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Westpac Life and Westpac Choice – the important stuff

Westpac Life
Westpac Life
Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save.
  • Earn up to 5.00% p.a. variable interest, including a 2.00% p.a. standard variable base rate on your account balance plus 3.00% p.a. variable bonus rate each month you grow your balance~. For bonus interest eligibility, the balance on the last business day of the month must be higher than the last business day of the prior month (excluding interest paid).
  • $0 Account-keeping fee
  • 18+ Minimum age to open account
  • Split your savings into up to 6 different savings goals

  • Boost your savings with bonus interest each month you grow your balance

  • Unlimited access via a Westpac Choice account (if you don't have one, we'll open one for you) 2
  • Registered for Online Banking & Phone Banking

    Special offer
 

Get up to 5.20% p.a. variable interest on your savings

For 18-29 year olds

When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month

This is made up of 2.00% p.a. variable base rate + 3.00% p.a. variable bonus for saving each month + 0.20% p.a. Spend&Save bonus for spending 5 times. Applies to the first $30,000 in your Westpac Life savings account. After this amount you’ll earn 5.00% p.a. variable interest. *
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Westpac Choice
Westpac Choice
An everyday account to make deposits and withdrawals with access via a debit card
  • $5 Account-keeping fee, unless you're under 30, a fulltime tertiary student, new to Australia (for the first 12 months) or deposit at least $2,000 each month

  • If you are under 14, you can open an account in branch with a parent or guardian.
  • Access to your money with a Debit Mastercard®¹ and a range of digital wallets (including Apple Pay & Google Pay)

  • Access to exclusive offers and discounts

  • 24/7 Fraud monitoring

  • Fraud Money Back Guarantee 4
Things you should know
1 Debit Mastercard: You need to be at least 14 years of age, and have an Australian residential address to be eligible for the card. If you’re 12 or over and have an Australian residential address, you can request a Handycard in branch.
 
2 Westpac everyday account: To open a Westpac savings account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking. Fees and charges may apply on the everyday account.
 
4 Westpac Fraud Money Back Guarantee: Customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly.
 
* Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.

Spend&Save bonus variable interest:
  • You must be aged 18-29 with a Westpac Life and a Westpac Choice account – both in the same name. Joint accounts are not eligible.
  • If you have multiple Westpac Life or Choice accounts, only the earliest opened account is eligible.
  • You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
  • 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and paid to your eligible Westpac Life account by the 20th day of the following month.
  • If your eligible Westpac Life account is closed before 21st day of the following month, the bonus interest will not be paid.
  • Only one Spend&Save bonus interest offer per customer.
  • Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 897KB)

 
~  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.