Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

What type of account are you looking for?

Select up to 3 accounts (0/3)

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

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

Things you should know
  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 hold a Westpac eSaver, customers, must hold a Westpac Transaction or savings account in the same name, Fees may apply on the other account.  
  3. Parental Control: parents or guardians must be an account signatory to have Parental Control. There’s a limit of two signatories per Bump Savings account. Parental Control does not apply to a child’s access to funds in branch, however a parent (or guardian) signatory must authorise branch withdrawals where a child is under 12. Child must be registered for Westpac Online Banking and Westpac Telephone Banking to access accounts online or over the phone.  For children aged 12 years and over: Parental Control is optional and access levels can be amended by the child at any time. For children under 12 years of age: Parental Control is mandatory, and self service Telephone Banking is not available.    
  4. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life account.  
Rate is available for new Term Deposits from $5,000 to $2,000,000 Personal customers only. Private Bank customers may need to contact their Relationship Manager to obtain this rate. Not available for business, corporate, institutional or government customers. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate is not available in conjunction with any bonus interest or other special rates offered on Westpac Term Deposits. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply.