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For regular savers

Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save.
Why open a Westpac Life savings account?
  • Bonus interest every month you grow your savings even if you withdraw money1
  • Bucket your money into different Savings Goals
  • No monthly or online transfer fees2.

For short term savers

Westpac eSaver can help you boost your savings with an introductory rate for the first 5 months.2

Why open a Westpac eSaver account?
  • Bonus interest on your savings for the first 5 months3
  • Bonus rate applies whether you've grown your savings or not
  • No monthly or online transfer fees2.

For kids and teens

Bump Savings is an account designed to help children kick-start their savings. Available for under 18s.

Why open a Bump Savings account?
  • Earn bonus interest every month you grow your savings, even if you withdraw money1
  • Earn interest even if your savings don't grow
  • Set up and track your progress toward different savings goals
  • No account fees4.

Aged 18-29?

You could earn up to 2% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.

Find out more

Term deposit vs a savings account

What’s the difference between a term deposit and a 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.
 

Find out 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  www.fcs.gov.au

2% p.a. variable interest: earn up to 2% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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.
 
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: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.

Westpac Deposit Accounts for personal and self-managed superannuation fund customers Terms and Conditions apply. (PDF 805KB)
 
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, 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 bonus rate of 0.45% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 0.05% 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.