
Everyday banking + up to 5.20% P.A. on savings
How do I get Spend&Save bonus interest?
Earn up to 5.20% p.a. variable interest on your savings when you Spend’n’Save with our Choice everyday bank account plus Life savings account. This variable bonus interest rate is exclusive to 18-29-year-olds who meet the Spend&Save criteria each month.
Simplify your banking with linked accounts
Westpac Choice
A simple-to-use everyday bank account packed full of features to help you bank with ease.
plus
Westpac Life
An account to help you reach your savings goals sooner by earning bonus interest every month you save.
Earn up to 5.20% p.a. on your savings
How your interest adds up
Base interest on your Life account savings: | 2.00% p.a. |
Bonus interest each month you grow your savings:1 | 3.00% p.a. |
Spend&Save bonus interest each month debit card is used 5+ times:2 |
0.20% p.a. |
Total interest including bonuses: | 5.20% p.a.* |
All rates are variable and subject to change. The Spend&Save bonus 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 savings above that balance.

When is my interest paid?
If you meet the eligibility criteria:
2.00% p.a. standard interest and 3.00% p.a. bonus interest1 will be paid into your Life account on the last business day of the month, with the description INTEREST PAID.
0.20% p.a. bonus interest2 will be paid into your Life account by the 20th day of the following month, with the description DEPOSIT SPEND AND SAVE.
How do I get started?
Already with Westpac?
- Select ‘Open now’
- Sign in and we’ll pre-fill your details
- Apply online in minutes
New to Westpac?
- Select ‘Open now’
- Learn what 2 items of ID to have handy
- Apply online in minutes
How secure will my accounts be?
Our Westpac Protect™ service helps keep you safe from fraudsters, protecting you and your finances.
- Fraud Money Back Guarantee4 protects you against unauthorised transactions provided you contact us promptly and have not contributed to the loss
- Online Banking Security Guarantee5 protects you against Internet fraud and unauthorised activity on your account

Learn how to make the most of your money
You might learn about econ or maths in school, but nobody ever really teaches you how to actually use money in everyday life. That’s why we’ve teamed up with Year13 to give you the rundown on earning, spending, and saving your money in the big wide world.

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Fees & Rates
Fees | ||
---|---|---|
Westpac Life savings account | $0 | |
Westpac Choice bank account | $5 (criteria for fee waiver below) | |
This fee is waived for:
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Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 897KB)
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- 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 897KB)
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.
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.