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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.

Westpac Choice

An account + debit card for your day-to-day spending

plus

Westpac Life

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
1.65% p.a.
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

  Fees  
Westpac Life savings account $0  
Westpac Choice bank account $5 (criteria for fee waiver below)  
 This fee is waived for:

 

 


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1007KB)

FAQs

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.

You may find these useful
 

Everything you ever wanted to know about savings goals

Let’s be real: most of us find it tricky to save. If you don’t know where to start or if you want to take your savings game to the next level, you’re not alone.
 

Questions to ask when saving for your first home

It’s one of the biggest purchases you’ll ever make and one that will change your life. So it’s normal to have a few questions about how everything works.
 

Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
 
* 2.5% p.a. variable interest: earn up to 2.5% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month.
 
1. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.  
 
2. Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

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 Terms and Conditions apply. (PDF 1007KB)

3Westpac 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.
 
4.  Westpac Fraud Money Back Guarantee: ensures that customers will be reimbursed for any unauthorised transactions, provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Debit Mastercard Terms and Conditions for full details, including when a customer will be liable.
 
5. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac  Online Banking Terms and Conditions (PDF 236KB) for full details, including when a customer will be liable.
 
6. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life account.
 
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.

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.