Savings goals
Setting savings goals can help you achieve what you want sooner
You’re more likely to be a successful saver if you know upfront what it is you’re saving for. Even better, you can turbocharge your focus when you’re clear on how much you need to save, when you want to save it by and what you’ll need to save regularly to get there.
Westpac Life and Bump accounts both include our handy Savings Goals1 feature that lets you set up to six personalised goals with just the one account. You can customise the name your goal, decide how much you need to save and how often you’ll need to save on a regular basis to reach it. Once your goals are set up, you can easily track your progress anytime you want in the Westpac App.
Get help hitting savings goals
Saving for something in particular? Use our Savings Goals1 feature to set your goal up for success. You’ll be able to personalise and split your money across different goals and set up automatic transfers to put your savings on autopilot.
Stack your odds in your favour
Here’s a fun fact. Customers with an automated savings transfers are 2x more likely* to reach their savings goals.
Want to give Savings Goals a go but don’t have a Life or Bump account?
Opening a new savings account is easy and only takes a few minutes. And once your account is open you can dive straight into setting up and reaching your savings goals.
Setting up your Savings Goals
Sign into the Westpac App
Once you’ve signed in, select your Westpac Bump or Life savings account from your dashboard. You’ll see a Savings Goals dropdown menu beneath your balance – tap on this to open it up.
Select ‘New goal’
Tap on ‘Add new Savings Goal’ to create your new goal. You can then personalise your goal by giving it a name, set the goal amount and when you want to reach it by.
Set up an automated transfer
Once you’re tapped ‘Confirm’ you’ll be able to set up a regular transfer to put your savings on autopilot.
Aged 18-29?
You could earn up to 5.20% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.
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Things you should know
- 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 Life account: to open a Westpac Life account you need to be aged 18+ (if you’re under 18, check out our Bump savings account)
*Results based on 6month period (Jul21-Dec21) of behaviour for customers with a Westpac Life and eligible transaction account between the age of 18 to 54 (excludes customers who have a credit card or mortgage)