This way to savings

Easy to follow steps to you help earn bonus interest

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It all adds up to bonus interest

Whether you’re saving for something big or small, it takes focus and determination. But by following our steps, you’ll be well on the way to growing your balance. And when you keep your balance above $0 at all times during the month, you’ll also earn bonus interest on top of your base interest* rate.

4.75% p.a. variable interest

This is your total reward rate and includes a base variable rate of 0.40% p.a. plus the bonus variable rate of 4.35% p.a.

How it works

Grow

Grow your savings balance by the last business day of the month and keep your balance above $0 at all times during the month.

Earn

Earn a total of 4.75% p.a. variable interest on your savings. And because interest* is calculated on the total savings balance in your account, there's no limit.     

Save

Bonus interest helps boost your savings and can get you closer to your personal savings targets.

Take the thinking out of saving

You can set up recurring transfers to help you grow your savings balance. If you prefer the freedom of manual payments, just follow the same steps.

Mobile

Check which app you have:

New Westpac App

Get the app (min. iOS 13.0.0)

1.  Tap ‘$’ and select ‘Transfer between accounts’.

2.  Select account to transfer into your Life account.

3.  Enter the ‘Amount’ and tap ‘Schedule’.

4.  Select the date and ‘How often’ to make the payment.

Classic Westpac app

1.  Tap ‘Transfer’.

2.  Tap account to transfer ‘From’ and then Life account to transfer ‘To’.

3.  Enter the ‘Amount’, ‘When’ and ‘How often’.

4.  Tap ‘Next’ to confirm your payment.

  • Sign in to Westpac Online Banking
  • Click the Make a payment button on the Overview page.
  • Select the Recurring payment option in the Payment details section.

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.


* 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.