Westpac Banking Corporation
Australia's oldest bank, founded in 1817
Sydney, NSW34 Products TrackedRecently updated
5.25%
Best Savings Rate
3.55%
Best TD Rate
5.79%
Lowest Home Loan
34
Products Tracked
Government Deposit Guarantee (FCS)
Deposits up to $250,000 per account holder are protected under the Financial Claims Scheme. This limit is shared across: Westpac, St. George, Bank of Melbourne, BankSA, RAMS.
About Westpac Banking Corporation
Westpac Banking Corporation is Australia's oldest bank, founded in 1817 in Sydney. Listed on the ASX as WBC, Westpac is headquartered in Sydney, NSW, and is one of the Big 4 Australian banks. Westpac Group also includes the brands St.George, Bank of Melbourne, BankSA, and RAMS.
Westpac is an Authorised Deposit-taking Institution (ADI) regulated by APRA. Other brands operating under the same ADI licence include St.George, Bank of Melbourne, BankSA, and RAMS. RatePilot tracks Westpac's savings accounts, home loans, term deposits, and credit cards.
Deposits at Westpac are protected under the Financial Claims Scheme (FCS) up to $250,000 per account holder, per ADI. Customers who hold deposits at any of the other Westpac Group brands should note that the FCS limit is shared across all brands under the same ADI licence.
Pros & Cons
✓ Strengths
- +Deposits protected under the Financial Claims Scheme (up to $250,000 per account holder)
- +Australia's oldest bank (founded 1817)
- +RatePilot tracks savings, home loans, term deposits, and credit cards
- +Part of a large banking group with multiple brands
✗ Considerations
- –$250,000 FCS limit is shared with St.George, Bank of Melbourne, BankSA, and RAMS (same ADI licence)
- –As a Big 4 bank, may not offer the highest rates compared to smaller competitors
Our Verdict
Westpac is Australia's oldest bank and one of the Big 4. It holds an APRA-regulated ADI licence shared with St.George, Bank of Melbourne, BankSA, and RAMS. FCS protection up to $250,000 per account holder applies across all group brands. RatePilot tracks Westpac's savings, home loans, term deposits, and credit cards.
Last reviewed: 10 February 2026
Recent Rate Changes
No recent rate changes recorded for Westpac