Understanding bonus interest on your savings account
Steps to help you earn monthly bonus interest on your Westpac Life or Bump savings account.
3 steps to earn bonus interest each month
- Keep your balance above $0 at all times during the month.
- Make at least one deposit. Interest paid into the account doesn’t count.
- Have a higher balance at the end of the month than at the start.
How bonus interest works
When do we check if you qualify for bonus interest?
- We check your balance at 11:59pm on the last business day of each month. The table below shows the last business day for each month.
- Your balance and deposits must be settled by this time to qualify.
How is bonus interest calculated and paid?
- Interest is worked out daily based on your account balance up to the second last business day of the month.
- Bonus interest is paid into your account on the last business day of the month (refer to the table below).
What counts as a month and a business day?
- A month runs from the end of the last business day of the previous month to the end of the last business day of the current month.
- What matters most is your balance and deposits settle by 11:59pm on the last business day of the month.
- A business day is any weekday, excluding weekends and national public holidays.
This table shows the last business day for each month in 2026:
| Month | Last business day |
|---|---|
| January | Friday 30 Jan 2026 |
| February | Friday 27 Feb 2026 |
| March | Tuesday 31 Mar 2026 |
| April | Thursday 30 Apr 2026 |
| May | Friday 29 May 2026 |
| June | Tuesday 30 Jun 2026 |
| July | Friday 31 Jul 2026 |
| August | Monday 31 Aug 2026 |
| September | Wednesday 30 Sep 2026 |
| October | Friday 30 Oct 2026 |
| November | Monday 30 Nov 2026 |
| December | Thursday 31 Dec 2026 |
An example of earning bonus interest
At the start of the month, Alex’s balance on his Westpac Life account is $1,000.
During the month, he deposits $100 and then he withdraws $90.
By the last business day of the month, his balance has increased by $10. Because his balance is higher than it was at the start of the month, Alex qualifies for bonus interest.
If Alex withdrew $100 or more, his balance would not have increased, and he wouldn’t earn bonus interest for that month.
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.