Big change to Westpac’s savings account – time to switch?
It's about to get harder to qualify for bonus interest with the Westpac Life savings account.
Westpac is the latest bank to announce changes to the account conditions customers need to meet to be eligible for bonus interest.
From 1 November 2025 you'll now need to make 20 eligible transactions from your Westpac Choice account per month in order to earn the highest bonus rate of 5.00% p.a.
This is up from the current requirement of 5 transactions per month.
The bank will also extend the age range for the account, from 18-29 currently to 18-34.
What does this change mean for Westpac customers?
Increasing the number of monthly transactions required from 5 to 20 is a huge change.
Customers who aren't using the linked Choice account for their day-to-day spending (or even those that are!) may find it really difficult to meet this new requirement.
There is no minimum value required for the transactions (you could make 20 transactions of just $1 each), but this will still require a fair bit of extra planning.
The current additional requirements for bonus interest remain unchanged; you need to make at least 1 deposit per month, keep your balance above $0 and grow your balance by the end of the month.
By increasing the age range for the account it means customers can now continue to qualify for the top bonus rate of 5.00% p.a. for an extra 5 years.
Don't want to jump through any hoops?
Check out these savings accounts with no conditions to meet.
How does Westpac's savings account compare?
Westpac Life offers the highest ongoing bonus rate in the market right now at 5.00% p.a. However, there are a fair few requirements to meet to get it, and it's only available on balances up to $30,000.
If you've got a smaller savings balance and are confident you can meet the monthly requirements, you'll be rewarded with a great rate.
But if you don't want to jump through all the hoops, or you're older than 34, here are some other options.
1. ING Savings Maximiser
You can earn an ongoing, variable bonus rate of 4.80% p.a. on balances up to $100,000. To earn this rate each month you need to deposit $1,000, grow your balance and make 5 transactions from your ING bank account.
2. Ubank Save
New customers can earn 5.00% p.a. on balances up to $1 million for the first 4 months. To earn this rate you need to deposit $500 per month. After the 4-month welcome period ends you'll be able to then earn an ongoing, variable bonus rate of 4.35% p.a.
3. Macquarie Savings Account
You can earn a welcome bonus rate of 4.60% p.a. on balances up to $250,000, followed by an ongoing variable rate of 4.25% p.a. on balances up to $2 million with no conditions to meet.
4. Australian Unity Freedom Saver
You can earn an ongoing variable rate of 4.35% p.a. on balances up to $50,000 with no conditions to meet.
5. AMP Go Save
You can earn an ongoing variabe rate of 4.25% p.a. on balances up to $250,000 with no conditions to meet.
6. Bank of Queensalnd Future Saver
If you're aged 14 to 35 you can earn an ongoing, variable bonus rate of 4.85% p.a. on balances up to $50,000. To earn this rate you need to deposit $1,000 per month and make 5 transactions per month from the BoQ bank account.
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