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 0.40% variable interest, including a 0.20% standard variable base rate on all your savings plus 0.20% 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 up to 3% p.a. variable interest on your savings
When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month
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
|Standard fees (fees may change)||Life savings account||Choice bank account|
|ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!)
|Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas)||N/A||$0|
|Overseas Withdrawal Fee from a non-Global Alliance Partner ATM
|Transactions made in foreign currency, and the merchant or financial institution is located outside Australia||N/A||3% of the AUD transaction amount|
|Transactions made in foreign currency, and the merchant or financial institution is located in Australia
||N/A||2.2% of the AUD transaction amount
|Telephone Banking withdrawal (staff assisted)||$0.00||N/A|
|Branch staff assisted withdrawal||$0.00||N/A|
|Total variable interest rate||Up to 0.40% p.a.
|Standard variable base rate (when no standard variable bonus rate applies)||0.20% p.a.|
|Standard variable bonus rate||0.20% 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.
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