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Interest rate changes

Dated: 4th August 2022

Following the Reserve Bank of Australia’s decision to increase the official cash rate, Westpac has announced changes to our deposit account interest rates.

The new Term Deposit special rate is effective 8 August 2022. All other new rates are effective 18 August 2022.

Westpac Life Current rate (p.a.) New rate (p.a.)
Standard variable rate 0.65% p.a. 1.00% p.a.
Standard variable bonus rate1 0.70% p.a. 0.85% p.a.
Total variable interest rate 1.35% p.a. 1.85% p.a.
Spend&Save Bonus Rate (for 18-29) 1.40% p.a. 1.40% p.a.
Spend&Save Headline Rate2 2.75% p.a. 3.25% p.a.

Westpac eSaver Current rate (p.a.) New rate (p.a.)
Standard variable rate 0.30% p.a. 0.85% p.a.
5 month introductory fixed rate3 0.95% p.a. 0.95% p.a.
Total variable interest for new customers 1.25% p.a. 1.80% p.a.


Term Deposit special Current rate (p.a.) New rate (p.a.)
12-23 months 2.50% p.a.4 3.00% p.a.4


For all current rates on our other deposit products, find out more.

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 Goals5 feature of a Westpac Life account to set up your goals along with a regular transfer.

Master your money

Everyone in Australia is impacted by the higher cost of living. Dive into tools and resources that could help you take charge of your home loan, manage your savings, and make your money go further.

Things you should know


  1. Westpac Life 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. 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 Terms and Conditions apply (PDF 1007KB).

  3. Westpac eSaver Bonus interest If you have not had a Westpac eSaver account before, an introductory fixed bonus rate applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable rate, 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. The standard variable rate will apply to all eSaver accounts

  4. Term Deposit Special Rate is available for new or renewed Term Deposits for 12-23 month terms, from $5,000 to $5,000,000. Rate will not be automatically applied to a renewing Term Deposit. Commercial and Private Bank customers will need to contact their Relationship Manager. Not available for Financial Institutions or Westpac Institutional Bank 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. This offer is available via Online Banking (for existing customers) or by talking to us. Westpac Online Banking will be available to update Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time).

  5. 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.