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.

We're here to help

As Australia’s oldest bank, we’ve been supporting our customers through the good and bad times for over 200 years. 

  • We have released a COVID-19 Customer Support Package with a range of support measures to assist eligible customers through these challenging times, including special term deposit rates and repayment relief for home loan customers. T&C’s apply.
  • The Australian Government guarantees deposits to protected accounts with Westpac up to a total of $250,000 under the Financial Claims Scheme*.

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

Open now Find out more

Wait - did you say 3%?

18-29? You could earn up to 3% p.a. variable interest on your savings when you save and spend with a Westpac Life savings account and a Westpac Choice bank account.

Spend&Save bonus interest only applies on balances up to $30,000 in your Westpac Life savings account. Find out how

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

Open now Find out more

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

Open now 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.
 

Westpac Life

Open in less than 3 minutes

Open now
Give us a call

1300 558 724

8am - 8pm, 7 days a week

Find a branch

Visit your local branch

More Options
Interest rates
Tools and calculators
Things you should know
Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB) 
Westpac Emergency Cash and Westpac Get Cash Terms and Conditions (PDF 91KB) 
Online Banking Terms and Conditions (PDF 1MB) 
Find out what information you need to provide to become a customer (PDF 768KB) 

 

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 0.95% 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.