Savings accounts
Saving for a goal or important event? Choose from a savings account that could reward you with bonus interest, or an online savings account with a great introductory interest rate.
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.
Open in less than 3 minutes
Get up to 3% p.a. variable interest on your savings
For 18-29-year olds
When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month
This is made up of 0.20% p.a. variable base rate + 0.20% p.a. variable bonus for saving each month + 2.60% p.a. Spend&Save bonus for spending 5 times. Applies to the first $30,000 in your Westpac Life savings account. After this amount you’ll earn 0.40% p.a. variable interest.*
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.
Open in less than 3 minutes
For kids and teens
Bump Savings is an account designed to help children kickstart 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.
Open an 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.
More Options
Interest rates
Tools and calculators
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.
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 0.35% 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.