8.8

Finder Score

Great

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Maximum variable rate: 4.25% p.a.
Base interest rate: 0.10% p.a.
Minimum deposit: $0.01

Our verdict

A savings account that offers bonus interest and allows you to set personal savings goals.

Compared to other savings accounts, the bonus interest on this account is quite easy to achieve. You just need to deposit money into the account each month (any amount) and make sure your balance is higher at the end of the month than it was at the beginning.

If you're aged 18-34 you can earn up to 5% p.a. with this account. You need to do is grow you balance each month and make 20+ eligible debit card purchases from your linked Westpac Choice Transaction Account. If you're under 35, this extra bonus rate offered on the Westpac Life account for 18-34s is one of the highest in the market (as of December 2025).

Pros

No monthly account-keeping fee - Helps maximise returns without ongoing charges.

Cons

Linked account required - You need a Westpac Choice account to open and operate a Life account, which may carry its own fees.
Not ideal for irregular savers - If your balance fluctuates downwards in a given month, you lose the bonus rate.

The Westpac Life savings account enables you to set personalised savings goals and track your progress. Not only can you set up your own savings goals, but you can earn bonus interest on your money at the same time.

Note that the account balance on the last business day of the month must be higher than the account balance on the last business day of the previous month. Interest paid into your account does not qualify as a deposit, in terms of eligibility for bonus interest.

Under 35? You can earn a bonus interest rate of up to 5% p.a. with the Westpac Life account for 18-34s.

Details

Key details

Product Name	Westpac Life
Maximum Variable Rate	4.25% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Maximum interest rate of 4.25% p.a.

The Westpac Life savings account has a variable base interest rate of 0.1% p.a. and a bonus interest rate of 4.15% p.a., meaning that your balance can earn a maximum rate of 4.25% p.a.

Earn bonus interest

Achieving the bonus interest rate is quite simple. Make sure you deposit money (of any value) into the account each month and make sure your balance is higher at the end of the month than it was at the end of the previous month. Any amount you deposit makes you eligible to earn the bonus rate, as long as the balance is higher on the last business day of the month than it was on the last business day of the previous month.

No monthly account-keeping fee

There is no monthly account-keeping fee for the Westpac Life savings account, so every dollar goes towards meeting your savings goals. Remember, there may be fees attached to your linked transaction account.

Set Savings Goals

The Savings Goals feature allows you to set up personal savings goals and track your progress. You can also receive savings calculations, making it easier to meet your goals. You can easily set up your goals via the mobile banking app.

Linked transaction account

This account must be linked to an existing Westpac everyday transaction account. If you don't have one, you'll receive a Westpac Choice account when you open your Westpac Life account.

Mobile app available

You can access this account via Westpac's mobile banking app on iPhone or Android devices. This is also where you can set up and track your savings goals.

Unlimited online transfers

You can make unlimited free online transfers between your Westpac Life account and your linked Westpac everyday transaction account.

Safe and secure

If you become a victim of online fraud, Westpac will repay any lost funds. You can also elect to confirm transactions over a certain value via a text message.

How to apply

You can apply online in less than 10 minutes. When applying for the Westpac Life savings account, you'll receive a Westpac Choice account if you don't already have a Westpac everyday transaction account.)

Eligibility

Minimum age. You must be over 18 years old to apply for this account.
Residency. To apply, you must have an Australian residential address.

Westpac everyday transaction account. To open this account, you must have a Westpac everyday transaction account. If you don't, you'll automatically receive a Westpac Choice account at the time of application.

Documentation needed

Identification. You must be able to verify your identity with either a driver's licence, passport or proof of age card.
Tax file number. Westpac will be required to deduct tax from your savings at the top marginal rate if you do not provide your tax file number (TFN).
Personal details. You'll need to supply your personal details including your full name and contact details.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Westpac Life information page
2. Westpac Life TMD

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Alison Finder

Editorial Manager, Money

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Walter

October 21, 2025

what is the max amount you can have in a Westpac Life savings acc to get your 4.25%

Alison Banney Finder

October 28, 2025

Hi,

There is currently no maximum balance limit for the westpac Life account – the variable bonus rate of 4.25% p.a. is available on your full balance when you meet the conditions.

Thanks,

Alison

David

August 21, 2025

If your balance is higher at the end of the month than it was at the end of the previous month, is the bonus interest calculated daily as the balance may fluctuate throughout the month?

Sarah Megginson Finder

August 25, 2025

Hi David,

Yes the interest is calculated daily and paid at the end of the month.

Craig

June 16, 2025

is there a maximum bank account limit for the 4.5% interest rate applies to?

Alison Banney Finder

June 20, 2025

Hi Craig,

Westpac doesn’t state a maximum balance lmit for this account – bonus interest is available on balances $0+ when the monthly conditions are met.

Thanks,

Alison

Charlie

May 31, 2024

What are the eligibility requirements to wavier the Choice account fees?

Sarah Megginson Finder

July 17, 2024

Hi Charlie,

This fee is waived for:

– Customers that deposit at least $2,000 each month

– Customer under the age of 30 or full-time tertiary students

– Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment

– New to Australia or expatriate customers (for the first 12 months).

– Customers that open a new Westpac Choice account online between 01/02/24 and 30/09/24 (for the first 12 months).

Hope this helps!

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Chrisitne

July 08, 2023

Hi,

I didn’t get the 4.75 % rate at the end of June , even though my balance was higher at the end of the month than it was at the start as money was deposited . Could you please explain as I chose Westpac specifically fot that interest promised . Are there some ” hidden ” conditions . Does the bonus interest disapear after a certain time ?

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Sarah Megginson Finder

July 13, 2023

Hi Christine, This is a comparison site review page for Westpac, we’re not directly affiliated with the bank and can’t offer personalised customer support to do with your account. You can contact the bank directly on 13 20 32 to enquire about your account and enquiry.

This account comes with few conditions, namely that the account balance on the last business day of the month must be higher than the account balance on the last business day of the previous month. Interest paid into your account does not qualify as a deposit, in terms of eligibility for bonus interest.

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Westpac Life

Pros

Cons

Key features

Maximum interest rate of 4.25% p.a.

Earn bonus interest

No monthly account-keeping fee

Set Savings Goals

Linked transaction account

Mobile app available

Unlimited online transfers

Safe and secure

How to apply

Eligibility

Documentation needed

Sources

Sources

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