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).

2.5% p.a.

Maximum variable rate

0.15%p.a.

Base interest rate

$1

Minimum deposit

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Details

Product NameWestpac Life (18-29 year olds only)
Maximum Variable Rate2.5% p.a.
Standard Variable Rate0.15% p.a.
Monthly Account Fee$0
Minimum Age18

Review by


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.


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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5 Comments

    Default Gravatar
    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.

      Avatarfinder 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

    Default Gravatar
    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?

      Avatarfinder 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

      Avatarfinder 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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