Everyday banking + up to 5.2% P.A. on savings

Your Spend&Save bonus variable interest will be paid on the same day as base interest and bonus interest to your Westpac Life account.

If you’ve grown the balance in your Westpac Life savings in the month;

• Your Westpac Life base interest (2.00% p.a.) and bonus interest (3.00% p.a.) will be paid on the last business day of the month. You'll see this as 'INTEREST PAID' in your Westpac Life savings account.

If you’ve made 5 or more eligible purchases with the debit card linked to your Westpac Choice account and have these settled by close of business on the second last business day of the month;

• Your Spend&Save variable bonus interest (0.20% p.a.) will be paid on the last business day of the month. You'll see this as ‘INTEREST PAID – PROMOTIONAL’ in your Westpac Life savings account statement. It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as “Promotional rate”

All rates quoted are variable and subject to change.

Eligible purchases includes both in-store and online payments made with your Westpac Choice debit card.

• For in-store purchases, this includes when you tap, insert or swipe your physical card or pay with PayPass, Apple Pay, Samsung Pay, Google Pay, Garmin Pay and Fitbit Pay.

• For online purchases, this includes purchases where your debit card details are stored with an online retailer or service, or when you input your debit card details.

All eligible purchases are required to be settled by the 2nd last business day of the calendar month to count towards the 5 required.

What isn't eligible? ATM transactions, PayID, BPAY, EFTPOS cash out only transactions, direct debits, purchases settled to a credit card account and paying off your credit card.

You’ll receive your Spend&Save variable bonus interest if 5 debit card transactions are settled (not pending) prior to turning 30 at any stage of the month. E.g., if you turn 30 on the 12th August and have 5 settled transactions before then, you’ll be eligible for Spend&Save variable bonus interest in August but won’t be eligible in September onwards.

At that point, you'll still receive your Westpac Life base interest, plus bonus interest for growing your account. And because you are now 30+, the $5 Choice account $5 monthly fee will apply.

The 0.20% p.a. variable bonus interest rate (for card use) applies to the first $30,000 in your Westpac Life account, while the 2.00% p.a. variable base interest rate and 3.00% p.a. variable bonus interest rate (for growing the account) applies to your entire savings balance.

For example, if you have $40,000 in your Westpac Life account and you fulfil all the Spend&Save criteria that month, you’ll receive:
5.20% p.a. variable interest on $30,000
5.00% p.a. variable interest on $10,000

Bonus interest is only eligible on one life account. If you have more than one life account, only the one you opened earliest is eligible.

That’s okay, you'll still earn the 2.00% p.a. Westpac Life variable base interest.
Plus, if you make 5+ eligible purchases in the month on your Westpac Choice debit card, you'll also earn the 0.20% p.a. Spend&Save variable bonus interest on top of that.

A business day means any weekday from Monday to Friday, excluding weekends and national public holidays.

Example: For interest paid monthly, where 29 July is the last business day of the month, interest for July will be calculated daily on the closing balance for the period between 30 June and 28 July and recorded as paid into your account on the 29 July. Any interest earned on the closing balances for the 29, 30 and 31 July, is recorded as paid into your account on the last business day of August (31 August).

If you meet eligibility and perform 5 settled (not pending) debit card transactions the day before the account is requested to be closed, you will receive the Spend&Save variable bonus interest at the time of account closure.

However, if you meet eligibility on the same day or after account closure request is received you will not receive the Spend&Save variable bonus interest.