Goal saving account
Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save.
Why open a Life account?
- Split your savings into different goals
Saving for more than one thing? With our handy Savings Goals feature 2 you can bucket your savings into up to 6 different goals with just the one account.
- Give your savings an easy boost
Earn up to 0.85% variable interest, including a 0.15% standard variable base rate on all your savings plus 0.70% variable bonus rate each month you grow your balance 1.
- Keep your spending and savings separate, but visible in one view
It’s easy to keep tabs on both your accounts in one simple screen with our mobile banking app.
Get rewarded for saving small and often
You can still earn bonus interest even if you’re only able to save a small amount, so long as you’ve grown your balance by the end of the month.
Set up to 6 Savings Goals
Set up to 6 different goals in just the one account. You can change the savings amount, date and category across all your goals and adjust them at any time.
Put your savings on autopilot
Make it easy by setting up a regular transfer from your everyday transaction account every payday that automatically splits your savings across your goals.
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.
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.
Fees & Rates
|Westpac Life savings account||$0|
|Westpac Choice bank account||$5 (criteria for fee waiver below)|
This fee is waived for:
How to open
You can open your savings and linked everyday account together online.
- Open online in less than 3 minutes
You can get your ID verified instantly with your driver’s licence, Medicare Card, passport, NSW Photo Card or birth certificate (no need to visit a branch).
- Activate Online Banking
Once you’re set up you can import BPAY® billers and Payees from selected banks into your Online and Mobile Banking.
- Use your debit card
Your linked everyday account comes with a debit Mastercard that will arrive in the mail within 2 weeks. If you choose to use your card you can also add it to your Apple Pay, Google pay or Samsung Pay digital wallet.
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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.
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