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How do I earn bonus interest on my Westpac Life account?

Bonus interest is payable each month that you:

• Make a deposit to the account;
• Ensure your account balance is higher at the end than the beginning; and
• Keep your account balance above $0 at all times.

A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.
 

How do I earn the Spend&Save bonus?

 Spend&Save² interest is payable every month that you:

• Make 5 eligible purchases with your debit card linked to your Choice account³
• Are 18-29 years old

Your Spend&Save bonus interest will be paid at a different time to your Westpac Life base interest and bonus interest.

If you’ve grown the balance in your Westpac Life savings in the month;

• Your Westpac Life base interest (0.15% p.a.) and bonus interest (0.70% p.a.) will be paid on the last business day of the month. You'll see this as 'INTEREST PAID' in your Westpac Life savings account.
  

If you’ve made 5 or more eligible purchases with your Westpac Choice debit card in the month;

• Your Spend&Save bonus interest (1.65% p.a.) will be paid by the 20th day of the next month. You'll see this as 'DEPOSIT SPEND AND SAVE' in your Westpac Life savings account.

All rates quoted are variable and subject to change.

Eligible purchases includes both in-store and online payments made with your Westpac Choice debit card.

• For in-store purchases, this includes when you tap, insert or swipe your physical card or pay with PayPass, Apple Pay, Samsung Pay, Google Pay, Garmin Pay and Fitbit Pay.
• For online purchases, this includes purchases where your debit card details are stored with an online retailer or service, or when you input your debit card details.
  
  

All eligible purchases need to be settled (not pending) by the end of the month to count towards the 5 required,

What isn't eligible? ATM transactions, PayID, BPAY, EFTPOS cash out only transactions, direct debits and paying off your credit card.

You’ll receive your Spend&Save variable bonus interest if you were 29 at any stage of the month. E.g., if you turn 30 on 5th August, you’ll be eligible for Spend&Save bonus interest in August but won’t be eligible in September onwards.

At that point, you'll still receive your Westpac Life base interest, plus bonus interest for growing your account. And because you are now 30+, the $5 Choice account $5 monthly fee will apply.

The 1.65% p.a. variable bonus interest rate (for card use) applies to the first $30,000 in your Westpac Life account, while the 0.15% p.a. variable base interest rate and 0.70% p.a. variable bonus interest rate (for growing the account) applies to your entire savings balance.

For example, if you have $40,000 in your Westpac Life account and you fulfil all the Spend&Save criteria that month, you’ll receive:
2.50% p.a. variable interest on $30,000
0.85% p.a. variable interest on $10,000

If you have multiple Life accounts by yourself, the variable bonus interest rate for eligible card use will apply to the combined daily balance of all the accounts up to a total balance of $30,000. Amounts over that balance will still receive the variable base interest.
Bonus interest will be paid into the Life account opened most recently.

That’s okay, you'll still earn the 0.15% p.a. Westpac Life variable base interest.
Plus, if you make 5+ eligible purchases in the month on your Westpac Choice debit card, you'll also earn the 1.65% p.a. Spend&Save variable bonus interest on top of that.