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Westpac Get $50 for Opening Any Westpac Choice Account

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Westpac Get $50 for Opening Any Westpac Choice Account
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[Deactivated] on 06/09/2018 - 00:33 westpac.com.au (2519 clicks)

This deal but for anyone not just students.

Deposit a minimum of $250 within 45 days of account opening to qualify. $5 monthly fee waived if you deposit $2000.

Fees and charges apply. Read the terms and conditions before making a decision and consider whether the product is appropriate for you. Excludes customers who have held a Westpac Choice anytime from 20/8/17. Eligible customers need to open a new Westpac Choice account online between 20/8/18 and 5/10/18 (inclusive) and deposit a minimum of $250 within 45 days of account opening. Eligible customers who have completed ID verification will receive $50 deposited into their account within 60 days of account opening. Offer limited to one $50 deposit per eligible customer. Where a joint account is opened, the offer is limited to only one $50 deposit in respect of the account. If one of the joint account holders has already received their $50 deposit in respect of another account, then none of the remaining joint account holders will be eligible for the offer in respect of the joint account. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

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closed Comments

  • jv on 06/09/2018 - 01:05
    +24

    Fees and charges apply.

    'The one hand giveth; the other hand taketh away.'

  • Windows7forever on 06/09/2018 - 05:48
    +5

    That's a pretty good deal. Open a new bank account, transfer $2000 into it, wait 60 days, get paid $50, close account.

    • demiurge on 06/09/2018 - 05:59
      +1

      Transfer 2000 every month.

    • robhung on 06/09/2018 - 08:31
      +1

      Wait 45 days

    • epoch007 on 06/09/2018 - 08:32

      Timing is critical and the $250 pretty redundant given that one would try to avoid incurring fees.

      Open account, transfer $2000 each month for 2 months to avoid fees.
      It doesn't say no withdrawals allowed, so really it could be a transfer in and then out the next day.

      Close account as soon as the $50 credit is awarded.

      • [Deactivated] on 06/09/2018 - 12:16
        +1

        They support NPP so you can you do a quick in and out no worries.

        • RoseJJ on 07/09/2018 - 10:07

          Thanks

  • delfredo on 06/09/2018 - 07:29

    $50 reward for time and effort executing to plan. Get nothing if you achieved less than perfect outcome.

    • idonotknowwhy on 06/09/2018 - 09:55
      -1

      Yep, looks like a deal for the time-rich money-poor.

      • spaceflight on 06/09/2018 - 10:10
        +3

        It's less than 30 minutes effort which is a good hourly rate.

        • idonotknowwhy on 06/09/2018 - 10:35
          -2

          It's $36 after you count the lost interest moving that money out of a good savings account for 2 months ( and 1 month for the second payment).

          That's assuming everything goes smoothly which isn't guaranteed with westpac.

        • tajid on 06/09/2018 - 10:42
          +4

          @idonotknowwhy: haha username checks.

          You only need to move for 1 day and move back right after.

        • epoch007 on 06/09/2018 - 10:58
          -1

          @idonotknowwhy: agree with @tajid.
          You'd only need to move it in for a day or so each month. Money doesn't have to stay in the account for the whole 2 mths.

          My offset account saves me 4.8% p.a. so $2000 for 4 days (2x in/out transfer) in a year will cost me whooping $1.05 in interest.

        • idonotknowwhy on 06/09/2018 - 11:21
          +1

          @epoch007: Cool, didn't know you guys could do that, I thought the money had to chill there for 2 months.

        • ely on 06/09/2018 - 13:05

          @epoch007: You're paying 4.8% interest? Holy crap, why?

        • tajid on 06/09/2018 - 13:30

          @ely: sounds like interest only investment loan or low balance loans

        • Ms Bargainer on 07/09/2018 - 21:25

          It is only a few seconds if you already have an online account with them.

        • hubs1982 on 12/09/2018 - 16:05

          @Ms Bargainer:
          Does that mean we won't have to pop into a branch for ID verification?

        • Ms Bargainer on 12/09/2018 - 16:16

          @hubs1982: If you have an existing account with Westpac, you don't have to, as you would have already provided ID.

