Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

For regular savers


Westpac Life

Earn bonus interest each month you grow your savings.

  • Bonus interest every month you grow your savings even if you withdraw money. 1
  • Bucket your money into different Savings Goals.
  • No monthly or online transfer fees. 2

For short-term savers


Westpac eSaver
Get a hot introductory interest rate for the first 5 months.3
  • Bonus introductory rate applies, even if you don't make any deposits during the month.
  • No monthly fees or online transfer fees. 2

For kids and teens


Bump Savings
Kick-start good savings habits and earn bonus interest.
  • Get a bonus each month you grow your savings, even if you withdraw money. 1
  • Set goals based on what you're saving for and track progress in our app.
  • No monthly fees or transactional fees. 4

Under 18? Get $30 on us

Open a Choice transaction account at the same time as your Bump Savings account then deposit at least $100 into your savings within 30 days - and we'll give you $30. T&Cs apply.

Learn more

A man considering the differences between a bank and credit union transaction account

Prefer a fixed rate of return on your investment?

With a fixed interest rate Term Deposit, you'll know exactly how much you'll earn for your choice of term.  Open an account online in minutes if you're already with Westpac.

Explore Term Deposits

Aged 18-29?

You could earn up to 5.20% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.

Find out more

What’s the difference between a Term Deposit account and a regular savings account?

A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate, whereas a savings account gives you access to your money at any time but has an interest rate that can change.


Learn More

Compare savings accounts

Not all savings accounts are the same – some can help with short term saving with  introductory interest while others reward regular saving with ongoing bonus interest. If you’ve got a lump sum, you could also consider a term deposit with a fixed interest rate.

Savings goals could help you save

Make it easier to manage short and long term saving goals – with just the one savings account. Simply use the Savings Goals feature of a Westpac Life account to set up your goals along with a regular transfer.

Get your goals started with a savings plan

No matter what you are saving for, setting up a successful savings plan could help you reach your goals sooner. Get a head start on reaching your goals with this simple-to-follow regular savings plan guide.

Things you should know


Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change. 
Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit

Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.

Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.  
Spend&Save bonus variable interest:
  • 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 Deposit accounts for Personal customers Terms and Conditions. (PDF 1MB)

1. Bonus interest: You will be eligible for bonus interest if during the month (subject to transaction processing times):
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount; and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility. 
2. Westpac everyday account: To open a Westpac Life or Bump account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking.  Fees and charges may apply on the everyday account.
3. eSaver: If you have not had a Westpac eSaver account before, an introductory fixed interest rate of 3.55% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 1.10% p.a. will apply. Existing or previous eSaver account holders are not eligible for this offer. Joint accounts are eligible where the primary account holder has not held an eSaver account before.   

4. Westpac everyday account: To open a Westpac Bump Savings account, customers must hold a Westpac everyday account, which can be in the name of the child or a parent signatory.  Fees and charges may apply on the everyday account.