Westpac Life account (for 18-29s)

Under 30? You can earn a maximum bonus rate of 2.5% p.a. interest on your balance with this Westpac Life savings account offer.

The Westpac Life savings account offers a really competitive bonus rate for customers aged 18-29, when a few account conditions are met. You need to grow your balance each month, make sure your balance stays above $0 and make 5+ debit card purchases from your linked Westpac Choice transaction account each month which are settled within the month (not pending).

Alison Banney

Last Updated Jan 5, 2021

2.5% p.a.

Maximum variable rate

0.15%p.a.

Base interest rate

Minimum deposit

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Product Name	Westpac Life (18-29 year olds only)
Maximum Variable Rate	2.5% p.a.
Standard Variable Rate	0.15% p.a.
Monthly Account Fee	$0
Minimum Age	18

Pros

Earn up to 2.5% p.a. interest on your balance
Set personal savings goals and track your progress
Deposit conditions to achieve bonus interest are easier than some other savings accounts

Cons

This interest rate is only available for 18-29s
Bonus interest is only available on balances up to $30,000.
Fees apply on the Westpac Choice transaction account

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Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This savings account offers a really competitive bonus rate for customers aged 18-29. If you’re within this age bracket you can earn 2.5% p.a. on balances up to $30,000. However, there are a few conditions to meet.

Firstly you need to be aged 18-29. If you’re 30 or older you can still open the account but won’t be eligible for the maximum bonus rate of 2.5% p.a. (you’ll be able to get up to 0.25% p.a. instead).

Secondly, you need to grow your balance by any amount during the month. This means you can make withdrawals, but you need to make sure your balance is higher at the end of the month than it was at the start.

Thirdly, you need to link this account to a Westpac Choice transaction account and make 5+ debit card purchases per month. It’s important to note that the Westpac Choice account does have a monthly account keeping fee if you don’t meet the monthly deposit conditions.

Key features

Maximum interest rate of 2.5% p.a.

The Westpac Life savings account offers a maximum variable rate of 2.5% p.a. on balances up to $30,000 for customers aged 18-29 when the account conditions are met. To earn the full 2.5% p.a. bonus rate you need to:

be aged 18-29;
grow your balance within the month by any amount and keep your balance above $0 (to earn 0.10% p.a. variable bonus interest rate); and
make 5+ eligible debit card purchases from your linked Westpac Choice transaction account each month (settled) (to earn 2.25%p.a. Spend&Save variable bonus interest rate on balances up to $30,000).

If you don't meet all of these conditions one month you'll earn the standard variable rate of 0.15%. The maximum bonus rate is available on balances up to $30,000.

Are you over 30?

If you're aged 30 or over you can still open a Westpac Life savings account (read our dedicated review here), however the bonus interest rate will be lower. You can earn a maximum variable rate of 0.25% p.a. when you grow your balance over the month by any amount. There's no spending criteria to meet if you're 30 or over. If you don't grow your balance one month, you'll earn the standard variable rate of 0.15%.

No monthly account keeping fee

There is no monthly account-keeping fee for the Westpac Life savings account. However, there are fees attached to your linked Westpac Choice transaction account. The account keeping fee on this account can be waived if you're under 21, a student or you meet the monthly deposit criteria.

Set personal Savings Goals

You can set up personal savings goals within your Westpac mobile banking app and track your progress. For example, you might have a goal to save for a house deposit, and another goal to save for a holiday.

Linked transaction account

To be eligible for the maximum bonus interest, this account must be linked to a Westpac Choice everyday transaction account. If you don't have one, you'll receive a Westpac Choice account when you open your Westpac Life account.

Track your savings in the mobile app

You can keep an eye on your savings 24/7 with 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 Choice transaction account.

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 one.

Eligibility

Minimum age. You must be over 18 years old to apply for this account, and under 30 to be eligible for the full bonus interest.
Residency. You must have an Australian residential address.

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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5 Comments

Kohei
October 27, 2021

Hi, I’m 28 now.

I open an account 18-29 Saving Account.
I’ll get 2.5% interest if I use the bank account 5 times. I get that.

But what if I become 30, Won’t I get 2.2% bonus interest after that?

Thank you.

finder Customer Care

Alison
November 3, 2021

Hi Kohei,

That’s a good question! When you’re 30 and over, you won’t be eligible for Spend&Save bonus interest. However, you’ll still be able to receive your Westpac Life base interest and bonus interest.

You can earn a maximum variable rate of 0.3% p.a. when you grow your balance over the month by any amount. There’s no spending criteria to meet if you’re 30 or over. If you don’t grow your balance one month, you’ll earn the standard variable rate of 0.15%.

Thanks,
Alison

Mella
October 2, 2021

I meet the eligibility criteria. Am I able to open multiple saving accounts and receive the 2.5% rate for all open saving accounts with a balance up to $30,000?

finder Customer Care

Alison
October 22, 2021

Hi Mella,

Yes, you can open up to 3 Westpac Life accounts. However, Westpac will add the total amount of money you have from your different accounts. The 2.5% rate will only apply to a total balance of up to $30,000. So, if the total balance of all your accounts exceed $30,000, you won’t earn any interest on the excess anymore.

Be sure to read through the terms and conditions of your chosen account.

I hope this helps.

Regards,
Alison

finder Customer Care

Alison
October 6, 2021

Hi Mella,

Yes, you can open up to 3 Westpac Life accounts. However, Westpac will add the total amount of money you have from your different accounts. The 2.5% rate will only apply to a total balance of up to $30,000. So, if the total balance of all your accounts exceeds $30,000, you won’t earn any interest on the excess anymore.

I hope this helps. Be sure to read through the terms and conditions of your chosen account.

Regards,
Alison

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Westpac Life account (for 18-29s)