Maximise your savings in just a few clicks
Switch to a Westpac Life account for a simple way to start growing your savings
Features that make your savings work harder
Earn bonus interest on your entire savings balance.1
Set up to six savings goals, all from just one account.2
Get flexible access to your funds whenever you need them.
Earn up to 5.00% p.a. variable interest rate, with no monthly fees
2.00% p.a.
Standard variable rate, even if you're not growing your balance
plus
3.00% p.a.
Variable bonus rate1 each month, as long as your balance is higher than it was at the beginning
What else do I need to know?
Westpac Life has no set up or account-keeping 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 account
3.
We’ll waive the Choice account-keeping fee (usually $5) when you deposit at least $2,000 into your account.
We’ll also waive the account-keeping 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 30.
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.
- Bonus interest: You will be eligible for bonus interest if during the month (subject to transaction processing times):
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount; and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility. - 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 or Bump account.
- Westpac everyday account: To open a Westpac Life or Bump 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.