SAVINGS GOALS

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 eligible savings 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.

With shared Savings Goals the graph will show your contributions followed by other people’s contributions. A table below the graph will show the total contributions to the goal and the amount and percentage each person has contributed so far.

Can’t see a graph? The graph will only show if the goal owner has set a target amount and/or target date for the goal.

Savings Goal notifications

We’ll send you notifications if the goal details have been updated and when your goal reaches certain milestones. Any joint account holders or authorised third parties may also receive notifications.

You can choose how to receive these notifications. To update your notifications settings:

1. Go to Profile
2. Select Settings
3. Choose Notifications and marketing
4. Make your updates.

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. 

If you delete a Savings Goal, any funds you had in your Savings Goal will automatically move back to your ‘Spare Funds’ bucket.

You can leave a goal at any time. Go to your goal:

1. select Edit
2. Tap Leave goal.
    

Have concerns about the shared goal feature?

If you:

• Don’t like the shared goal feature 
• Are worried someone is using the shared goal feature without your permission

Give us a call on 132 032 (8am-8pm, Sydney time, Mon-Fri) and we can either turn off the feature for your profile or investigate other ways to assist you.

You can invite someone who's not a Westpac customer to contribute to your goal by sending them a message. The message will have your bank account details so that they can deposit money into your account. They won't, however, be able to monitor or track the goal.

For another person to be able to view and track the Savings Goal the same way that you can, they'll need to be a Westpac customer with a Westpac Life or Westpac Bump savings account or have third party access to the account.

A shared goal can be seen by: anyone who accepts a share goal or who has access to the participating accounts, including any joint account holders or authorised third parties.

The details of the goal they’ll be able to see include:

• Your first name
• Goal name
• Goal category
• Target date (if one has been set)
• Target amount (if one has been set)

They’ll also be able to see any contributions made to the goal. Pending transactions won’t show against your goal contributions until they’re full processed.

Your account details will remain private: your account information and balance won’t be shared with anyone contributing to the goal.

Your money stays in your account: by sharing a goal you can both see how much you’re contributing to the goal, and if either has taken money out of the goal, but your money doesn’t leave your account. How much you contribute is your choice.

Accepting a shared goal invitation is optional: account holder(s) invited to share a goal from another Westpac customer don’t have to accept – it’s their choice. 

Sharing a goal with one joint account holder means sharing with both: if you send an invite to share a goal with another Westpac customer who has a joint savings account, both account holders will receive the invite, but only one has to accept the invite for both of them to view the shared goal.