Who is this account for?
Westpac Life is great if you want to:
- Save for different goals like a home deposit, holiday or big ticket purchase without the hassle of managing multiple accounts
- Earn a competitive base interest rate plus bonus interest when you grow your balance 1
- Do most of your day-to-day banking online
Set up and track your personalised savings goals via Online Banking
Saving together? You could go for a joint account
Save on your own or open a joint account to save as a couple
Competitive base rate
Enjoy a competitive base rate on your savings
Ongoing bonus interest
You could earn bonus interest each month you grow your balance1
Set a home deposit savings goal and be rewarded with more interest
For a limited time, receive an additional fixed 0.20% p.a. bonus interest for 6 months on your Westpac Life account (on top of the current 0.80% p.a. variable bonus rate) each month you qualify for bonus interest when you add a new ‘Home & property’ savings goal within your Westpac Life account 6.
We’ll start applying the additional rate on top of the current variable bonus interest rate within 30 days of you adding your ‘Home & property’ savings goal. Check out the steps below to find out how.
Earn up to 2.50% p.a. for 6 months¹
- 1.50% p.a. standard variable base rate plus
- 0.80% p.a. variable bonus rate each month you grow your balance 1
- 0.20% p.a. fixed bonus rate for 6 months when you add a new ‘Home and property’ goal during the offer period 6.
1. Go to Savings Goals
Select your Westpac Life account in Westpac Live and click the Savings goals tab on the top right.
2. Add a new savings goal
From the Savings goal tab click “+ add new savings goal”.
3. Choose the Home & property category
Under ‘What are you saving for?’ select ‘Home & property’. You may also wish to give your goal a personalised name, and set a target amount and date.
4. Start saving
Add funds to your new savings goal at any time.
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.
Savings Goals3 makes it easy to manage your long and short term goals within a single account. Through Online Banking you can set up personalised savings goals, track your progress, and get savings calculations which could help you stay on track.
|Total variable interest rate||Up to 2.30% p.a.
|Standard variable base rate (when no standard variable bonus rate applies)||1.50% p.a.|
|Standard variable bonus rate||0.80% 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|
|Account overdrawn fee||N/A|
|Outward dishonour fee||N/A|
There are no fees for Online Banking or Automated Telephone Banking transfers from a Westpac Life account to a Westpac everyday account held in the name of the account holder or authorised user who is requesting the transfer. To access your money, we recommend you transfer funds to your Westpac everyday account and then make your withdrawal or payment.
Direct debits, periodical payments, BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Westpac Life account.
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. Westpac everyday account: To open a Westpac Life account, you must hold a Westpac everyday account. Fees and charges apply on a Westpac everyday account.
3. 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.
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 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.
6. Additional bonus interest offer: Additional fixed 0.20% p.a. bonus interest is only payable each month that you make a deposit to your Westpac Life account; ensure your balance is higher at the end of the month than at the beginning; and keep the account balance above $0. For the purposes of bonus interest, 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. The additional bonus interest will apply for 6 months in addition to the current applicable Westpac Life bonus variable rate; after 6 months the rate will revert to the current applicable Westpac Life bonus variable rate only. Existing ‘Home & property’ savings goals created prior to 14 May 2018 will not qualify you as eligible for this promotion. Offer is available on Westpac Life accounts where customers select the ‘Home & property’ savings goal in Westpac Live any time from 14 May 2018 until 30 June 2018 (“promotional period”). The ‘Home & property’ savings goal must remain open within the account for a minimum of 6 months from the date it is added during the promotional period. The additional bonus interest offer will be applied to eligible accounts within 30 days of the ‘Home & property’ savings goal being added to the account. The additional bonus interest offer is a limited offer and may be varied or extended at any time. Offer is not available in conjunction with any other offer. Variable rates are subject to change.