High Interest Savings Account For 18–29-Year-Olds

Why open a Life and Choice account together?

$0 monthly fees for account holders under 30 or full-time tertiary students
Separate spending and saving for simple money management
Earn bonus interest each month you grow your savings ¹
Use your debit card 5+ times per month for Spend&Save bonus interest ²

Interest rates

On your Westpac Life savings account earn up to:

5.20% p.a.

Total variable interest rate*

1.85% p.a.

Standard variable base rate

The total variable rate is a combination of:

Standard variable base rate (when no standard variable bonus rate applies)	1.85% p.a.
Standard variable bonus rate¹	3.15% p.a.
Spend&Save variable bonus interest rate²	0.20% p.a. (on up to $30,000)

Two accounts, linked to simplify your banking

Westpac Life

A savings account to help you reach your savings goals sooner by earning bonus interest every month you increase your balance.

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Westpac Choice

A simple-to-use everyday account packed full of features, including a Debit Mastercard^® designed to help you bank with ease.

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Get the Westpac App for even easier banking

View and transfer funds fast

Quick Balance lets you view the balance of three main accounts and quickly transfer money without signing in.

Set and track savings goals

Set up to 6 savings goals for things that matter to you, like saving for a new bike, clothing or holiday spending money, and track your progress with Savings Goals.

Get sorted with in-app budget tools

Track your month-to-month Cash flow and spot areas where you could be making savings with your spend sorted in Categories.

Explore our in-app budget tools Explore our in-app budget tools

Monthly fee

	Fees
Westpac Life savings account	$0
Westpac Choice bank account⁵	$5 (criteria for fee waiver below)
This fee is waived for: Customers that deposit at least $2,000 each month Customer under the age of 30 or full-time tertiary students Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment New to Australia or expatriate customers (for the first 12 months)

Other fees

Standard fees (fees may change)	Life savings account	Choice bank account
ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!)	N/A	$0
Overdrawn Fee	N/A	$15
Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas)	N/A	$0
Overseas Withdrawal Fee from a non-Global Alliance Partner ATM	N/A	$5
Transactions made in foreign currency, and the merchant or financial institution is located outside Australia	N/A	3% of the AUD transaction amount
Transactions made in foreign currency, and the merchant or financial institution is located in Australia	N/A	2.2% of the AUD transaction amount
Telephone Banking withdrawal (staff assisted)	N/A	N/A
Branch staff assisted withdrawal	N/A	N/A

Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 625KB)

Frequently asked questions

Am I eligible for the Spend&Save bonus interest?

Yes, if you’re aged between 18 and 29 and have:

A Westpac Choice transaction account (individual), and
A Westpac Life savings account (individual).

When will my Spend&Save bonus variable interest be paid?

Your Spend&Save bonus variable interest will be paid on the same day as base interest and bonus interest to your Westpac Life account.

If you’ve grown the balance in your Westpac Life savings in the month;

Your Westpac Life base interest (1.85% p.a.) and bonus interest (3.15% p.a.) will be paid on the last business day of the month. You'll see this as 'INTEREST PAID' in your Westpac Life savings account.

If you’ve made 5 or more eligible purchases with the debit card linked to your Westpac Choice account and have these settled by close of business on the second last business day of the month;

Your Spend&Save variable bonus interest (0.20% p.a.) will be paid on the last business day of the month. You'll see this as ‘INTEREST PAID – PROMOTIONAL’ in your Westpac Life savings account statement. It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as “Promotional rate”

All rates quoted are variable and subject to change.

What counts as an eligible debit card purchase?

Eligible purchases includes both in-store and online payments made with your Westpac Choice debit card.

For in-store purchases, this includes when you tap, insert or swipe your physical card or pay with PayPass, Apple Pay, Samsung Pay, Google Pay, Garmin Pay and Fitbit Pay.

For online purchases, this includes purchases where your debit card details are stored with an online retailer or service, or when you input your debit card details.

All eligible purchases are required to be settled by the 2nd last business day of the calendar month to count towards the 5 required.

What isn't eligible? ATM transactions, PayID, BPAY, EFTPOS cash out only transactions, direct debits, purchases settled to a credit card account and paying off your credit card.

What happens when I turn 30?

You’ll receive your Spend&Save variable bonus interest if 5 debit card transactions are settled (not pending) prior to turning 30 at any stage of the month. E.g., if you turn 30 on the 12th August and have 5 settled transactions before then, you’ll be eligible for Spend&Save variable bonus interest in August but won’t be eligible in September onwards.

At that point, you'll still receive your Westpac Life base interest, plus bonus interest for growing your account. And because you are now 30+, the $5 Choice account $5 monthly fee will apply.

What happens with more than $30,000 in my savings account?

The 0.20% p.a. variable bonus interest rate (for card use) applies to the first $30,000 in your Westpac Life account, while the 1.85% p.a. variable base interest rate and 3.15% p.a. variable bonus interest rate (for growing the account) applies to your entire savings balance.

For example, if you have $40,000 in your Westpac Life account and you fulfil all the Spend&Save criteria that month, you’ll receive:
5.20% p.a. variable interest on $30,000
5.00% p.a. variable interest on $10,000

What if I have more than one Life account?

What happens if I don’t grow my savings account balance?

What is considered a business day?

A business day means any weekday from Monday to Friday, excluding weekends and national public holidays.

Example: For interest paid monthly, where 29 July is the last business day of the month, interest for July will be calculated daily on the closing balance for the period between 30 June and 28 July and recorded as paid into your account on the 29 July. Any interest earned on the closing balances for the 29, 30 and 31 July, is recorded as paid into your account on the last business day of August (31 August).

What happens if I close my Westpac Life account? Will I still get my Spend&Save variable bonus interest?

See all FAQs

Things you should know

Deposit Accounts for Personal customers Terms and Conditions (PDF 625KB)

Online Banking Terms and Conditions (PDF 547KB)

Personal Telephone Banking Terms and Conditions (PDF 215KB)

Find out what information you need to provide to become a customer (PDF 657KB)

Westpac Debit Mastercard® Terms and Conditions (PDF 201KB)

Google Pay Terms and Conditions (PDF 125KB)
Apple Pay Terms and Conditions (PDF 42KB)
Samsung Pay Terms and Conditions (PDF 63KB)

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

* Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.

1. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.

2. Spend&Save bonus variable interest:

You must be aged 18-29 with a Westpac Life and a Westpac Choice account. Joint accounts are not eligible.
If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest qualification.
You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) by 11:59PM AEST on the second last business day within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and recorded as paid into your eligible Westpac Life account on the last business day of the month.
Only one Spend&Save bonus variable interest offer per customer.
The bonus interest will appear on your Life account statement as “INTEREST PAID – PROMOTIONAL". It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as “Promotional rate”.
Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 625KB)

3. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Online Banking Terms and Conditions (PDF 547KB) for full details, including when a customer will be liable.

4. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.

5. Westpac everyday account: To open a Westpac Life or Bump account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking. Fees and charges may apply on the everyday account.

6. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life or Bump account.

7. Westpac Fraud Money Back Guarantee: Customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly.

8. Card on hold: Available on personal credit and Mastercard® debit cards only. Cards to which a temporary lock can be applied will be listed when you sign in to Mobile Banking or Online Banking and visit Lock a card temporarily under Cards services.

Registered to BPAY Pty Ltd ABN 69 079 137 518.

Mastercard^® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Everyday banking + up to 5.20% P.A. on savings

Why open a Life and Choice account together?

Interest rates