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Why open a Life account?

  • Bucket your savings in up to 6 different Savings Goals 2with just one account
  • Set Savings Goals to track how much you should save to reach your goal
  • Give savings a boost with bonus interest each month you grow your balance 1
  • Keep your spending and savings separate, but visible in one view with the Westpac 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.

Turbocharge your balance with Savings Goals

Set up to 6 Savings Goals

Change the savings amount, date and category across all your goals, adjusting them at any time in the Westpac App.
 

Put savings on autopilot

Set up recurring transfers from your transaction account on paydays to automatically split your savings across your goals.

 

Invite others to join your goal

Share your goal with another Westpac customer or invite anyone from any bank to contribute by sending money to your account.

Open your account online

It’ll take just minutes to open your Westpac Life savings account online along with a linked Westpac Choice account (if you don't have one already).

Two forms of ID:

  • Australian birth certificate
  • Australian driver licence
  • Passport
  • Medicare card
     
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.

Your tax residency status:

If you’re not required to pay tax in another country, put NO on your application. Otherwise, please give us the details.

Safe and secure savings

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 Conditions.^

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 Scheme.~

Westpac Protect™ Security Code

Increase your Online Banking security by using your Security Code to confirm certain transactions via the Westpac App or SMS.

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 home deposit or a holiday. You can even share goals with family and friends to boost savings, tracking 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 account3 $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 622KB)

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

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.


 
1. 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.
 
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 or Bump account.
 
3. 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. 

 

# Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. At the end of the 12-month period, the monthly Account Keeping fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.

 

^ 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 407KB) 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.

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