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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).
$1
Minimum deposit
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Product Name | Westpac Life (18-29 year olds only) |
---|---|
Maximum Variable Rate | 3% p.a. |
Standard Variable Rate | 0.20% |
Monthly Account Fee | $0 |
Minimum Age | 18 |
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.
This savings account offers a really competitive bonus rate for customers aged 18-29. If you’re within this age bracket you can earn 3% 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 3% p.a. (you’ll be able to get up to 0.4% 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.