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For the saver who stashes

Your good behaviour bonus.

The Westpac Life® account offers simple way to grow your savings. With a rate of up to 2.30% p.a. variable which includes bonus interest every month you grow your balance and a competitive variable base rate of  1.00% p.a. if you don’t1.

Manage the unexpected

You can dip into the Westpac Life® account and still earn a competitive base rate plus the opportunity to earn bonus interest

Flexible access

Life’s full of surprises. Get unlimited and instant access to your money online through your Westpac everyday account² (if you don't have one, we'll open a Westpac Choice account for you)

Savings Goals2

Save for different goals without the hassle of managing multiple accounts

Savings Goals

Savings goals explained

Discover a new way to manage long and short term goals within a single account. Log in to the Westpac App and create personalised goals, set time frames and calculate how much you could allocate to reach them – all to help keep you on track to achieving your goal.


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 under the Financial Claims Scheme

Westpac Life is a “protected account” under the Australian Government’s Financial Claims Scheme5.

Westpac protect SMS code

Increase your online banking security by using your mobile to confirm certain transactions via SMS.

Things you should know

Information current as at <insert date>and may change. This information does not take into account your objectives, financial situation or needs. Consider the Terms and Conditions available below before making a decision and consider whether the product is appropriate for you. Fees and charges apply.


Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 12MB)

Online Banking Terms and Conditions (PDF 303KB)

Find out what information you need to provide to become a customer (PDF 768KB)

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: Bonus interest of 1.30% p.a. variable is 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. On the months you don’t earn bonus interest, you’ll earn the Westpac Life standard variable base rate.


2. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including viewing, adding, editing and deleting the savings goals on a Westpac Life account.

3. Opening an account:  To open a Westpac Life account, you must hold a Westpac everyday account in the same name. Fees and charges may apply on a Westpac 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 303KB) 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 see the APRA website.