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Boost your savings with Westpac

  • Bonus interest every month you grow your savings even if you withdraw money¹
  • No monthly fees or transfer fees – with no transactional fees on kids accounts²
  • Options for short- and long-term savings with special introductory rates

Bonus interest for regular savers of up to 5.00% p.a.

Life savings account

For 18 years and over

 Aged 18-29? Get 5.20% p.a. on up to $30,000

Earn bonus interest1 each month you grow your savings.

Bump savings account

For kids and teens

 Under 18? Get $30 on us

Kick-start good savings habits and earn bonus interest1.

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

Competitive rates for short- and long-term saving options

eSaver savings account

For short-term savers

Get a hot introductory interest rate for the first 5 months.3


Term Deposit account

For long-term savers

A fixed interest rate means you’ll know exactly how much you’ll earn.


Calculate what you could earn on your savings

Estimate how much you’ll need to put away each month for the things you want, from your starting balance to how long it may take to reach your goal.

Frequently asked questions

A savings account is a type of bank account where you can deposit your money and earn interest on the balance. It's designed to help you save money over time while keeping your funds accessible for when you need them. With a savings account, you can make deposits, receive transfers from other people or banks, and grow your savings through the interest earned on your balance. There are a few types of savings accounts, each with its own features and benefits to suit different savings goals and preferences.

Help when you need it

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 620KB)

1. Bonus interest: You will be eligible for bonus interest during the month (a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month) and subject to transaction processing time, if:
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); 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.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility.

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. 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.

3. eSaver: If you have not had a Westpac eSaver account before, a total introductory rate of 5.00% p.a. for the first 5 months applies. After 5 months the standard variable rate will apply. The total introductory rate of 5.00% p.a. is a combination of an introductory fixed interest rate of 3.55% p.a. and an online bonus rate of 0.35% p.a. on top of the standard variable rate, currently 1.10% p.a. Online bonus offer available from 17/11/2023 for a limited time only. 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.