Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Some ways we'll help you save it

Earn bonus interest

Make your money work harder with bonus interest when you spend and save with Westpac Life savings and Choice everyday accounts.

 

Split your savings

Set up to 6 Savings Goals with just the one account. You can also set up a regular payment that splits your funds automatically across your goals.

 

Save big with discounts and offers

We’ve partnered with a range of major stores and brands to give you access to savings in everyday shopping, entertainment, fashion, travel and more.

 

Get up to 5.2% 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 2.00% p.a. variable base rate + 3.00% p.a. variable bonus for saving each month + 0.20% 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 5.00% p.a. variable interest.*

Split your savings and stay on track

  • Set up to 6 Savings Goals
    Saving for more than one thing? Set up to 6 different goals in just the one account. You can choose the savings amount, date and category across all your goals and adjust them at any time.
  • Track your progress
    You can keep tabs on your progress whenever you want in our mobile banking app. Just tap on each of your savings goals to see how you’re doing and how much you should be saving to reach your goal in time.
  • Put your savings on autopilot
    Whenever you transfer money into your savings, you can distribute your amount across your goals. You can also make it easy on yourself by setting up a regular deposit that will automatically split your funds across your goals.

Need some ideas? These are some popular goals at the moment...

Laptop

Average $1500
Aiming for 8 weeks

Just in case  

Average $5000
Aiming for 1 year

Home deposit

Average $50,000
Aiming for 5 years


Ways to pay on the go


 

Keep your Westpac Debit Mastercard on you wherever you go with a choice of digital wallets on your smartphone or use your Westpac Digital Card instantly in the Mobile Banking app. We’ve also got your back when you shop using your debit card with 24/7 fraud monitoring and our Fraud Money Back Guarantee* 


How to open

You can open an everyday transaction account and a high interest savings account together through one simple form.

  • Open online in less than 3 minutes
    You can get your ID verified instantly with your driver’s licence, Medicare Card, passport, NSW Photo Card or birth certificate (no need to visit a branch).
  • Activate Online Banking
    Once you’re set up you can import BPAY® billers and Payees from selected banks into your Online and Mobile Banking.
  • Use your debit card
    Your debit card will arrive in the mail within two weeks. You can activate it through your Online and Mobile Banking app and
    start making your 5 purchases online or in person to get closer to 5.2% p.a. interest.*
     

Award Winning Spend&Save Bonus Interest

Our Spend&Save bonus interest for 18-29-year olds with a Westpac Life savings account and a Choice everyday account has been recognised as the ‘Most Innovative Savings Product’ of the year by the RFi Group Australian Banking Innovation Awards.


Fees & Rates

  Fees  
Westpac Life savings account $0  
Westpac Choice bank account $5 (criteria for fee waiver below)  
 This fee is waived for:

 

 


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1MB)


You may find these useful
 

Questions to ask when saving for your first home

It’s one of the biggest purchases you’ll ever make and one that will change your life. So it’s normal to have a few questions about how everything works.
 

Everything you ever wanted to know about savings goals

Let’s be real: most of us find it tricky to save. If you don’t know where to start or if you want to take your savings game to the next level, you’re not alone.
 

Katyas saving story

See how Katya boosted her Europe trip savings with a 3% savings rate.
 

Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

 
* Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.

 
1. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.  
 
2. Spend&Save bonus variable interest:
  • You must be aged 18-29 with a Westpac Life and a Westpac Choice account – both in the same name. Joint accounts are not eligible.
  • If you have multiple Westpac Life or Choice accounts, only the earliest opened account is eligible.
  • You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
  • 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and paid to your eligible Westpac Life account by the 20th day of the following month.
  • If your eligible Westpac Life account is closed before 21st day of the following month, the bonus interest will not be paid.
  • Only one Spend&Save bonus interest offer per customer.
  • Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 1MB)

3Westpac everyday account: To open a Westpac Life or Bump 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.
 
4. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac  Online Banking Terms and Conditions (PDF 417KB) for full details, including when a customer will be liable.
 
5. 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.

6. Partner offers are subject to Terms and Conditions and may be varied or change at any time. Images are shown for illustrative purposes only.
 
7. Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co. Android, Google Pay and Google Play are trademarks of Google Inc.
Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au.
 
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.
The “RFI Group Australian Banking Innovation Awards – Most Innovative Savings Product” was awarded in November 2020 for the Spend&Save bonus interest available for customers aged 18-29, with Westpac Life and Choice accounts.