Under 18? Get $50 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 $50. T&Cs apply.
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.
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.
Things you should know
* 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.
- 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- Offer may be varied or withdrawn at any time in accordance with the
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.
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.