A little bit goes a long way

Start growing your savings from the moment you make your first deposit
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It’s easy to get your savings started. Here’s how:

Start with a transfer from another Westpac account

You can transfer money from another Westpac account in Online Banking or with our mobile banking app. You can also set up a regular deposit straight into your savings account, to make sure you don’t miss out on bonus interest^ each month.

Start with a transfer from another bank

You can deposit money directly into your Westpac Life savings account from another Australian bank. All you’ll need is your Westpac Life account name, BSB and account number.

Finding your account details

  • You can find your account name in your Online Banking dashboard (this is the name you used to open your account)
  • Your BSB is the first 6 numbers on your account tile
  • Your account number is the remaining numbers in the tile.
     
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Here's how to earn up to 3.00% p.a. on your savings*

Grow your savings

Make sure you’ve grown your Westpac Life
savings account balance by the end of the
month1.

0.75% p.a. 

Variable interest rate

This includes 0.40% p.a. variable base rate plus 0.35% p.a. variable bonus interest rate.

 

Spend 5 times

Make 5 eligible purchases a month with your
debit card linked to your Westpac Choice bank
account3.

+ 2.25% p.a. 

Spend&Save variable bonus interest rate

Spend&Save variable bonus interest2 only applies on balances up to $30,000 paid into your open Westpac Life savings account by the 20th of the following month.

Get rewarded

That's all it takes to get up to 3% p.a. variable interest on your savings.

= 3.00% p.a.*

Variable interest rate

Then continue super-charging your savings by spending and saving again next month.

Not sure if you can save right now? Spend more than 5 times a month and get 2.65% p.a. on your savings (up to $30,000). This includes a variable base rate of 0.40% p.a. and a Spend&Save of 2.25% p.a.

Stay on track with Savings Goals

  • Set up to 6 Savings Goals
    Saving for more than one thing? Set up to 6 different goals in just the one account. You can choose the savings amount, date and category across all your goals and adjust them at any time.
  • Track your progress
    You can keep tabs on your progress whenever you want in our mobile banking app. Just tap on each of your savings goals to see how you’re doing and how much you should be saving to reach your goal in time.
  • Put your savings on autopilot
    Whenever you transfer money into your savings, you can distribute your amount across your goals. You can also make it easy on yourself by setting up a regular deposit that will automatically split your funds across your goals.

Need some ideas? These are some popular goals as the moment...

Laptop

Average $1500
Aiming for 8 weeks

Just in case  

Average $5000
Aiming for 1 year

Home deposit

Average $50,000
Aiming for 5 years

Save big with discounts and offers

We’ve partnered with a range of major stores and brands to give you access to savings in everyday shopping, entertainment, fashion, travel and more when you use your Westpac Debit Mastercard.

Select ‘Rewards and offers’ in the main menu of our app to check out the latest discounts and offers.

 

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Questions to ask when saving for your first home

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Everything you ever wanted to know about savings goals

Let's be real: most of us find it tricky to save. If you don't know where to start or if you want to take your savings game to the next level, you're not alone.

Setting up Savings Goals

Savings Goals is a feature of Westpac Life designed to help make your dreams a reality. Here's how.

Things you should know
Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB)
Online Banking Terms and Conditions (PDF 1MB)

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
 
^ 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.

* 3% p.a. variable interest: earn up to 3% p.a. variable interest each month 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.

1. 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 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 1/07/2020 and may be varied or withdrawn at anytime 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 1MB)

 

2. Westpac Life variable interest: to earn the variable interest, which currently includes a 0.40% standard variable base rate plus a 0.35% p.a. variable bonus rate, you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.   

 

3. Westpac everyday account: To open a Westpac Life account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking.  Fees and charges may apply on the everyday account.