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Westpac Life

Alison Banney
Alison Banney
Last updated:  

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.

$1

Minimum deposit

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Details

Product NameWestpac Life
Maximum Variable Rate0.55% p.a.
Standard Variable Rate0.20%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
Go to siteMore info

Expert review

Alison Banney

Review by

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.

Expert review

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.

Key features

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.

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.
Go to siteMore info

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12 Comments

    Default Gravatar
    Me
    August 2, 2019

    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?

    Reply
      Avatarfinder Customer Care
      Faye
      August 3, 2019

      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

      Reply
    Default Gravatar
    anmol
    June 11, 2019

    hi, what if for the month my account balance went negative for a day then I again deposited more. will I get bonus interest?

    Reply
      Default Gravatar
      Nikki
      June 12, 2019

      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

      Reply
    Default Gravatar
    Aily
    January 20, 2019

    How long is the maturity date for the Westpac Life savings?

    Reply
      Avatarfinder Customer Care
      Jhez
      January 21, 2019

      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

      Reply
    Default Gravatar
    carl
    September 17, 2018

    what disadvantages will I suffer by moving from westpac life to another institution offering 2.70% pa

    Reply
      Avatarfinder Customer Care
      John
      September 17, 2018

      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

      Reply
    Default Gravatar
    Sam
    April 16, 2018

    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:)

    Reply
      Avatarfinder Customer Care
      May
      April 16, 2018

      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

      Reply
    Default Gravatar
    ahmad
    January 29, 2018

    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?

    Reply
      Default Gravatar
      Arnold
      January 29, 2018

      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

      Reply
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