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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 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.*

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...


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 3% 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

Standard fees (fees may change) Life savings account Choice bank account
ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) 
N/A $0
Account overdrawn fee N/A
Overseas ATM cash withdrawal from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas) N/A $0
Overseas ATM cash withdrawal from a non-Global Alliance Partner ATM
N/A $5
Transactions made in foreign currency, and the merchant or financial institution is located outside Australia N/A 3% of the AUD transaction amount
Transactions made in foreign currency, and the merchant or financial institution is located in Australia
N/A 2.2% of the AUD transaction amount
Telephone Banking withdrawal (staff assisted) $2.50 N/A
Branch staff assisted withdrawal $2.50 N/A
Standard variable base rate (when no standard variable bonus rate applies) 0.20% p.a.
Standard variable bonus rate 0.20% p.a.
Spend&Save variable interest rate 2.60% p.a. (on up to $30,000)     
Total variable interest rate up to 3% p.a.

How do I earn bonus interest on my Westpac Life account?

Bonus interest is payable each month that you:

  • Make a deposit to the account;
  • Ensure your account balance is higher at the end than the beginning; and
  • Keep your account balance above $0 at all times.

A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.

How do I earn the Spend&Save bonus?

 Spend&Save2 interest is payable every month that you:

  • Make 5 eligible purchases with your debit card linked to your Choice account3
  • Are 18-29 years old

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

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Everything you ever wanted to know about savings goals

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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.

* 3% p.a. variable interest: earn up to 3% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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.
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: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.

Westpac Deposit Accounts for personal and self-managed superannuation fund customers Terms and Conditions apply. (PDF 1MB)

3Westpac 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.
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 277KB) 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 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
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.
# $50 Offer:  Fees and charges apply. Read the terms and conditions available at before making a decision and consider whether the product is right for you. To be eligible for the $50 offer you must: open a new Westpac Choice account online between 7/10/2020 and 28/01/2021, or in branch if you’re under 30 years old; and deposit $500 and make 5 eligible card purchases within 30 days of account opening. Eligible card purchases are purchases made using your Westpac debit card linked to your Choice account and excludes ATM transactions and EFTPOS cash out only transactions. If eligible you will receive $50 into your Choice account within 45 days of opening. All account holders on the new Choice account must not hold or have held a Westpac transaction account, or received this offer at any time to be eligible. Offer is limited to one eligible account and is not available in conjunction with any other offer.