Everyday banking + up to 2.5% P.A. on savings
Simplify your banking with linked accounts
Combine your Westpac Choice account with a Westpac Life savings account and meet the eligibility criteria each month to earn up to 2.5% p.a. variable interest.
An account + debit card for your day-to-day spending
An account that helps you save and rewards you for it
Earn up to 2.5% p.a. on your savings
How your interest adds up
|Base interest on your Life account savings:||0.15% p.a.|
|Bonus interest each month you grow your savings:1||0.70% p.a.|
|Spend&Save bonus interest each month debit card is used 5+ times:2
|Total interest including bonuses:||2.50% p.a.*|
All rates are variable and subject to change. The Spend&Save bonus applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.65% bonus does not apply to savings above that balance.
Get help hitting your savings goals
Use the Savings Goals feature of the Westpac App to manage all your goals through your Life account.
- Set up to six savings goals
Great if you’re saving for a few different things.
- Put your savings on autopilot
Make saving easier by setting up recurring transfers from your Choice account after every payday.
- Keep track of your progress
Check how your goals are going whenever you need to, all in one place in the Westpac App.
Fees & Rates
|Westpac Life savings account||$0|
|Westpac Choice bank account||$5 (criteria for fee waiver below)|
| This fee is waived for:
Yes, if you’re aged between 18 and 29 and have:
- A Westpac Choice transaction account (individual), and
- A Westpac Life savings account (individual) in the same name.
Or, if you have a joint account, at least one account holder needs to be between 18 and 29, and you’ll need:
- A Westpac Choice transaction account (joint), and
- A Westpac Life savings account (joint) in the same names.
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Things you should know
Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.Westpac Deposit Accounts for personal and self-managed superannuation fund customers
3. Westpac everyday account: To open a Westpac Life account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking. Fees and charges may apply on the everyday account.
The “RFI Group Australian Banking Innovation Awards – Most Innovative Savings Product” was awarded in November 2020 for the Spend&Save bonus interest available for customers aged 18-29, with Westpac Life and Choice accounts.