Maximise your savings in just a few clicks
Earn up to 1.00% p.a. variable interest rate, with no monthly fees
Standard variable rate, even if you're not growing your balance
Variable bonus rate1 each month, as long as your balance is higher than it was at the beginning
Features that make your savings work harder
Earn interest on your entire savings balance
Withdraw money, without impacting on the bonus interest you earn
Set up to six savings goals, all from just one account2
What else do I need to know?
Westpac Life has no set up or monthly services fees. Other fees and charges may apply. Please refer to the Terms and Conditions. You’ll need a linked Westpac everyday account. If you don’t have one we’ll open a Westpac Choice account with your Life account3.
We’ll waive the Choice monthly account fee (usually $5) when you deposit at least $2,000 into your account. We’ll also waive the monthly service fee if you’re:
- An Australian Pensioner Concession or Health Care Card holder
- New to Australia or an expatriate customer
- A fulltime student or under 21.
Things you should know
- Bonus interest: 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.
- Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life account.
- Westpac everyday account: To open a Westpac Life 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.