How hard could your savings work for you?

With a Westpac Life account you could earn interest on every dollar in your account, plus get paid bonus interest each month you grow your balance by as little as one cent.

Get rewarded for your savings as well as your credit card

Make your money work harder

Pay off your credit card balance monthly? Earn interest on your money until your payment is due. Make as many withdrawals as you need and still earn bonus interest1. 

It’s easy to earn bonus interest

In addition to a competitive base rate, you can also earn bonus interest each month you grow your balance, no matter how many withdrawals you’ve made1.

Bucket your savings

Saving for more than one thing? With our handy Savings Goals2 feature you can bucket your savings into different goals within the one account.

Easy access with an everyday account

Transfer easily in and out of your Life account with a linked Westpac Choice account3 (if you don’t already have one we’ll open one for you).

Earn up to 1.30% p.a. variable interest rate

0.40% p.a.

Standard variable base rate
(when no standard variable bonus rate applies)

plus

0.90% p.a.

Variable bonus rate each month you grow your balance1

Earning bonus interest is easy

You’ll earn bonus interest each month you grow your balance by the last business day of the month and make at least one deposit into your account.
 

You’ll also earn interest on every dollar on your account, because Westpac Life has no maximum balance you can earn interest on. You can also make as many transfers from your account as you need during the month and still earn bonus interest, provided you meet the conditions above.

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 service fee 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
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A flexible savings account that supports your savings goals.

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Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB)

Online Banking Terms and Conditions (PDF 313KB)


Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
 
  1. 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.     
  2. 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. 
  3. 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.