Westpac Reward Saver features
Westpac Reward Saver is no longer available to new customers
We have recently launched Westpac Life – a savings account that’s designed to give your savings a boost as well as letting you set up multiple savings goals within the one account. And for younger savers we’ve also introduced Westpac Bump – a savings account designed with the needs of kids in mind.
After an account that rewards you for reaching your savings goals?
Although there are similarities between the two accounts, Westpac Life offers a range of additional features, including the ability to work towards different savings goals within the one account.
|Westpac Life||Reward Saver|
|Standard variable interest rate||1.50% p.a.||0.01% p.a.|
|Bonus variable rate||0.80% p.a.||1.24% p.a.|
|Total interest rate||
|Bonus interest requirements||
Grow your account balance by making a deposit by the end of the month and you’ll earn bonus interest, no matter how many withdrawals you make1
|Minimum monthly deposit and no withdrawals|
|Withdrawals||Unlimited withdrawals into a Westpac everyday bank account2||You can make withdrawals, however you won’t earn any bonus interest that month|
|Minimum monthly deposit||No minimum||$50|
|Set up and track multiple savings goals3||Yes||No|
|Linked Westpac everyday account needed||Yes||No|
More on bonus interest
To earn interest on a Reward Saver account you would need to deposit at least $50 and make no withdrawals in a month.
With a Westpac Life account, the requirements for earning bonus interest are more flexible – aside from a competitive base rate, you’ll also earn bonus interest each month you grow your balance. That means provided your balance has grown by the end of the month by making a deposit, you can make as many withdrawals as you want by transferring to your Westpac everyday bank account.
If you have an existing Reward Saver account you can make direct withdrawals – either to a linked bank account, at a branch or at an ATM (if your Reward Saver account is linked to your debit MastercardTM). However, you won’t earn bonus interest for that month.
What are Savings Goals?
Savings Goals is a feature of Westpac Life that lets you set up your personalised savings goals through Online & Mobile Banking. You can use it to keep tabs on your progress and get savings calculations which could help you stay on track.
1. Set up your personalised savings goals
You can name your goals, set the amount you’d like to save and when you’d like to reach your goal by.
2. Distribute your savings across your goals
When you add to your savings you can distribute the money across your different goals.
3. Track your progress
Select a Savings Goal to see how you’re doing.
Accessing your savings through a Westpac Choice account
You’ll need to have a Westpac everyday bank account to open a Westpac Life account – if you don’t already have one you can open a Westpac Choice account in the same online form as a Westpac Life account.
Once your Westpac Life and Choice accounts are open, you can transfer money between your accounts whenever you need within Online or Mobile Banking.
Under 18? How about Westpac Bump?
Westpac Bump is an account designed to help children and under 18’s kickstart their savings. Similar to Westpac Life, every month the account balance grows it could earn bonus interest. You can also set up personalised savings goals in Online or Mobile Banking. It also has a parental control feature that allows a child’s level of access to the account or over the phone to be managed by their parents.
Things you should know
- Westpac Life 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.
- Westpac everyday bank account: To open a Westpac Life account, you must hold a Westpac everyday bank account. Fees and charges apply on a Westpac everyday bank account.
- 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.