Product details
The Westpac Life savings account enables you to set personalised savings goals and track your progress. No matter how big or small your savings goals are, from a new bike to a deposit for a home, the Savings Goals feature can help you achieve your goals sooner. Not only can you set up your own savings goals, but your money will earn a competitive interest rate at the same time.
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.
- Product Name
- Westpac Life
- Maximum Variable Rate
- 1.65% p.a.
- Standard Variable Rate
- 0.45% p.a.
- Bonus Variable Rate
- 1.20% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 18
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
Features
You should compare the features of the Westpac Life savings account to other savings accounts in the market to ensure that you’re choosing the account that best meets your needs. The Westpac Life savings account comes with the following features:
Maximum interest rate of 1.65% p.a.
The Westpac Life savings account has a variable base interest rate of 0.45% p.a. and a bonus interest rate of 1.20% p.a., meaning that your balance can earn a maximum rate of 1.65% p.a.
Earn bonus interest
Achieving the bonus interest rate of 1.20% is quite simple. Make sure you deposit money into the account each month and make sure your balance is higher at the end of the month than it was at the beginning. The good news? There’s no deposit requirements, meaning you can grow your balance by as little as $1 and still earn the bonus rate.
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.
Pros
- Earn up to 1.65% p.a. interest on your balance
- Set personal savings goals and track your progress
- Deposit conditions to achieve bonus interest are easier than most other savings accounts
Cons
- Must be linked to a Westpac everyday transaction account
How to apply
If you think this account sounds right for you, click the “Go to Site” button above to be taken to Westpac’s website. You can then 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.
I understand the base rate and bonus rate is payable on the last business day of each month…
I want to know – Is the interest calcuated daily?
Hi Me,
Thanks for contacting Finder.
Interest is calculated daily on your account balance. You may also visit Westpac official website to check all their account rates.
Kind Regards,
Faye
hi, what if for the month my account balance went negative for a day then I again deposited more. will I get bonus interest?
Hi Anmol,
Thanks for your inquiry.
The bonus interest for the Westpac Life account is payable each month that you:
– make a deposit to the account
– ensure the account balance is higher at the end than the beginning of the month
– and keep the account balance above $0.
This means there are no deposit requirements, meaning you can grow your balance by as little as $1 and still earn the bonus rate.
For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month.
Hope this clarifies!
Best,
Nikki
How long is the maturity date for the Westpac Life savings?
Hello Aily,
Thank you for your comment.
The Westpac Life savings account is an account that you can access every day. There’s no maturity date for this account unless you’re referring to the term deposit account.
If you’re also referring on the interest rate, according to Westpac terms and conditions for the savings account, it is paid on the last business day of each calendar month. Balances in your account on and after the last business day won’t be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.
I hope this helps.
Regards,
Jhezelyn
what disadvantages will I suffer by moving from westpac life to another institution offering 2.70% pa
Hi Carl,
Thank you for leaving a question.
While we do not provide specific product recommendations, we can help guide you through the process of comparing options. If you need further assistance you may chat with us via the chat box located at the lower right hand corner of our page. You may also check the features of each product that you are comparing so you get an overview of what benefits you get as well as what suits your lifestyle. Hope this helps!
Cheers,
Reggie
Hi there,
I opened my account on March, do I get the this rate plus the bonus in 1/4 or in 1/5?
And is it maximum 2.3% of the whole amount not the difference in the amount in the relevant month? I mean if I have $100 I get $2.3 for it in case that I get the bonus! Is that right?
Thank you in advance:)
Hi Sam,
Thank you for your inquiry.
With Westpac Life, you can earn the maximum variable interest rate of 2.30% if you will deposit money into the account each month and keep your balance higher at the end of the month than it was at the beginning. For instance, in March when you opened your account, you deposited $100, then in April you made another deposit of $50, you’ll get interest of 2.3% for the total balance of $150.
Cheers,
May
Hi,
I was wondering you must deposit $1000 amonth to get the bonus interest but what about the withdrawals. Can do as many as i want in a month or is there limitation on this?
Hi Ahmad,
Thanks for your inquiry
In order for you to receive the bonus rate of 0.80% p.a. on top of the standard rate of 1.50% p.a. you have to deposit money into the account each month and make sure your balance is higher at the end of the month than it was at the beginning. There is no minimum deposit amount per month, as long as your balance grows every end of the month, you’ll continue to enjoy the maximum rate of 2.30% p.a.
Now let’s say you had $100 at the beginning of the month and you withdrew $10, you’ll need to deposit $11 before the end of the month to continue receiving the maximum rate.
Hope this information helps
Cheers,
Arnold