Westpac Life savings account
A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals.
Savings account interest rates
At a glance, compare variable and fixed interest rates to help you decide what type of savings account works best for your needs.
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| Total variable rate | 5.00% p.a. if bonus interest criteria are met |
| Standard variable rate | 0.10% p.a. |
| Bonus variable rate |
4.90% p.a. 3 steps you must do each month to earn bonus interest on a Westpac Life account:
Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month. These savings accounts need to be linked to an eligible transaction account. |
Westpac eSaver savings account
An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App.
| Total introductory rate | 5.25% p.a. for the first 5 months (new eSaver customers only) |
| Standard variable rate | 1.25% p.a. |
| Introductory fixed rate | Total introductory rate includes fixed introductory rate of 3.55% p.a. and online bonus of 0.45% p.a. for the first 5 months for sole applicants who are new eSaver customers |
Bump Savings account - for under 18s
A regular savings account designed for children and teenagers to support their long-term savings needs.
| Total variable rate | 5.05% p.a. if bonus interest criteria are met |
| Standard variable rate | 1.75% p.a. |
| Bonus variable rate |
3.30% p.a.
Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month. These savings accounts need to be linked to an eligible transaction account. |
Term Deposits
A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms.
Our current term deposit rates are shown here. Interest rates are % per annum. All investment balance ranges are $5,000 - $2,000,000 Australian dollars.
| Term | Interest paid at maturity or annually | Interest paid monthly or half-yearly |
| 1 < 2 months | 1.40% p.a. | 1.40% p.a. |
| 2 < 3 months | 1.65% p.a. | 1.60% p.a. |
| 3 < 4 months | 3.25% p.a. | 3.20% p.a. |
| 4 < 5 months | 3.40% p.a. | 3.35% p.a. |
| 5 < 6 months | 3.45% p.a. | 3.40% p.a. |
| 6 < 7 months | 3.40% p.a. | 3.35% p.a. |
| 7 < 8 months | 3.55% p.a. | 3.50% p.a. |
| 8 < 9 months | 3.60% p.a. | 3.55% p.a. |
| 9 < 10 months | 3.65% p.a. | 3.60% p.a. |
| 10 < 11 months | 3.70% p.a. | 3.65% p.a. |
| 11 < 12 months | 3.75% p.a. | 3.70% p.a. |
| 12 < 24 months | 4.75% p.a. | 4.70% p.a. |
| 24 < 36 months | 4.50% p.a. | 4.45% p.a. |
| 36 < 48 months | 4.00% p.a. | 3.95% p.a. |
| 48 < 60 months | 4.00% p.a. | 3.95% p.a. |
| 60 months | 4.00% p.a. | 3.95% p.a. |
A Term Deposit account needs to be linked to an eligible transaction account.
Half-yearly interest frequency applies to terms 12 months or greater only.
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Find the right Westpac savings account for you
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Rates and calculators
Calculate your savings potential
Estimate your monthly savings by starting with your current balance to determine how long it may take to reach your goal.
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Savings calculator
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Term deposit calculator
Use our calculator to explore how interest works for a term deposit.
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Term deposit calculator
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Term deposit interest rates
Check fixed interest rates for your chosen term and explore any available bonus rate offers.
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Term deposit rates
Things you should know
Conditions, fees and charges apply and may change. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714