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
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
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
- Holidays and travel
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.
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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 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)