Goal saving account
Why open a Life account?
Split your savings into different goals
Saving for more than one thing? With our handy Savings Goals feature2 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 5.00% p.a. variable interest, including a 1.85% p.a. standard variable base rate on all your savings plus 3.15% p.a. variable bonus rate each month you grow your balance1.
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.
Interest rates
Earn up to:
5.00% p.a. Total variable interest rate |
1.85% p.a. Standard variable base rate |
The total variable rate is a combination of:
| Standard variable base rate (when no standard variable bonus rate applies) | 1.85% p.a. |
| Standard variable bonus rate1 | 3.15% p.a. |
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 different Savings Goals in 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 by setting up a regular transfer
Transfer from your transaction account on paydays to automatically split your savings across your goals.
Track your progress whenever you want in the Westpac App
Tap on each of your savings goals to see how you’re doing and how much you should be saving to reach your goal.
Open your account online
- Open online in less than 3 minutes
You can get your ID verified instantly with your driver licence, Medicare Card, passport, NSW Photo Card or birth certificate (no need to visit a branch).
If you're Aboriginal and Torres Strait Islander and you don't have any of the required forms of identification, please call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am - 6.30pm ACST or visit your nearest branch. - Activate Online Banking
Once you’re set-up, you can import BPAY® billers and payees from selected banks into your Online Banking or the Westpac App. - Use your debit card
Your linked everyday account comes with a Debit Mastercard® that will arrive in the mail within 2 weeks. While waiting for the physical card to arrive, you can use your Digital Card in the Westpac App and add it to your Apple Pay, Google Pay™, or Samsung Pay™ digital wallets.
Safe and secure banking
Get the Westpac App for even easier banking
View and transfer funds fast
Quick Balance lets you view the balance of three main accounts and quickly transfer money without signing in.
Set and track savings goals
Set up to 6 savings goals for things that matter to you, like saving for a new bike, clothing or holiday spending money, and track your progress with Savings Goals.
Get sorted with in-app budget tools
Track your month-to-month Cash flow and spot areas where you could be making savings with your spend sorted in Categories.
Account fees
| Fees | |
|---|---|
| Westpac Life savings account | $0 |
| Westpac Choice bank account5 | $5 (criteria for fee waiver below) |
|
This fee is waived for:
|
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 625KB)
Frequently asked questions
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 means from 11.59pm on the last business day of the previous month to 11.59pm on the last business day of the current month. A business day means any weekday from Monday to Friday, excluding weekends and national public holidays.
Help when you need it
Rates, tools and calculators
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.
Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month. For the purposes of calculating interest paid, a month means from 11.59pm on the last business day of the previous month to 11.59pm on the last business day of the current month. A business day means any weekday from Monday to Friday, excluding weekends and national public holidays. Therefore, interest calculated on closing balances on and after the last business day of a month won't be included in the interest payable for the month but will be included in the interest payable for the next month.
- Bonus interest: You will be eligible for bonus interest during the month (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) and subject to transaction processing time, if:
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility. - 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 or Bump 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 Online Banking Terms and Conditions (PDF 547KB) 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 visit www.fcs.gov.au.
- Westpac everyday account: To open a Westpac Life or Bump 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.
- You must be aged 18-29 with a Westpac Life and a Westpac Choice account. Joint accounts are not eligible.
- If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest qualification.
- You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) by 11:59PM AEST on the second last business day within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
- 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and recorded as paid into your eligible Westpac Life account on the last business day of the month.
- Only one Spend&Save bonus variable interest offer per customer.
- The bonus interest will appear on your Life account statement as “INTEREST PAID – PROMOTIONAL". It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as “Promotional rate”.
- Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 625KB)
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