3 steps to earn bonus interest each month

• Account balance must not fall below $0 at any time
• Make at least one deposit. Interest paid into the account doesn’t count.
• Have a higher balance at the end of the month than at the start.

When do we check if you qualify for bonus interest?

• We check your balance at 11:59pm on the last business day of each month. The table below shows the last business day for each month.
• Your balance and deposits must be settled by this time to qualify.

How is bonus interest calculated and paid?

• Interest is worked out daily based on your account balance up to the second last business day of the month.
• Bonus interest is paid into your account on the last business day of the month (refer to the table below).

What counts as a month and a business day?

• A month runs from the end of the last business day of the previous month to the end of the last business day of the current month (11:59pm Sydney time).
• What matters most is your balance and deposits settle by 11:59pm (Sydney time) on the last business day of the month.
• A business day is any weekday, excluding weekends and national public holidays.

• Scheduled or recurring deposits must settle by 11:59pm on the last business day of the month to count. Deposits that settle after this time will count toward the next month.
• For details on processing times for Telephone Banking deposits, refer to the relevant terms and conditions. For branch and ATM deposits, see the Using your accounts section of the account terms and conditions.
• Interest earned on your Westpac Life or Bump account doesn’t count as a deposit for bonus interest eligibility.
• If you close your account before the end of the month, you won’t earn bonus interest for that month.

Different ways to earn bonus interest

Bonus interest on your Westpac life account is earned by meeting the monthly qualification criteria as outlined in the '3 steps to earn bonus interest each month’.

If you are aged 18-40, Spend&Save is another way you can earn additional variable bonus interest.

This table shows the last business day for each month in 2026:

An example of earning bonus interest

At the start of the month, Alex’s balance on his Westpac Life account is $1,000.

During the month, he deposits $100 and then he withdraws $90.

By the last business day of the month, his balance has increased by $10. Because his balance is higher than it was at the start of the month, Alex qualifies for bonus interest.

If Alex withdrew $100 or more, his balance would not have increased, and he wouldn’t earn bonus interest for that month.