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?
  • Manage long term and short term goals within a single account with Savings Goals
  • Enjoy a competitive base rate plus bonus interest each month you grow your balance1
  • Unlimited access to your money online through your Westpac everyday account.
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For short term savers

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

An online savings account with a great interest2 rate, plus:
  • 24/7 access to funds via your linked everyday account
  • $0 monthly service fee on eSaver
  • No minimum balance.
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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?
  • Learn the importance of saving at a young age
  • Start early to get set up for the future
  • Enjoy a competitive base interest rate plus bonus interest each month you grow your balance.1
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Home Saver Calculator

It takes the average person around 5.6 years to save for their first home, find out how long it might take you.

Calculate now

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.
 

Start your new year 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 an early start on your new year’s resolutions with this simple-to-follow regular savings plan guide.
 

Westpac Life

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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 313KB) 

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. 
 

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. eSaver: If you have not had a Westpac eSaver account before, an introductory fixed bonus rate of 1.56% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 0.10% 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.