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
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.
Withdraw cash using your phone
Use Cardless Cash12 to withdraw cash without your Debit card from over 3000 Westpac ATMs located across Australia, as well as St.George, Bank of Melbourne and BankSA ATMs. We can also help you find your nearest ATM using the app.
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.
|Standard fees (fees may change)||Westpac Life Account||Choice Transaction Account
|Monthly service fee||$0||$5 (criteria for fee waiver below)
|Online Banking transactions (including Mobile Banking)||$0||$0|
|EFTPOS and Debit Mastercard transactions||N/A||$0|
|Westpac, St.George, BankSA, Bank of Melbourne ATM withdrawal||N/A||$0|
|Non-Westpac, St.George, BankSA, Bank of Melbourne ATMs within Australia cash withdrawal or balance enquiry (however the ATM owner may apply an ATM operator fee)||N/A||$0|
|Periodical payments (Additional fees apply) for periodical payments made by bank cheque and international periodical payments)||N/A||$0|
|Dishonour of cheques written or direct debits||N/A||$5|
|Account overdrawn fee
|Telephone Banking withdrawal (staff assisted)||$2.50||N/A|
|Branch staff assisted withdrawal||$2.50||N/A|
- Customers that deposit at least $2,000 each month (other fees apply)
- Customer under the age of 21 or a full-time tertiary students
- Australian Pensioner Concession or Health Care Card holders
- New to Australia or expatriate customers (for the first 12 months).
There are no fees for Online Banking or Automated Telephone Banking transfers from a Westpac Life account to a Westpac everyday account held in the name of the account holder or authorised user who is requesting the transfer. To access your money, we recommend you transfer funds to your Westpac everyday account and then make your withdrawal or payment.
Direct debits, periodical payments, BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Westpac Life account.
Overseas fees apply to Westpac Choice account only.
|Standard fees (fees may change)||Amount|
|Overseas ATM balance enquiry from a non-Global Alliance Partner ATM||$0|
|Overseas ATM balance enquiry from a Global Alliance Partner ATM||$0|
|Overseas ATM cash withdrawal from a non-Global Alliance Partner ATM||$5|
|Overseas ATM cash withdrawal from a Global Alliance Partner ATM||$0|
|Westpac Foreign Transaction Fee||Depends on transaction type - see below|
Westpac Foreign Transaction Fee
The Westpac Foreign Transaction Fee is payable and will be incorporated into the $AUD transaction amount shown on your statement. The fee charged will either be:
a) 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee); or
b) 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus 0.2% Westpac On-Charged Scheme Fee).
Global Alliance Partners
For more information on participating Global Alliance Partners in designated countries, see Accessing your accounts overseas.
Credit Cardholders who currently withdraw money from linked Westpac account via credit card, it is important to know that this functionality may not be available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and/or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard®. Go to our Debit Mastercard page or visit a Westpac branch. Terms and Conditions and Fees and charges may apply.
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 16 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.
8. Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit or credit card withdrawals. A 2% cash advance fee applies to credit card withdrawals where the "Credit" option is selected. A list of Global Alliance members is available. Excludes American Express® cards. It is important to know that the functionality to withdraw money from a linked Westpac account via Credit Card is not available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard®.
9. Google Pay: Read the Terms and Conditions 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 Samsung Pay Terms and Conditions 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 Mobile Banking 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 Mobile Banking app (version 6.1 or above) installed on your iPhone..
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.
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.