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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

For 18-29-year olds

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

This is made up of 0.20% p.a. variable base rate + 0.35% p.a. variable bonus for saving each month + 2.45% p.a. Spend&Save bonus for spending 5 times. Applies to the first $30,000 in your Westpac Life savings account. After this amount you’ll earn 0.55% p.a. variable interest.*

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.
 


Security

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
ATM transactions N/A
Account overdrawn fee N/A
Outward dishonour fee N/A
EFTPOS N/A


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1MB)

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.


1. Bonus interest: Payable each month that you; make a deposit to the account, ensure the account balance is higher at the end than the beginning of the month, and keep the account balance above $0. 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. 
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 account.   
3. Westpac everyday account: To open a Westpac Life 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. 
4. 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 1MB) for full details, including when a customer will be liable. 
5. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au
 
* 3% p.a. variable interest: earn up to 3% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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.

 

Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.  

 

Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

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 Terms and Conditions apply. (PDF 1MB)