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Westpac Life account (for 18-29s)

Alison Banney
Alison Banney
Last updated:  

Under 30? You can earn a maximum bonus rate of 3% 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).

$1

Minimum deposit

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Details

Product NameWestpac Life (18-29 year olds only)
Maximum Variable Rate3% p.a.
Standard Variable Rate0.20%
Monthly Account Fee$0
Minimum Age18
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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

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.

Key features

Maximum interest rate of 3% p.a.

The Westpac Life savings account offers a maximum variable rate of 3% p.a. on balances up to $30,000 for customers aged 18-29 when the account conditions are met. To earn the full 3% 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, and
  • make 5+ eligible debit card purchases from your linked Westpac Choice transaction account each month which are all settled within the month (not pending).

If you don't meet all of these conditions one month you'll earn the standard variable rate of 0.2%. The maximum bonus rate is available on balances up to $30,000.

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.
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