However you make it, we’ll help you save it.
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
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...
Aiming for 8 weeks
Just in case
Aiming for 1 year
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!)
|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
|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
You may find these useful
Things you should know
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
3. 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.
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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.