Cashback offer
Everyday banking + up to 5.75% p.a. on savings
Aged 18-40? You could earn bonus interest on balances up to $150,000 when you Spend&Save using a Westpac Life and Choice account together.
Earn up to
5.75
Total variable interest rate
With a Westpac Life savings account, the total variable interest rate is a combination of:
- 0.10% p.a. standard variable base rate (when no standard variable bonus rate applies)
- 4.90% p.a. standard variable bonus interest rate
- 0.75% p.a. (on up to $150,000) Spend&Save variable bonus rate.
3 steps you must do each month to earn bonus interest on a Westpac Life account:
- Account balance must not fall below $0 at any time
- Make at least one deposit. Interest paid into the account doesn’t count
- Account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
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.
To earn the Spend&Save variable bonus rate[#], you must:
- Be aged 18-40 with a Westpac Life and Westpac Choice account in your name (Joint accounts are not eligible and only one Spend&Save offer applies per customer)
- If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest
- Make 20+ eligible purchases with the Debit Mastercard® linked to your Westpac Choice account. Purchases must be settled (not pending) by 11:59pm Sydney time on the second last business day within a month. Offer may be varied or withdrawn at any time.
single-offer
Cashback offer
You could earn $50 cashback with a new account
If you open a new Westpac Choice everyday account and an eligible savings account between 9 June and 30 September 2026, here's how you could get $50[#]:
• Spend at least $50 on your debit card within 15 days of opening on eligible purchases
• You must not have held any Westpac transaction account or savings account in the last 2 years
• Accounts must be in your name only (no joint accounts).
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Features
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Fee waivers - $0 monthly fees for under 41s or full-time tertiary students.
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Spending vs saving - Separate spending and saving for simple money management.
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Bonus interest - You could boost savings each month you grow your balance.
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Spend&Save bonus - Use your linked debit card 20+ times a month for bonus interest.
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Team up to boost your savings - Set a shared goal with an eligible Westpac account holder or invite others to contribute for an extra boost.
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Exclusive offers - Check out our customer-only discounts and offers, including bonus Cashback on over 4,000 brands with ShopBack.
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Australia’s Best Banking App[#]- Smart budgeting and savings tools.
To open a Westpac Life savings account, you must:
- Be aged 18 or over
- Hold a Westpac everyday account in the same name
Fees and charges may apply on the everyday account, including a $5 monthly Account-Keeping Fee (waived for eligible customers).
| Standard fees (fees may change) | Amount |
| Account-Keeping Fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (self assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | N/A |
Other fees and charges may apply
Please refer to the Terms and Conditions
To open a Westpac Life savings account, you must:
- Be aged 18 or over
- Hold a Westpac everyday account in the same name
If you open a Westpac everyday Choice account, the following fees will apply:
| Standard fees (fees may change) | Amount |
| Account-Keeping Fee (monthly) | $5 (criteria for fee waiver below) |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (self assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Direct Debit | $0 |
| Point of Sale (POS) transactions | $0 |
| ATM cash withdrawals in Australia (ATM providers may charge a fee - watch out for that!) | $0 |
| Overdrawn Fee (for more information: Overdraw Preference Feature) | $15 |
| Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement | 15.01% p.a. |
| Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas) | $0 |
| Overseas Withdrawal Fee from a non-Global Alliance Partner ATM | $5 |
| Transactions made in foreign currency, and the merchant or financial institution is located outside Australia | 3% of the AUD transaction amount |
| Transactions made in foreign currency, and the merchant or financial institution is located in Australia | 2.20% of the AUD transaction amount |
Other fees and charges may apply
Please refer to the Terms and Conditions
The monthly fee is waived if you:
- Are under the age of 41 or a full-time tertiary student
- Are a Westpac Choice Concession account holder
- Are new to Australia or expatriate customers (for the first 12 months after opening a new Westpac Choice account)
- Deposit at least $2,000 by the close of the last business day of the month[#]
- Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked).
Special Digital Offer: 12-month Account-Keeping Fee waiver
- Available for new Westpac Choice accounts opened online between 1 February 2024 and 30 September 2026.
- If you are aged 41 or over and don’t qualify for the $0 Account-Keeping Fee waiver, your monthly fee will be waived for the first 12 months when you open a new Westpac Choice account online. After 12 months, the $5 monthly fee applies unless you qualify for the $0 Account-Keeping Fee waiver, as above.
- This offer does not apply if you already receive the fee waiver (i.e. under 41, New Arrivals, full-time students) and Westpac Choice Concession.
- For joint accounts, individuals must meet the eligibility criteria separately, for the fee waiver to apply.
- Other fees and charges, terms and conditions apply to the Westpac Choice account.
- This offer may be withdrawn, varied, or extended at any time.
What if I have more than one Life account?
If you have more than one Life account, you can earn the:
- Standard variable bonus rate on all your Life accounts. This bonus is for growing your balance each month
- Spend&Save variable bonus rate only on the earliest Life account that you opened. This bonus is for making 20+ eligible purchases per month.
What happens if I don't grow my savings account balance?
If you don’t grow your balance over a particular month, you'll still earn the Standard variable base rate for that month.
You’ll earn the Spend&Save variable bonus rate on top of that if you make 20+ eligible purchases over the month on your debit card.
When will my Spend&Save variable bonus 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 over the month. Your Westpac Life:
Standard variable base rate and Standard variable bonus rate will be paid on the last business day of the month
Interest payment will appear as INTEREST PAID in your Westpac Life savings account.
If you’ve made 20 or more eligible purchases with the debit card linked to your Westpac Choice account. These purchases must be settled by close of business on the second last business day of the month. Your Westpac Life:
Spend&Save variable bonus rate will be paid on the last business day of the month
Interest payment will appear 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 of your Westpac Life account as Promotional rate.
What happens when I turn 41?
When you turn 41, you’ll:
- No longer be eligible for the Spend&Save variable bonus rate (E.g. If you turn 41 on the 12th of August. You settle 20 transactions before then. You’ll be eligible in August for the bonus but won’t be eligible from September)
- Still receive your Standard variable base rate, plus Standard variable bonus rate for growing your account
- Need to pay the $5 monthly Account-Keeping Fee on your Westpac Choice account, unless you meet one of the other criteria for waiving the fee.
How is bonus interest calculated and paid?
- Interest is calculated 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.
What counts as a month and when is the last business day?
- A month is from the end of the last business day of the previous month to the end of the last business day of the current month. A business day is any weekday, but not weekends or national public holidays.
- This means what matters most is your balance and deposits settle by 11:59pm Sydney time on the last business day of the month.
When do we check if you qualify for bonus interest?
We check your balance and deposits at 11:59pm Sydney time on the last business day of the month. This means that any deposits into the account must have settled by this time.
What purchases are eligible and ineligible for the Spend&Save bonus?
Eligible transactions
- In-store purchases: where you use your physical card or pay with PayPassTM, Apple Pay, Samsung PayTM, Google PayTM, Garmin Pay and Fitbit Pay.
- Online purchases: where your debit card details are stored with an online retailer/service or when you input your debit card details.
Ineligible transactions
- ATM transactions
- PayID®
- BPAY®
- EFTPOS cash-out only transactions
- Direct debits
- Paying off a credit card account.
What happens if I have more than $150,000 in my account?
If you’ve met all the bonus rate requirements for a Westpac Life account, the Spend&Save variable bonus rate will apply to the first $150,000 in your account. The Standard variable base rate and Standard variable bonus rate will apply to the entire balance.
E.g., on a $200,000, account balance. The total variable interest rate will be:
- 5.75% p.a. on $150,000
- 5.00% p.a. on $50,000.
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