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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.

0.85% p.a. variable interest

This is your total reward rate and includes a base variable rate of 0.15% p.a. plus the bonus variable rate of 0.70% p.a.

How it works


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 a total of 0.85% p.a. variable interest on your savings. And because interest* is calculated on the total savings balance in your account, there's no limit.     


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.

Check which app you have:

Screenshot of the new app dashboard next to the classic app dashboard. If your app dashboard navigation starts with a Home link you have the new app.

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.

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: 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.