Everyday banking + up to 5.2% P.A. on savings
Simplify your banking with linked accounts
Combine your Westpac Choice account with a Westpac Life savings account and meet the eligibility criteria each month to earn up to 5.2% p.a. variable interest.
An account + debit card for your day-to-day spending
An account that helps you save and rewards you for it
Earn up to 5.2% p.a. on your savings
How your interest adds up
|Earn interest on your savings:||2.00% p.a.|
|Get a bonus each month you grow your savings:||3.00% p.a.|
|Get a bonus for 5+ debit card uses a month:
|Total interest including bonuses:||5.20% p.a.*|
All interest rates are variable and subject to change. Spend&Save applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 0.20% bonus does not apply to amounts above that balance.
Get help hitting your savings goals
Use the Savings Goals feature of the Westpac App to manage all your goals through your Life account.
- Use the Savings Goal feature of the Westpac App to manage all your goals through your life account
- Set up to six savings goals
Great if you’re saving for a few different things.
- Put your savings on autopilot
Make saving easier by setting up recurring transfers from your Choice account after every payday.
- Keep track of your progress
Check how your goals are going whenever you need to, all in one place in the Westpac App.
Fees & Rates
|Westpac Life savings account||$0|
|Westpac Choice bank account||$5 (criteria for fee waiver below)|
| This fee is waived for:
Yes, if you’re aged between 18 and 29 and have:
- A Westpac Choice transaction account (individual), and
- A Westpac Life savings account (individual) in the same name.
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Things you should know
- 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
3. Westpac 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.
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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.