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The Spend&Save bonus interest I have received is not what I expected, why is this?

If you’ve received your Spend&Save variable bonus interest and the amount is not what you expected, there may be a few reasons:

  • Interest is calculated daily, and each month may have a different number of days in the calculation period. To find out more, see the FAQ on How is interest calculated on Westpac Life and Spend&Save?
  • Your Tax File Number (TFN) may not have been linked to your Westpac Life account. If this is the case, your Spend&Save bonus interest may be impacted due to withholding tax. To add or check your TFN, you can use Online Banking or speak to one of our bankers in branch or over the phone.

If you haven’t received your Spend&Save bonus interest yet, it may be because it is paid at a separate time to Westpac Life base and bonus interest. See the FAQ on When will my interest be paid?