Say hello to your new Life account
What's the difference between Bump and Life?
When you turn 18, your Bump account automatically becomes a Westpac Life account. If you have a signatory on your account (such as your parents or guardians) they’ll be removed and your new Life account will be all your own. You don’t need to do a thing. The switch between accounts will happen automatically.
A Life account is like a grown-up version of your Bump account. It has all the same good things such as no account fees, personalised savings goals and a mobile app – plus an extra Spend&Save feature to help boost your savings.
Earn up to 2% p.a. on your savings* with Spend&Save bonus interest
How your interest adds up
|Earn a standard variable base rate on your savings:||0.15% p.a.|
|Get a bonus each month you grow your savings:1||0.35% p.a.|
|Get a bonus for 5+ debit card uses a month:2
|Total interest including bonuses:||2.00% p.a.*|
All interest rates are variable and subject to change. Spend&Save applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.50% p.a. bonus does not apply to amounts above that balance.
Find out more
Your new Life account can help you hit your savings goals
Set up to six savings goals
Saving for more than one thing? Bucket your savings into up to 6 different goals with just the one account.^
Put your savings on autopilot
Make saving easier by setting up recurring transfers from your Choice account after every payday.
Track your savings on the go
With the Westpac App, you can check your balance and savings progress anywhere, anytime.
Spend and save in one place to boost your bonus interest
Your Westpac Life account is a great way to store and build your savings. If it’s access to your everday money you want, consider opening a Westpac Choice account. With both accounts running together, you can give your savings an extra boost with variable bonus interest. Simply grow your Life account balance1 and make 5+ purchases each month2 with the debit card linked to your Choice account, and watch your savings grow.
Find out more
Get access to exclusive offers and discounts
Your Westpac Choice account is more than just a bank account – it also gives you easy access to exclusive discounts across a vast range of retailers. We’ve partnered with some major brands to provide you with savings across travel, entertainment, fashion, your everyday shopping, and more
Our range of discounts are regularly updated, to bring you seasonal and limited time offers.3 To find out what offers are currently available – simply sign in to Online Banking and go to Rewards & Offers
Fees & Rates
|Westpac Life savings account||$0|
|Westpac Choice bank account||$5 (criteria for fee waiver below)|
This fee is waived for:
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* 2% p.a. variable interest: earn up to 2% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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. Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month.
Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.Westpac Deposit Accounts for personal and self-managed superannuation fund customers
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.