A savings account that offers bonus interest and allows you to set personal savings goals.
Under 30? You can earn a bonus interest rate of 3% p.a. with the Westpac Life account for 18-29s.
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 your money will earn a competitive interest rate at the same time.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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 18-29 you can earn up to 3% p.a. with this account. All you need to do is grow you balance each month and make 5+ eligible debit card purchases from your linked Westpac Choice Transaction Account. If you're under 30, this extra bonus rate offered on the Westpac Life account for 18-29s is one of the most competitive in the market.
Maximum interest rate of 0.55% p.a.
The Westpac Life savings account has a variable base interest rate of 0.2% p.a. and a bonus interest rate of 0.35% p.a., meaning that your balance can earn a maximum rate of 0.55% p.a.
Earn bonus interest
Achieving the bonus interest rate of 0.35% 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.
How to applyIf 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.)
- 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.
- 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.