You could earn better interest by opening a Westpac Life account
Earn up to 1.90% p.a. variable interest rate
Standard variable base rate
Variable bonus rate each month you grow your balance1
Why open a Westpac Life account?
Set up and track your personalised savings goals3 via Online Banking
Competitive base rate
Enjoy a competitive base rate on your savings
Ongoing bonus interest
You could earn bonus interest each month you grow your balance1
How Savings Goals work
Savings Goals3 is a handy feature of Westpac Life that lets you set up and track personalised savings goals via Online Banking.
With Savings Goals you can keep tabs on your progress and the savings calculations will show you how much to contribute regularly to help you stay on track.
1. Set up your personalised savings goals
You can name your goals, set the amount you’d like to save and when you’d like to reach your goal by.
2. Distribute your savings across your goals
When you add to your savings you can distribute the money across your different goals.
3. Track your progress
Select a savings goal to see how you’re doing.
Who is this account for?
Westpac Life is great if you want to:
- Save for different goals without the hassle of managing multiple accounts
- Earn a competitive interest rate even when you don't grow your balance
- Do most of your day-to-day banking online
|Standard fees (fees may change)||Amount|
|Monthly service fee||$0|
|Online Banking withdrawal (including Mobile Banking)||$0|
|Telephone Banking withdrawal (self service)||$0|
|Telephone Banking withdrawal (staff assisted)||$2.50|
|Branch staff assisted withdrawal||$2.50|
|Account overdrawn fee||N/A|
|Outward dishonour fee||N/A|
There are no fees for Online Banking or Automated Telephone Banking transfers from a Westpac Life account to a Westpac everyday account held in the name of the account holder or authorised user who is requesting the transfer. To access your money, we recommend you transfer funds to your Westpac everyday account and then make your withdrawal or payment.
Direct debits, periodical payments, BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Westpac Life account.
Things you should know
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.
- Westpac everyday account: To open a Westpac Life account, you must hold a Westpac everyday account. Fees and charges apply on a Westpac everyday account.
- 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.
- Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac for full details, including when a customer will be liable.
- Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information see the APRA website.