        • hubs1982 on 12/09/2018 - 16:38

          @Ms Bargainer:

          Cheers, tried and was prompted to log on.
          Did so and got a message along the lines saying unable to open an account and will do so manually and be in touch with me within 1 business day…😀

  • bm on 06/09/2018 - 07:38

    Can you deposit $2,000 and immediately withdraw it so it keeps working in another banks offset account? Not a bad deal if so.

    Is the $50 taxable and have to be declared?

    • robhung on 06/09/2018 - 08:32

      Most accounts that require you to deposit every month don't track how much you withdraw, this is what I used to do with my CBA account.

      • bm on 06/09/2018 - 08:46

        So if you transfer from your home loan offset account > Westpac > home loan offset account, the offset may be without the funds for up to 4 days, with a typical 6-6.5% after-tax home loan interest rate, you'll lose $3-4 if you do this twice vs paying the $5 monthly fee twice.

        Sounds good!

        • robhung on 06/09/2018 - 09:01

          Home loan offset account? Why not just transfer from a personal savings account, the interest there is usually 2-3% max, so you're losing even less?

        • bargainbro on 06/09/2018 - 09:16
          +8

          If your home loan rate is 6-6.5% you’ll save a lot more than $50 by looking for a new home loan.

        • bm on 06/09/2018 - 09:23

          @robhung:

          Why would you have a savings account and a home loan offset account? Just throwing away money.

        • bm on 06/09/2018 - 09:27
          -3

          @dfung:

          I stuffed up my maths so here's a correction but my post is still correct.

          Do you earn an income and pay tax on it? Is it between 30-40c a dollar tax on your highest bracket?

          Your home loan might be 4% and your paying that with money you've already paid 30-40c tax on it so add that percentage to the loan for the real amount your paying. In this case it'll be about 5.2% or 5.5%. This is why saving $1 earns you more in real terms than earning an extra dollar which is taxed and you're only left with $0.70c or $0.60c.

          This is very simplified but I wanted to explain the concept.

        • koganei on 06/09/2018 - 10:20
          +1

          @bm: I do not understand the logic of adding tax to your interest rate calculation…that money is taxed anyway if you didn't use it to pay your home loan and instead had spent it on something else.
          If we use your logic, does that mean that a $1 chocolate you buy at the supermarket is actually $1.30 - $1.40?

        • NigelTufnel on 06/09/2018 - 12:54
          +1

          @dfung: Dude… you need to refinance your home loan.

        • ely on 06/09/2018 - 13:06

          @NigelTufnel: Badly needs to refinance; mine is about 3.8% and I'm still thinking of refinancing for a better deal, those rates are madness.

        • bargainbro on 06/09/2018 - 16:37

          @NigelTufnel: I’m not the one with the 6-6.5% home loan. I was suggesting bm should get a new loan.

          bm, adding tax makes no sense at all.

        • bm on 06/09/2018 - 16:50

          @dfung:

          I stuffed up the maths, a 4% loan is 5.2-5.5% after tax depending on your income tax bracket.

          I thought marginal tax rates were a bit more common knowledge but the replies that you need to refinance I don't think anyone reads anything. Probably like the ambiguity in my explanations!

          https://www.ato.gov.au/Rates/Individual-income-tax-rates/
          How about an example? If you earn $50,000 then every extra dollar you earn up to $90,000 the ATO keeps 32.5c so if you save $1, you have an extra $1 in your pocket. If you spend an extra dollar, you have to earn $1.32 to be able to spend it so it's better to save $1 than to earn an extra $1

          My point is correct but I worded it really badly and missed a lot, I'm juggling work and typing here. I meant if you spend $5 per month on fees, you've had to earn $6.63 to pay that fee. If you pay $3-4 interest, you have to earn a tiny bit more to pay that interest.

          If you take $2000 from your offset account and it's gone for 4 days then you're getting hit with interest so that means you have to earn extra to pay for the interest.

          But I think the $50 the bank gives you is added to your annual income meaning the ATO will take $16.25 and you keep $33.75, minus the interest or monthly fee you pay so you keep around $30.

          So this deal is better for someone not paying any tax and worse for a high income earner and if you have one, it's better to take from offset and return the next day than pay the monthly fee.

          Is that a bit clearer? Also if the ATO doesn't tax the $50 credit then you get to keep about $45 or something. I'm not an accountant but thought any income is taxed.

