in their own world.
May I know what's the fee transaction name, is it something like "monthly fee" I want to check back my history. I deposit my salary here so I am safe atm, but I am completely unaware of this..
I believe it should be listed as "Account-Keeping Fee". If you've been depositing your salary then my assumption is that you've never had this charge applied to your account
Just go with NAB.
No fuss. Everything is there.
They will even give you check book if you ask.
Everything is free. No string attached.
Totally agreed. I have been using free banking with them for almost 10 years.
Sure it might be free, but the Westpac Life Account makes 2.5% P.A for up to 30 Y.O whereas NAB iSaver makes 0.3%. Depends what your use case is.
A 2.5% APY is below the 1Y inflation rate.
The use case here is people lose money if they keep their savings in a bank.
Charging $5 p/m for a bank account is a ripoff.
There is no wonder that legacy banks are losing to DeFi.
DeFi??
Wow banks in Australia are still charging fees for a basic account! Must be so many Aussies getting ripped off……..
apparently opened acc in jan'21 they charged me thrice since then, said they processed the 3x $5 refunds for me, gonna check my acc on 25th
Every other bank already free