Westpac $5 P/M Acc Fee $2000 Deposit to Waive Hack

1989jdm on 09/04/2025 - 05:59

I’ve got a Westpac account purely to take advantage of ShopBack offers, my 12months is nearly up and I’m facing the prehistoric $5 P/M account keeping fee which I would obviously like to avoid. I’ve noticed if you deposit $2000 P/M the fee is waived.

Are you able to deposit the 2k and instantly put it back to where it came from? I’m thinking I can put 2k in to the Westpac account from my homeloan account and then instantly transfer it back .
Anybody doing the same and confirm it works to avoid Westpacs fee?

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Comments

  • Sky Master on 09/04/2025 - 06:19
    +6

    Are you able to deposit the 2k and instantly put it back to where it came from?

    Yes I have been doing that.

  • capslock on 09/04/2025 - 08:19
    +1

    Yes

  • JimmyF on 09/04/2025 - 08:48
    -1

    Are you able to deposit the 2k and instantly put it back to where it came from?

    Give it a go!

    I do this for a couple of banks to avoid the fees, deposit money one day, pull it back the next.

  • pegaxs on 09/04/2025 - 09:17

    I just went into Westpac and told them "remove the $5 account fee or I am closing all my accounts and moving elsewhere… You already make money off my interest and investing my money, so you dont get to double dip on also taking an account fee and then making me do all my banking through your online portal…"

    Took them about 5 mins to remove the fee.

    • Daabido on 09/04/2025 - 09:58
      +8

      The teller probably tipped their own $5 in to get you out of the branch.

  • goosmurf on 09/04/2025 - 09:27
    +1

    Yes, and with Osko/PayID you can move the money around instantly.

    On the 1st of every month I cycle $2k between 4 different transaction accounts using the above method. Takes about 5 minutes and money lands back in my primary savings account.

  • Porker on 09/04/2025 - 10:12

    As awareness, the same hack works for ANZ savings accounts.

  • 1989jdm on 09/04/2025 - 10:34

    Thanks guys. Maybe an obvious one, but I’ve never done it. Just wanted to see if the theory would work.

  • omguleh on 09/04/2025 - 16:09

    Does the 2k need to stay in the account for x amount of hours? Or can be it transferred out right after?

    • 1989jdm on 09/04/2025 - 16:16

      Commenter above says instant is fine. I’m hoping that’s right because I’m planning to do a instant deposit and withdrawal.

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