        • bargainbro on 06/09/2018 - 17:16

          @bm:

          No it is not clearer at all. Adding tax on makes no sense at all. If you had an investment loan it would make sense to take off tax. As someone else suggested, doesn’t it mean if you buy a Mars bar for $1 it’s really worth $1.30? Of course not. But if for some reason the Mars bar could be a tax deduction then the Mars bar is actually costing you $0.70.

          There is no tax impact on extra interest you have to pay on your offset account if you take it out. You also don’t need to pay tax on the $50 as it is not income. You are confusing yourself by over complicating the situation.

        • bm on 06/09/2018 - 17:21
          -1

          @dfung:

          But I mean a loan for the home you live in, I didn't think you can tax deduct that unless you use it for business?

          Investment property is different yeah because you can tax deduct it.

          I have to pay tax on any interest my bank pays me. Is the $50 not treated as income like interest from a savins account is?

          Heck if I'm wrong here then it's better for everyone!

          edit this is the best I can find so far
          https://www.ato.gov.au/Individuals/Income-and-deductions/Inc…

          If you've won something in a prize draw or lottery run by your bank, building society, credit union or other investment body, you must declare on your tax return the value of any benefits or prizes you received. Prizes may include cash, low-interest or interest-free loans, holidays or cars.

          I know it's not a lottery or competition but I thought it would be treated as "other income". I'm not an accountant but for some reason thought any money given to you by a bank such as interest and therefore the $50 bonus is treated as taxable. If I'm wrong can you explain it and if you have a reference I'd like to read it so I don't say the wrong thing again.

        • bargainbro on 06/09/2018 - 17:57

          @bm:

          Do you declare your Cashrewards rebates in your tax return? Do you declare the $100 that grandma gave you for your birthday in your tax return?

        • bm on 06/09/2018 - 18:07

          @dfung:

          No and no. Unsure how CashRewards works but I know small gifts from grandma are non taxable, from the horses mouth:

          https://www.ato.gov.au/Individuals/Income-and-deductions/Inc…

          rewards or small gifts such as cash birthday presents (however, gifts may be taxable if they are large amounts or you receive them as part of a business-like activity or in relation to your income-earning activities as an employee or contractor)

          Will the $50 be included as income in the annual bank statement? Any ATO references to confirm if I'm right or wrong?

        • bargainbro on 06/09/2018 - 18:28

          @bm:

          This is the last post because I’ve wasted enough time.

          This is what the ATO has as assessable income:
          salary and wages
          tips, gratuities and other payments for your services
          allowances for things like car, travel, clothing and laundry
          interest from bank accounts
          dividends and other income from investments
          bonuses and overtime an employee receives
          commission a salesperson receives
          pensions
          rent

          The closest the $50 comes to any of those is interest. But it’s not interest because you are not lending Westpac any money which they are paying you interest on. You just need to deposit at least $2000, but you could deposit $1000000 and still get only $50.

          In addition with NPP, you could potentially have the $2000 sitting in the Westpac account for 5 seconds only so you never really lend them any money. Therefore the $50 cannot be considered interest.

          It is also not “other income from investments” as you are not investing any money. Investment would require some risk but apart from the low likelihood of Westpac going under before they pay you the $50 there is no risk.

        • spaceflight on 07/09/2018 - 21:31

          @bm:

          I stuffed up the maths, a 4% loan is 5.2-5.5% after tax depending on your income tax bracket.

          The tax you pay on your income has no impact on the interest rate of your loan.

          You could pay 100% tax and your loan rate is still only 4%

  • raiseyoursteaks on 06/09/2018 - 08:54
    +2

    I remember doing this for the Suncorp insurance cash back. Maybe I should try this and get $50 to spend on non essential stuffs on Amazon.

    • Balmaino on 06/09/2018 - 09:00
      +1

      haha boy that suncorp cashback was a gold mine. christmas presents sorted

    • Charity on 08/09/2018 - 00:18

      $50 worth of "essentials" on Amazon gets you another 15% off :p

  • Shazam82 on 06/09/2018 - 08:58
    -8

    That's nice given that the have raised their rates outside the RBA cycle. That $50 will go a long way.

