High Yield Investment Account

From Term 1 2017, Victorian government and Catholic schools will use the new Victorian Curriculum F-10. Curriculum related information is currently being reviewed and may be subject to change.

For more information on the curriculum, see:
The Victorian Curriculum F–10 - VCAA

All Department grants and other payments are transferred directly into the High Yield Investment Account. Details are as follows:

  • Schools are able to transfer funds between the High Yield Investment Account and the School Council Official Account prior to 5pm each business day. Funds can be transferred to any other account from the School Council Official Account. However, schools can only transfer funds from the Official Account to the HYIA. To transfer funds, see: Business Internet Banking - Transfer of Funds
  • Payments for goods and services must be made from the official account.
  • All other revenue received by the school is to be paid into the official account.
  • The Westpac Bank will pay interest gained from the High Yield Investment Account directly into that account.
  • Schools will not be liable for account-keeping fees or transaction charges related to the High Yield Investment Account.

The following documents provide details on procedures and the operation of High Yield Investment Accounts.

HYIA interest rates

The current HYIA interest rates are available, see: Finance

Forms for the High Yield Investment Account (HYIA) 

To establish HYIA, please contact the:

  • Westpac HYIA Enquiry Line (03) 9608 3975 or
  • General Enquiry Line on (03) 9608 3883.

The following forms are to be used for services associated with High Yield Investment Accounts. All completed forms should be:

  • emailed to vicclientservice@westpac.com.au
  • original signed forms, posted to Victorian Government Schools Team, Level 7, 150 Collins Street, Melbourne VIC 3000.

Forms

Statements Online

  • To register or amend contacts, and to access statements online, see: Westpac Live 

School name change

When a change to the school name is approved by the Minister of Education the school must notify the Westpac Banking Institution. The notification should be on school letterhead and signed by the Principal. A copy of the Statutory Authority signed by the Minister, should be attached and sent to the address above.

Contact information

For further information on High Yield Investment Accounts, please contact:
Lois Sullivan, telephone 9637 3392 or email: sullivan.lois.d@edumail.vic.gov.au
Westpac HYIA Enquiry Line (03) 96083975
Victorian Government Client Service Team: vicclientservice@westpac.com.au