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?
- It's easy to earn bonus interest
Earn up to 0.55% variable interest, including 0.20% standard variable base rate on all your savings plus 0.35% 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
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
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.
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 0.55% p.a.
|Standard variable base rate (when no standard variable bonus rate applies)||0.20% p.a.|
|Standard variable bonus rate||0.35% 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|
|Account overdrawn fee||N/A|
|Outward dishonour fee||N/A|
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