    • tajid on 06/09/2018 - 09:01
      +10

      This has nothing to do with the deal…

    • footyboy on 06/09/2018 - 19:15

      Yes and other big 3 followed…

  • tonnypham on 06/09/2018 - 09:07

    This fee is waived for:
    Customers that deposit at least $2,000 each month (other fees apply).

    What is the other fees?

    Can I open the account and deposit 2k then withdraw it the next day still be ok?

  • MauTauAja on 06/09/2018 - 09:08
    +10

    The worst greedy bank in human history… hope all your of Westpac management + CEO go to HELL

    • montorola on 06/09/2018 - 09:45
      +3

      Westpac

      Worstpac.

    • [Deactivated] on 06/09/2018 - 11:46
      +1

      please tell us more about them

      • MauTauAja on 07/09/2018 - 09:54

        dont you read newspaper or online news or watch news on TV???? its every where!!

    • StonedWizard on 11/09/2018 - 06:58

      Westpacs also got the worst online banking system, the interface is horrible and took forever to adopt Android pay, they still need Apple Pay.

      They're customer service isn't too bad though.

      • kerfuffle on 11/09/2018 - 07:00

        took forever to adopt Android pay

        At least they got it before CBA did!

        • StonedWizard on 11/09/2018 - 11:41

          CBA had the tag thing which wasn't too bad.

        • kerfuffle on 11/09/2018 - 11:46

          @sshazam: Didn't that cost about $2.95 for customers though?

  • Chochkee on 06/09/2018 - 09:20

    Awful bank. Great customer service, but the monthly account keeping fees are completely unjustified for their rubbish interest rate. Even with the fleeting offers and rates of ING they still offer you more on signup through their referral program, and much more benefits.

    • idonotknowwhy on 06/09/2018 - 09:53
      +2

      I agree that they're an awful bank, but the main reason for me is their customer service, and wait times / hanging up on the phone. Their business customer support is trash. One of my few regrets in life is setting up a business bank account at westpac.

      • Chochkee on 06/09/2018 - 11:53
        +1

        I had no problems with customer service when I closed my account >.<

  • bryans on 06/09/2018 - 09:50

    Would like to sign up for few months then close the account. Banks make it very difficult to close an account

    • idonotknowwhy on 06/09/2018 - 09:54
      +1

      Westpac were easy. I just went in to a branch, told them I wanted to close the account. Within 2-3 minutes they were handing me my $2.25 (remaining balance) in coins. My life got a lot better after that.

      • JIMB0 on 06/09/2018 - 12:49
        +3

        Should have ran your balance down to $2.23 and made an extra 2c.

    • [Deactivated] on 06/09/2018 - 10:55

      I did this same deposit and reward deal with St George. They closed the account right after I asked them to.

  • idonotknowwhy on 06/09/2018 - 09:58
    -5

    Or you could leave the $4000 in a 2.8% p.a interest earning account, get $14, and not jump through any of these hoops?

    • Autonomic on 06/09/2018 - 10:36
      +5

      Deposit and take it out straight away

  • [Deactivated] on 06/09/2018 - 10:38

    Thanks OP, applied and waiting for the card and money

  • lito on 06/09/2018 - 12:17

    T&Cs say can’t have held a Choice account in last 12 months. Do you think having had a Business Choice account would disqualify for this promo?

  • immu999 on 06/09/2018 - 15:46

    Do they check your credit file if you open an account?

    • No ONE on 06/09/2018 - 18:26

      this is a debit card not credit card.

  • sraymond on 06/09/2018 - 16:08

    Has everyone else got the ATO listed in their pay anyone payee list. And when you try to delete it you can’t.

    • kerfuffle on 08/09/2018 - 10:50

      Yep. Been a Westpac customer for a decade; been there in the last five or so years I think

  • Hugh G Rection on 06/09/2018 - 21:58
    -2

    great deal, but im to lazy to do all the work.

  • ShopResponsibly on 07/09/2018 - 09:33

    Get extra $15 by referring yourself in Beem It's promotion https://www.ozbargain.com.au/node/400486. But requires another sim card and a bit of effort.

    • demiurge on 08/09/2018 - 17:32

      I thought that requires a different ID?

      • ShopResponsibly on 08/09/2018 - 21:17

        I already have two accounts with the same name and ID. I will try to do it again when I get this debit card. Hopefully it still works.

