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What happens if I have multiple Westpac Life savings accounts?

If you have multiple Westpac Life accounts by yourself, the Spend&Save variable bonus interest will apply to the combined daily balance of all your Westpac Life accounts up to a total balance of $30,000.

For example,

  • Sam has two individual Westpac Life accounts in the same name. Sam has $25,000 in one Westpac Life account and $10,000 in the second Westpac Life account. Therefore, Sam has a combined total balance of $35,000. If Sam has met the criteria, Sam will be paid Spend&Save bonus interest on a maximum of $30,000.

The Spend&Save bonus interest will be paid into the Westpac Life account that you opened most recently.

If you’d like to find out more about joint accounts, see the FAQ on Can my joint account earn Spend&Save bonus interest?

If this doesn’t answer your question, see the FAQ on How many sets of Westpac Choice and Westpac Life accounts can I be eligible for Spend&Save on?