How is Westpac Life interest and the Spend&Save bonus interest calculated?
Interest for Westpac Life is calculated daily as follows: Daily closing balance x (interest rate/365).
Westpac Life base and bonus interest will be credited to your account on the last business day of the month. Interest earned on the closing balance of the last business day of the month and any remaining days of that month, will be credited to your account the following month.
For example, where 30 June was the last business day of June, and where 29 July is the last business day of July, interest for July will be calculated from 30 June to 28 July and paid on 29 July.
For Spend&Save variable bonus interest, the calculation period is the same, however the interest is paid by the 20th of the next month.