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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 18-29 you can earn up to 5.2% 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 highest in the market (as of April 2024).

Pros

Earn up to 5.00% 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 Choice Account
The Westpac Choice Account has a monthly account keeping fee (unless you're eligible for a fee waiver)

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 30? You can earn a bonus interest rate of up to 5.2% p.a. with the Westpac Life account for 18-29s.

Details

Key details

Product Name	Westpac Life
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	2.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Maximum interest rate of 5% p.a.

The Westpac Life savings account has a variable base interest rate of 2% p.a. and a bonus interest rate of 3% p.a., meaning that your balance can earn a maximum rate of 5% p.a.

Earn bonus interest

Achieving the bonus interest rate of 3% 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.

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Alison Finder

Editor

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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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追丽亚

March 26, 2023

Can I qualify for the Westpac Life monthly bonus? Suppose my balance on the last working day of February (February 28) is AUD 100, and I happen to deposit AUD 3 on the first working day of March (March 1), that is, the balance on March 1 is 103 AUD, one day I withdrew AUD 2 and the balance was AUD 101 (excluding interest) on the last working day of March (March 31), am I still eligible for the Westpac Life monthly bonus?

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Alison Banney Finder

March 27, 2023

Hi,

Your balance needs to be higher at the end of the month than it was at the start. According to Westpac’s site: “a month is the period from the last business day of the prior month to the day prior to the last business day of the current month.”

So in the example you used, you should be eligible for bonus interest that month yes.

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Gail

September 20, 2022

With the Westpac Life account is there a maximum amount I can deposit?

Alison Banney Finder

October 29, 2022

Hi Gail,

There’s no maximum amount that you can deposit into the Westpac Life account.

Regards,

Alison

August 02, 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?

Faye Manuel Finder

August 03, 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

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?

Nikki Angco

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

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Westpac Life

Pros

Cons

Key features

Maximum interest rate of 5% 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

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