        • demiurge on 08/09/2018 - 23:54

          But why do you even need a new debit card? You can unlink the card anyway.

        • [Deactivated] on 17/09/2018 - 06:40

          Hi was wondering if to get debit card; I opened account 10 days ago and got a letter but no card. Account was opened the next day

        • ShopResponsibly on 17/09/2018 - 09:39
          +1

          @wdmhbbbwctcdlbc: You might have to call them. In my case, I had to go to a branch. The banker assisted me and told me that she was being blocked in ordering my card. So after the bank visit, I just called 132 032.

  • mcnugget on 07/09/2018 - 21:24
    +2

    If you've already jumped on the Altitude deal this literally takes 2 seconds.

    Free money doesn't deserve negs.

  • harthagan on 10/09/2018 - 12:41

    Any idea if they waive the $2000 deposit requirement for pensioners?

    • [Deactivated] on 10/09/2018 - 14:26
      +1

      They have a westpac choice basic which is fee free for pensioners. Payment needs to be deposited into it though. The $50 offer still applies.

  • kazjay51 on 10/09/2018 - 23:27

    So one question, sorry if it is answered, I have put in 1k in the account, I plan to withdraw it soon. Towards the end of the month, if I put in another 1k will that work? Thanks in advanced

    • iversonjack on 12/09/2018 - 14:36

      Yes that would work, just beware of when it calculates the monthly fee (I'm not sure whether's the account anniversary or calendar month).
      You can deposit the 2k in multiple attempts.

  • georgegates5 on 11/09/2018 - 06:46

    How long does it take to open an account?

    I sign up on a Sunday, did not receive any email from them as of yet or even to notify that my signup was a success/application in review?

    • kazjay51 on 11/09/2018 - 22:43

      you have to go into the store to verify your ID, happened to me

      • georgegates5 on 12/09/2018 - 05:50

        But I have not received any email notification that my application requires in store verification.

        • kazjay51 on 12/09/2018 - 16:59

          yeah i didn't either, but initially i transferred 1k into my choice account and couldn't withdraw it due to i didnt verify in the westpac branch

  • tonnypham on 12/09/2018 - 08:36

    is it easy to close the account?
    Can I do it online?
    Or call?

    • iversonjack on 12/09/2018 - 14:36

      Option 1: Call
      Option 2: Visit branch

      • [Deactivated] on 27/09/2018 - 20:50

        Option 3: Leave it with a $0 balance. Wait for fees to eat it.

  • baron33 on 12/09/2018 - 10:27

    I still don't know if I need to put 250 in the account for all the days or just one night?

    • iversonjack on 12/09/2018 - 14:33
      +1

      Deposit $250. withdraw immediately upon successful deposit. Wait 45 days.
      But suggest you deposit $2000 for withdraw immediately to avoid monthly fees.
      Need to essentially do this minimum two times till $50 is received.

  • Yamato on 15/09/2018 - 17:34

    does it matter if you're transferring say: the $2000 from one westpac account (a family member) to your new westpac account? rather than from an external account/bank?

    • jiayijames on 16/09/2018 - 13:58
      +1

      I am pretty sure it does not matter.
      As the WBC account transfer from is NOT under your name, so essentially it's an external transfer, rather than an internal transfer.
      Even if the bank is exactly the same, which means transfer time (if not already using the new NPP) is much quicker.

  • uniboi on 27/09/2018 - 14:19
    +1

    Just wondering whether anyone has gotten their $50 yet

    • [Deactivated] on 27/09/2018 - 20:13

      Not yet. Terms say 60 days though.

    • georgegates5 on 01/10/2018 - 23:25

      Not yet either :(

    • skinny2skinny on 02/10/2018 - 09:36

      Yes not yet as well, will have wait 2 months im guessing

  • iversonjack on 02/10/2018 - 15:51

    Does it matter if you provide your tax file number or not?

    • c64 on 03/10/2018 - 08:45

      if they pay the bonus as interest then some will be withheld until you do your tax return. otherwise i don't think it really matters

  • leon99 on 06/10/2018 - 21:06

    Doesn't seem to be available anymore.

    • [Deactivated] on 09/10/2018 - 15:16

      It's back!

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