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Why open a Life account?

  • It's easy to earn bonus interest
    Earn up to 0.85% variable interest, including 0.40% standard variable base rate on all your savings plus 0.45% variable bonus rate each month you grow your balance, no matter how many withdrawals you make. 1
     
  • Bucket your money
    Saving for more than one thing? With our handy Savings Goals 2 feature you can bucket your savings into different goals within the one account.
     
  • No account fees
    We won't charge you any monthly or online transfer fees, helping your money to keep growing. 3
     

Wait - did you say 3%?

18-29?

Here’s how you can super-charge your savings:

  1. Grow your savings by the end of the month and you’ll get 0.85% p.a. variable interest

  2. Spend 5 times on eligible purchases each month with your debit card for an extra 2.15% p.a. variable Spend&Save bonus interest

  3. That’s all it takes to earn up to 3% p.a *variable interest on your savings.

How savings goals work


1. Setting up your savings goals

Set up to 6 different goals in the one account! You can change the savings amount, date and category across all of your goals and adjust them at any time.


2. Adding to your savings goals

Each time you transfer money into your savings, you can distribute your amount across goals. Make it easier by setting up recurring transfers so the money automatically splits after pay day.


3. Tracking your progress

Tap on each of your savings goals to see how you're doing and how much you should be saving to make it in time.
 


Security

Safe Online Banking guarantee

If your Westpac account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions4.

Protected by the Financial Claims Scheme

Deposits to this account and other eligible Westpac accounts are guaranteed by the Australian Government up to a total of $250,000 under the Financial Claims Scheme5

Westpac Protect SMS code

Increase your online banking security by using your mobile to confirm certain transactions via SMS.

Total variable interest rate Up to 0.85% p.a.
Standard variable base rate (when no standard variable bonus rate applies) 0.40% p.a.
Standard variable bonus rate 0.45% p.a.

How do I earn bonus interest on my Westpac Life account?

Bonus interest is payable each month that you:

  • Make a deposit to the account;
  • Ensure your account balance is higher at the end than the beginning; and
  • Keep your account balance above $0 at all times.

A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.

 

When is interest paid to my Westpac Life account?

Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.

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
ATM transactions N/A
Account overdrawn fee N/A
Outward dishonour fee N/A
EFTPOS N/A


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1MB)

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.


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. 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.   
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. 
4. 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  Online Banking Terms and Conditions (PDF 423KB) for full details, including when a customer will be liable. 
5. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au