Here’s what you’re opening
You’re opening a Westpac Life savings account and a Westpac Choice everyday account (unless you already have one). It’s important to double check the details for both accounts before applying.
Westpac Life and Westpac Choice – the important stuff
Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save.
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. *
An everyday account to make deposits and withdrawals with access via a debit card
Things you should know
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- Offer may be varied or withdrawn at any time in accordance with the