Westpac Life account (for 18-29s)
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).
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.
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.
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 0.4% 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 0.2%.
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 applyYou 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.
- 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.
- 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.