Savings account interest rates

At a glance, compare variable and fixed interest rates to help you decide what type of savings account works best for your needs.

Westpac Life

Westpac Life savings account

A flexible savings account with bonus interest for regular savers, supporting both long- and short-term savings goals.

 

Total variable rate 4.50% p.a. if bonus interest criteria are met 
Standard variable rate 0.40% p.a.  
Bonus variable rate

4.10% p.a.

Bonus interest is payable each month that you:

  • Make a deposit to the account,
  • Ensure your account balance is higher at the end of the month than the beginning, and
  • Keep your account balance above $0 at all times.


For bonus interest rate qualification, a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.


These savings accounts need to be linked to an eligible transaction account.
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Westpac eSaver savings account

An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App.

 

Total introductory rate 4.15% p.a. for the first 5 months (new eSaver customers only)
Standard variable rate 1.00% p.a.
Introductory fixed rate Total introductory rate includes fixed introductory rate of 3.15% p.a. for the first 5 months for new eSaver customers
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Bump Savings account - for under 18s

A regular savings account designed for children and teenagers to support their long-term savings needs.

 

Total variable rate 4.50% p.a. if bonus interest criteria are met
Standard variable rate 1.75% p.a.
Bonus variable rate

2.75% p.a.

Bonus interest is payable each month that you:

  • Make a deposit to the account,
  • Ensure your account balance is higher at the end of the month than the beginning, and
  • Keep your account balance above $0 at all times.


For bonus interest rate qualification, a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.


These savings accounts need to be linked to an eligible transaction account.
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Term Deposits

A Term Deposit lets you invest your money with the certainty of a fixed interest rate, and with a choice of terms.

Our current term deposit rates are shown here. Interest rates are % per annum. All investment balance ranges are $5,000 - $2,000,000 Australian dollars.

Check out our Term Deposit special offer rate.

 
Term Interest paid at maturity or annually Interest paid monthly
1 < 2 months 1.25% p.a. 1.25% p.a.
2 < 3 months 1.45% p.a. 1.40% p.a.
3 < 4 months 2.75% p.a. 2.70% p.a.
4 < 5 months 2.90% p.a. 2.85% p.a.
5 < 6 months 3.00% p.a. 2.95% p.a.
6 < 7 months 3.05% p.a. 3.00% p.a.
7 < 8 months 3.20% p.a. 3.15% p.a.
8 < 9 months 3.25% p.a. 3.20% p.a.
9 < 10 months 3.30% p.a. 3.25% p.a.
10 < 11 months 3.35% p.a. 3.30% p.a.
11 < 12 months 3.40% p.a. 3.35% p.a.
12 < 24 months 3.75% p.a. 3.70% p.a.
24 < 36 months 3.50% p.a. 3.45% p.a.
36 < 48 months 3.00% p.a. 2.95% p.a.
48 < 60 months 3.00% p.a. 2.95% p.a.
60  months 3.00% p.a. 2.95% p.a.

 

A Term Deposit account needs to be linked to an eligible transaction account.
 

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Aged 18-29?

You could earn up to 5.00% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. T&Cs and exclusions apply.

Find out more

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Things you should know

Conditions, fees and charges apply and may change. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714