What you’re opening
Westpac Life
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Westpac Life
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Westpac Choice
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Summary
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Overview

The Westpac Life account comes with a Westpac Choice everyday account so you can easily transfer money in and out. We'll only open a Choice account if you don't already have one.

To open you'll need to be at least 18 years old with an Australian residential address.

Westpac Life
  • A savings account that 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 0.10% p.a. standard variable base rate on your account balance plus 4.90% 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.
Westpac Choice (if you don’t already have one)

An everyday account with a Debit Mastercard®[#] to make deposits and withdrawals, payments online or on the Westpac App

$0 Account-Keeping Fee (usually $5 per month)

The monthly fee is waived if you:

  • Are under the age of 41 or a full-time tertiary student; or
  • Are a Westpac Choice Concession account holder; or
  • Are new to Australia or expatriate customers (for the first 12 months after opening a new Westpac Choice account); or
  • Deposit at least $2,000 by the close of business on the last business day of the month[#]; or
  • Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked).
Special Digital Offer: 12-month Account-Keeping Fee waiver
  • Available for new Westpac Choice accounts opened online between 1 February 2024 and 30 September 2026.
  • If you are aged 41 or over and don’t qualify for the $0 Account-Keeping Fee waiver, your monthly fee will be waived for the first 12 months when you open a new Westpac Choice account online. After 12 months, the $5 monthly fee applies unless you qualify for the $0 Account-Keeping Fee waiver, as above.
  • This offer does not apply if you already receive the fee waiver (i.e. under 41, New Arrivals, full-time students) and Westpac Choice Concession.
  • For joint accounts, individuals must meet the eligibility criteria separately, for the fee waiver to apply.
  • Other fees and charges, terms and conditions apply to the Westpac Choice account.
  • This offer may be withdrawn, varied, or extended at any time.
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Offers
Westpac Life
For 18-40 year olds

Get up to 5.75% p.a. variable interest on your savings:

  • When you grow your savings with a Westpac Life account and make 20 eligible purchases with a debit card linked to your Choice account each month
  • This is made up of 0.10% p.a. variable base rate + 4.90% p.a. variable bonus for saving each month + 0.75% p.a. 'Spend&Save' bonus for spending 20 times. Applies to the first $150,000 in your eligible Westpac Life savings account. After this amount you’ll earn 5.00% p.a. variable interest[#]
Westpac Choice
You could earn $50 cashback with a new account
Open a new Westpac Choice everyday account and an eligible savings account between 9 June and 30 September 2026. Spend at least $50 on your debit card within 15 days of opening your account on eligible purchases. You must not have held any Westpac transaction account or savings account in the last 2 years. Must be 18 years or older - T&Cs apply.[#]
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What kind of account do you need?
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Are you already a Westpac customer?
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What to have handy
Your Westpac Online Banking sign in details.
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What to have handy
  • Your Westpac Online Banking sign in details.
  • You’ll need to be registered for Westpac Protect SMS Code. We’ll send an SMS Code to both applicants before you open your account.
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What to have handy
Your mobile
A secure code will be sent to your mobile to verify your phone number.
At least 1 of these ID documents
  • Passport
  • Australian driver license
  • Australian birth certificate
  • Medicare card (can only be used in conjunction with a second form of ID)

If your details are entered incorrectly or we’re unable to identify you, your application will need to be completed in branch.

If you’re Aboriginal or Torres Strait Islander and don't have the required documents, call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am – 6:30pm ACST or visit your nearest branch.

Foreign tax details
Only applicable if you're liable to pay tax in another country.
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By continuing you agree

To begin, you acknowledge:

  • You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
  • You have read our Financial Services Guide which provides important information on the financial services and products we offer as a financial services licensee.

By opening the account, you agree:

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By continuing you agree

To begin, you acknowledge:

  • You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
  • You have read our Financial Services Guide which provides important information on the financial services and products we offer as a financial services licensee.

By opening the account, you agree:

  • To the Deposit Accounts for Personal Customers Terms and Conditions and the Online Banking Terms and Conditions that apply to the products and services you are applying for.

  • To us sending you a Debit Mastercard® and linking it to your account, as set out in the Westpac Debit Mastercard Terms and Conditions.

  • To provide your consents to the actions we may take in processing your application including:

    • for us to contact you about this application
    • for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.

  • To your obligations relating to Anti-Money Laundering and Counter-Terrorism Financing requirements, as well as our other reporting obligations if you are a foreign tax resident.

  • To hold the account in joint names (to open an account in trust you’ll need to visit a branch).

  • That you have permission to give us personal information about any joint applicants.

  • That both account holders can transact on the account individually, for example, withdraw funds without permission from the other account holder.

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Want another option?

Under 18 or applying on behalf of somebody younger? Learn more

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Things you should know
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