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For the savvy savers

When you’ve mastered saving, it’s nice to be rewarded.

That’s why the Westpac Life® account offers you a variable interest rate of up to 2.30% p.a., which includes bonus interest each month your balance increases. Even if you need to spend, you’ll still earn a competitive variable rate of 1.50% p.a. in the months your balance doesn’t grow.

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

Get unlimited and instant access to your money online through your Westpac everyday account³ (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

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB)

Online Banking Terms and Conditions (PDF 288KB)

Personal Telephone Banking Terms and Conditions

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

Westpac Debit Mastercard Terms and Conditions (PDF 149KB)

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 0.80% 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 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.