High yield investment account

‚ÄčAll grants and payments from the Department to schools are transferred into the high yield investment account.

Account overview

Schools are able to transfer funds between the high yield investment account (HYIA) and the school council official account before 5pm each business day. The HYIA will only accept transfers from the official account.

Funds can be transferred to any other account from the school council official account. 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. Westpac will pay interest gained from the HYIA directly into that account.

Schools will not be liable for account-keeping fees or transaction charges related to the high yield investment account.

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

Procedures

HYIA interest rates

See the current HYIA interest rates

Establish a HYIA

To establish a HYIA, contact:

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

Forms

These forms are used for HYIA services. Send completed forms to:

HYIA Amendment of Signatories, see: Finance News and Announcements

Amendment of Schools Official Account (docx - 24.19kb)

School name change

When a change to the school name is approved by the Minister of Education the school must notify Westpac. 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.

Get advice

Contact Lisa Sutherland on (03) 7022 2226 or email: schools.finance.support@edumail.vic.gov.au

Westpac HYIA Enquiry Line (03) 9608 3975

Victorian Government Client Service Team: vicclientservice@westpac.com.au