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Here’s what you’re opening

You’re opening a Westpac Life savings account and a Westpac Choice everyday account. It’s important to double check the details for both accounts before opening.

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 0.85% variable interest, including a 0.15% standard variable base rate on all your savings plus 0.70% variable bonus rate each month you grow your balance.~
  • $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 2.5% 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 0.15% p.a. variable base rate + 0.70% p.a. variable bonus for saving each month + 1.65% 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 0.85% p.a. variable interest. *
+
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

  • 14+ Minimum age to open account

  • 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.
 
* 2.5% p.a. variable interest: earn up to 2.5% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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.
Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.

Westpac Deposit Accounts for personal and self-managed superannuation fund customers Terms and Conditions apply. (PDF 1007KB)
 
~  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.