Say hello to your new Life account
On your eighteenth birthday, your Bump Savings account will become a Westpac Life account. Here's what you need to know.
When you turn 18, your Bump account automatically becomes a Westpac Life account. If you have a signatory on your account (such as your parents or guardians) they’ll be removed and your new Life account will be all your own. You don’t need to do a thing. The switch between accounts will happen automatically.
A Life account is like a grown-up version of your Bump account. It has all the same good things such as no account fees, personalised savings goals and a mobile app – plus an extra Spend&Save feature to help boost your savings.
Earn up to 5.75% p.a. on your savings[#] with Spend&Save bonus interest
How your interest adds up
All interest rates are variable and subject to change. Spend&Save applies to eligible card purchases only and to balances held in Life accounts up to $150,000. The 0.75% p.a. bonus does not apply to amounts above that balance. Find out more
Your new Life account can help you hit your savings goals
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Set up to six savings goals - Saving for more than one thing? Bucket your savings into up to 6 different goals with just the one account.[#]
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Put your savings on autopilot - Make saving easier by setting up recurring transfers from your Choice account after every payday.
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Track your savings on the go - With the Westpac App, you can check your balance and savings progress anywhere, anytime.
Fees & Rates
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| Fees | |
| Westpac Life savings account | $0 |
| Westpac Choice bank account | $5 (criteria for fee waiver below) |
|
$0 Account-Keeping Fee (usually $5 per month) The monthly fee is waived if you:
|
| 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) | $0.00 | N/A |
| Branch staff assisted withdrawal | $0.00 | N/A |
| Total variable interest rate | Up to 5.00% p.a. |
| Standard variable base rate (when no standard variable bonus rate applies) | 0.10% p.a. |
| Standard variable bonus rate | 4.90% p.a. |
How do I earn bonus interest on my Westpac Life account?
Bonus interest is payable each month that you:
- Make a deposit to the account;
- Ensure your account balance is higher at the end than the beginning; and
- Keep your account balance above $0 at all times.
A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.
When is interest paid to my Westpac Life account?
Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.
Other fees and charges may apply. Please refer to the Terms and Condition
Things you should know
Deposit Accounts for Personal customers Terms and Conditions
Online Banking Terms and Conditions
Personal Telephone Banking Terms and Conditions
Find out what information you need to provide to become a customer
Westpac Debit Mastercard® Terms and Conditions
Google Pay Terms and Conditions
Apple Pay Terms and Conditions
Samsung Pay Terms and Conditions
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.
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 for full details, including when a customer will be liable.
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.