Westpac is rolling out a three-month support package that enables credit card users paying interest on their outstanding debt waived.

Under the same package, there will be no accruable interest on new purchases or cash advances, no interest charges to existing debts, and there will also be no requirements to make repayments over the period.

After the three months, minimum payments and interest incurred will resume - customers will still be able to use their credit cards during the holiday as long as they haven't reached their credit limit.

Eligible customers include those that have lost their income or job, or have faced reduced hours as a result of COVID-19.

It's important to note the support measures won't be available to people who have already applied for financial hardship assistance on the same account.

Westpac is the first major bank to introduce a pause on interest payments, while other banks have reduced minimum payments, which still incur interest charges on outstanding balances.

It's not yet known if interest will be capitalised, something many customers taking mortgage holidays are facing.

Westpac currently has a plethora of credit card products on offer, with the lowest interest rate available belonging to the Westpac Lite product at a 9.90% p.a. purchase rate, with a 45-day interest-free period.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
Use code EASY30 to score $30*

Save Account

  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Savings Account

    Disclosure
    400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Special offer: Savings Accelerator (Kick Starter offer).
    • For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
    • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
    Disclosure

    Savings Accelerator

    • Special offer: Savings Accelerator (Kick Starter offer).
    • For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
    • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
    Disclosure
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Online Savings - Premium Saver

      020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      HomeME Savings Account (<$100k)

        02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Growth Saver

          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Virgin Money Boost Saver

            01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver

                0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                mySaver

                  00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Simple Saver

                    4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Netsave Account

                      3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Online Savings Account

                        3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        HSBC Everyday Savings Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Incentive Saver Account

                            4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bankwest Easy Saver

                              0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Incentive Saver Account

                                02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Growth Saver Account

                                  0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  Save up

                                    Important Information and Comparison Rate Warning

                                    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 22, 2025. View disclaimer.

                                    Important Information and Comparison Rate Warning