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$50 to Switch to a Westpac Choice Account (WA Only)

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Ok… Heads up as this is unverified… For New and existing customers, but only if they dont have a transaction account… EDIT: Only available for those WA-based.

I was browsing through my local community newspaper and came across this Westpac ad offering $50 if you open a Westpac Choice Account before 10th November and send through some "Notice of Variation" by the end of November.

I havent been able to find anything on the Westpac website or anywhere else to verify the promotion, but i have linked a scanned copy of the promo from the paper.

THE BAD: The "Choice" account is a transaction account with no monthly fees so long as you deposit $2000 by the end of each month.

THE GOOD: For a potenital loss of ~$1.60 ($2k deposit x 5.75%pa RAMS account interest loss x 5 days back-and-forth money movements - being generous here, but perhaps not), you could get $50, or more likely around the $45 mark as the bonus is paid to the account within 30 days of receiving the N.O.V, so likely requiring a max of two transfers to receive the goods, and of course some rounding coming into my numbers.

T&C as noted in the ad:
"Information is current as at 21 October 2012. 1. Offer only available to new and existing Westpac customers who do not have an existing Westpac personal day-to-day account domiciled in Western Australia. Eligible customers must open a new Westpac Choice account by 10 November 2012 and ensure Westpac receives a completed Notice of Variation by 30 November 2012. Only one $50 incentive per customer. The $50 incentive will be creditied to the customer's Choice account within 30 days of receiving the completed Notice of Variation. This offer is not available in conjunction with any other special offers, negotiated rates or discounts. This offer is subject to change and may be withdrawn at any time. Before making a decision read the terms and conditions available at westpac.com.au"

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    1. Offer only available to new and existing Westpac customers who do not have an existing Westpac personal day-to-day account domiciled in Western Australia.

    Put WA in title.

    • Updated - although this point was mentioned in the first couple of lines…

      It doesnt say that non-WA customers aren't eligible, just that you cant have an existing transaction account that was 'domiciled' in WA. To me, by the pure reading, as long as you havent opened an account with a WA address, you are eligible.

      • Domicile is a fancy word for home. Accounts don't live in homes, people do. The domiciled refers to the word customer, not account. This means that it's only open to people with a WA home address. So that pretty much excludes the rest of us, unless we happen to be away from WA temporarily.

        • +1

          I know what domiciled means, but admit i did mis-interpret it's application. Seems like it is WA only (which in some cases is a +1 for us Westies considering the number of non-WA, or even non-WA/SA deals)

  • and how much in fees will they charge me after transferring?

    $50 is not a good enough reason to join westshaft imo

    • According to the site, no fees except for overseas non-participating ATMs , cheque dishonour fees or account overdrawn fees. So all ATM fees, Westpac or not are $0, except if an ATM operator charges a fee… but come on, how long is the money REALLY going to stay there before closing?

  • appreciate your efforts for doing the calculation :-)

    and by the way RAMS are reducing their interest from 5.35 to 5.17% by end of this month..

  • -4

    Westpac are a terrible bank. Not worth it.

    • I've never had a problem with them.

    • I don't think thats a reason to neg the deal though.

      • -2

        it is.

  • +1

    $50 is not enough to entice me to join Westpac… You'll probably pay that $50 in fees alone.

  • Can anyone confirm if it works in states other than WA?

    What the birds is a "notice of variation"?

  • After clicking through the links, the NOV is a form whereby you tell Westpac what direct debits you want transferred to the new account. I don't have any, so filled out the form blankly.

  • Only valid in WA, that ad was in a WA newspaper.

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