Joint everyday banking + savings accounts
Why open a Choice transaction account and Westpac Life savings account together?
- Make it easier to keep tabs on your budget, pay bills and build steady savings together
- Still have individual access to your money 24/7 via Online Banking and at ATMs
- Transfer money between your accounts when you need to with unlimited online transfers
- Set up regular transfers via Online Banking into your savings account to get your savings growing
- Individuals can set up their own statement preference, whether to get statements in the post or eStatements though Online Banking.
Be rewarded with bonus interest
Enjoy a competitive base rate on your savings and earn bonus interest each month you grow your balance1.
Maximise your savings
Got a savings goal in mind? Use the Savings Goals3 feature to set up and track your personalised goals in Online Banking.
We’ve got your back with 24/7 fraud monitoring and our Fraud Money Back Guarantee4.
Savings Goals3 feature
The Westpac Life Savings Goals3 make it easy to manage your shared long and short term goals within a single account.
1. Set up your personalised savings goals
You can name your goals, set the amount you’d like to save and when you’d like to reach your goal by.
2. Distribute your savings across your goals
When you add to your savings you can distribute the money across your different goals.
3. Track your progress
Select a savings goal to see how you’re doing.
How to open
Set up your accounts online in less than 3 minutes, then visit a branch together to get your ID verified
Activate your Online Banking in an instant
Once your account is activated you can import BPAY® billers and Payees from selected banks into your Westpac Online Banking.
Getting your Debit Mastercards
We’ll send you both a Debit Mastercard once you’ve had your ID verified in branch.
Switch to Westpac
Once you've opened an account with us, switching your banking is now easier than ever.
Connect to your existing bank and import your payees and BPAY® billers into Westpac Internet Banking.
Interest earned on Westpac Life account only.
|Total variable interest rate||Up to 5.00% p.a.
|Standard variable base rate (when no standard variable bonus rate applies)||2.00% p.a.|
|Standard variable bonus rate||3.00% p.a.|
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.
When is interest paid to my Westpac Life account?
Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.
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.
1. Bonus interest: payable each month that you: make a deposit to the account, ensure the account balance is higher at the end than the beginning of the month, and keep the account balance above $0. 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.
2. Westpac everyday account: To open a Westpac Life account, you must hold a Westpac everyday account. Fees and charges apply on a Westpac everyday account.
3. 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.
4. 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 for full details, including when a customer will be liable.
5. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information see the APRA website
6. Debit Mastercard: You need to be at least 14 years of age, and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit Mastercard, apply for a Handycard to access your account.
7. Westpac Fraud Money Back Guarantee: Customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly.
9. Google Pay: Read the before making a decision and consider if it is right for you. Available for eligible cards. To use Google Pay you will need to use a compatible device with a supported operating system.
10. Samsung Pay: Read the before making a decision and consider if it is right for you. Available for eligible cards. To use Samsung Pay you will need to use a compatible phone with a supported operating system. Internet connection may be needed to make payments using Samsung Pay and normal mobile data charges apply.
11. Card on hold: Available on personal credit and Mastercard® debit cards only. Cards to which a temporary lock can be applied will be listed when you sign in to Mobile Banking or Online Banking and visit Lock a card temporarily under Cards services.
12. Cardless cash: is available on eligible Westpac transaction accounts with a linked debit card. Get Cash limit of 3 withdrawals per day applies, subject to $500 daily withdrawal limit and $1,000 weekly withdrawal limit. Only available at Westpac Group ATMs in Australia. To access cardless cash on your mobile you must be registered to use Westpac Online Banking and download the Westpac App to use Westpac Mobile Banking on Apple Watch you’ll need to pair your Apple Watch with an iPhone 5 or above with iOS 8.2 or above. You’ll also need the Westpac App (version 6.1 or above) installed on your iPhone.
Read the before making a decision and consider if it is right for you. To use Apple Pay you will need an eligible card and a compatible device with a supported operating system. See our Apple Pay FAQs for more information. Apple, the Apple logo, Apple Pay, Apple Watch and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Apple, the Apple logo, iPhone and Apple watch are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service of Apple Inc.
- You must be aged 18-29 with a Westpac Life and a Westpac Choice account – both in the same name. Joint accounts are not eligible.
- If you have multiple Westpac Life or Choice accounts, only the earliest opened account is eligible.
- You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
- 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and paid to your eligible Westpac Life account by the 20th day of the following month.
- If your eligible Westpac Life account is closed before 21st day of the following month, the bonus interest will not be paid.
- Only one Spend&Save bonus interest offer per customer.
- Offer may be varied or withdrawn at any time in accordance with the
World Mastercard®, Mastercard® and the Mastercard brand mark are registered trademarks, and PayPass is a trademark of Mastercard International Incorporated.
BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.