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How can Savings Goals help?

Savings Goals is a feature of Westpac Life designed to help make your dreams a reality.
 

  • Bucket your savings into different goals within the one account
  • Know how much you need to put away regularly to reach your goals
  • Put your savings on autopilot by setting up recurring transfers to your individual savings goals
  • Work towards shared savings goals with your joint account partner
  •  Keep tabs and organise your savings in an easy visual way.

How to set up Savings Goals

Open the Westpac App and select your Life account. You’ll see a Savings Goals dropdown menu beneath your account balance – tap on this to open it up.

 

Select ‘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 your goal by.

Once you’ve tapped ‘Confirm’ you’ll be able to set up a regular transfer to put your savings on autopilot.

Keep track of your Savings Goals

  • Track your progress against the timings you set, by simply logging in to the Westpac App.
  • Setting up regular transfers and checking in on your progress can help make your savings goals real as well as make them easier to achieve.
  • Even if you start out small, you are in control. Adjust your regular payments as you progress, or top up your goal when it suits you to help you reach it sooner.
     

Want to give savings goals a go but don’t have a Life account?

Opening a new Westpac Life 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.

Open a Westpac Life account

Get up to 3% p.a. variable interest on your savings

For 18-29-year olds

When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month

This is made up of 0.20% p.a. variable base rate + 0.20% p.a. variable bonus for saving each month + 2.60% p.a. Spend&Save bonus for spending 5 times. Applies to the first $30,000 in your Westpac Life savings account. After this amount you’ll earn 0.40% p.a. variable interest.*

Download the Westpac app to sort out your savings on the go

FAQs

You can set up to six goals within the one account. Got more than six goals you’re saving for? Don’t worry, you can always open more than one Westpac Life account.

You can choose from six different categories:

  • Home and property
  • Lifestyle
  • Holidays and travel
  • Car
  • Other.

Your interest is calculated on the total balance held in the account, and this interest will be paid to the ‘Spare Funds’ bucket. You can then choose which goal you want to transfer your ‘Spare Funds’ to.

Each Savings Goal includes a graph that shows how much time has passed, your target date and the progress you’ve made to reach the goal amount. Depending on how close you are to the target date, Savings Goals will tell you how much you need to deposit on a monthly, weekly or daily basis to achieve your goal.

Setting a target date and amount is optional, however you will only be able to track savings progress if you’ve set a goal amount.

Savings Goals remain open, even once you’ve achieved the goal or the target date is reached. It’s up to you to remove a Savings Goal when it suits you. 

Any funds you had in your Savings Goal will automatically move back to your ‘Spare Funds’ bucket.

You may find these useful

3 steps in planning to fund my child’s education

To get the education we want for our children it is going to cost money. To have a good chance of having the money, like many things in life, it helps to set goals and plan for it. And the sooner you do this, the more achievable it will be.
 

Savings by age

We all have our own dreams or things that we want, no matter how old we are. Most of us need to save our money to make those dreams and goals a reality.
 

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. 

 

  1.  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 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)

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.