Dated: 5th May 2026.
Reserve Bank of Australia Cash Rate Update
Following the Reserve Bank of Australia's decision to increase the official cash rate, Westpac has announced changes to our deposit account interest rates.
The new deposit rates are effective 15 May 2026.
| Westpac Life | Current rate (p.a.) | New rate (p.a.) |
| Standard variable rate | 0.10% p.a. | 0.10% p.a. |
| Standard variable bonus rate[#] | 4.65% p.a. | 4.90% p.a. |
| Total variable interest rate | 4.75% p.a. | 5.00% p.a. |
| Spend&Save Bonus rate (for 18-40)[#] | 0.75% p.a. | 0.75% p.a. |
| Spend&Save Headline rate (for 18-40) | 5.50% p.a. | 5.75% p.a. |
| Westpac Bump | Current rate (p.a.) | New rate (p.a.) |
| Standard variable rate | 1.75% p.a. | 1.75% p.a. |
| Standard variable bonus rate[#] | 3.05% p.a. | 3.30% p.a. |
| Total variable interest rate | 4.80% p.a. | 5.05% p.a. |
| Westpac eSaver | Current rate (p.a.) | New rate (p.a.) |
| Standard variable rate | 1.00% p.a. | 1.25% p.a. |
| 5 month introductory fixed rate[#] | 3.55% p.a. | 3.55% p.a. |
| Online bonus rate (Only available for new eSaver accounts opened online by sole applicants who have never held an eSaver account before.) | 0.45% p.a. | 0.45% p.a. |
| Total variable rate with online bonus for new customers[#] | 5.00% p.a. | 5.25% p.a. |
Any other rates or offers applicable to you based on your eligibility may not be reflected in the table above.
For all current rates on our other deposit products, find out more.
Not all savings accounts are the same – some can help with short term saving with introductory interest while others reward regular saving with ongoing bonus interest. If you’ve got a lump sum, you could also consider a term deposit with a fixed interest rate.
Make it easier to manage short and long term saving goals – with just the one savings account. Simply use the Savings Goals[#] feature of a Westpac Life account to set up your goals along with a regular transfer.
Everyone in Australia is impacted by the higher cost of living. Dive into tools and resources that could help you take charge of your home loan, manage your savings, and make your money go further.
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