Everyday banking + up to 5.00% P.A. on savings
Aged 18-29? You could earn bonus interest when you Spend&Save using a Westpac Life and Choice account together.
Interest rates
On your Westpac Life savings account earn up to:
5.00% P.A. Total variable interest rate |
0.40% P.A. Standard variable base rate |
The total variable interest rate is a combination of:
| Standard variable base rate (when no standard variable bonus rate applies) | 0.40% p.a. |
| Standard variable bonus rate | 4.10% p.a. |
| Spend&Save variable bonus rate | 0.50% p.a. (on up to $30,000) |
Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
How do I earn bonus interest?
- Keep your account balance above $0 at all times
- Make a deposit into the account. Interest paid into the account doesn’t count
- Your balance must be higher at the end of the month than at the beginning.
A month is from the end of the last business day of the previous month to the end of the last business day of the current month. By the end of the business day, we mean 11:59pm on any weekday, excluding weekends and national public holidays.
After 11:59 pm on the last business day of the month. If you make transactions before this time, it might change whether you get the bonus interest.
- Be aged 18-29 with a Westpac Life and Westpac Choice account in your name (Joint accounts are not eligible and only one Spend&Save offer applies per customer)
- If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest
- Make 5 eligible purchases with the Debit Mastercard® linked to your Westpac Choice account. Purchases must be settled (not pending) by 11:59pm on the second last business day within a month. Offer may be varied or withdrawn at any time.
Eligible transactions
- In-store purchases: where you use your physical card or pay with PayPassTM, Apple Pay, Samsung PayTM, Google PayTM, Garmin Pay and Fitbit Pay.
- Online purchases: where your debit card details are stored with an online retailer/service or when you input your debit card details.
Ineligible transactions
- ATM transactions
- PayID®
- BPAY®
- EFTPOS cash-out only transactions
- Direct debits
- Paying off a credit card account.
If you’ve met all the bonus rate requirements for a Westpac Life account, the Spend&Save variable bonus rate will apply to the first $30,000 in your account. The Standard variable base rate and Standard variable bonus rate will apply to the entire balance.
E.g., on a $40,000 account balance. The total variable interest rate will be:
- 5.00% p.a. on $30,000
- 4.50% p.a. on $10,000.
Why open a Life and Choice account together?
Fee waivers
$0 monthly fees for under 30s or full-time tertiary students.
Spending vs saving
Separate spending and saving for simple money management.
Boost savings
You could earn bonus interest each month your savings grow.
Spend&Save bonus
Use your linked debit card 5+ times a month for bonus interest.
Spend $50 and you could get $50 cashback
Open a new Westpac Choice everyday account by 30 September 2025. Then, add your debit card to your mobile wallet and make one or more in-person, contactless payments that total at least $50. T&Cs apply.
Join forces to turbocharge your savings
Collaborate on your Savings Goals by teaming up with an eligible Westpac account holder. Create a shared goal or add them to an existing one. You can even request contributions from other people for an added boost to savings.
Open your accounts online
In just minutes you can open online your:
- Westpac Life savings account
- A linked Westpac Choice account.
Your personal details:
- Name and date of birth
- Australian home address
- Mobile number
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
Get your ID verified instantly online, without going into a branch.
If you're an Aboriginal or Torres Strait Islander and don't have any of the required forms of identification, please call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am - 6.30pm ACST or visit your nearest branch.
If you haven't registered for Online Banking yet, register now.
Once set up, you can import BPAY® billers and payees from selected banks into your Online Banking or the Westpac App.
Your linked everyday account comes with a Debit Mastercard®. The card will arrive in the mail within 2 weeks. While waiting for the physical card to arrive, you can use your Digital Card in the Westpac App. You can add it to your Apple Pay, Google Pay™, or Samsung Pay™ digital wallets.
It pays to shop via ShopBack in the Westpac App
Earn Cashback on over 4,000 brands with ShopBack. Link an eligible Westpac debit or credit card for special deals and Bonus Cashback when you shop online or in-store. T&Cs apply.
Get the Westpac App for even easier banking
View and transfer funds fast
Quick Balance lets you view balances and transfer money for up to three main accounts without signing in.
Set and track savings goals
Account holders and authorised users can use the Savings Goals feature, adding up to 6 goals on a Westpac Life or Bump account. View, edit, delete, or even share goals with family and friends to reach your goals sooner.
Get sorted with in-app budget tools
Track your month-to-month Cash flow with the in-app budget tools. Spot areas where you could save by sorting your spending into Categories.
Account fees
To open a Westpac Life savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
Fees and charges may apply on the everyday account, including a $5 monthly account-keeping fee.
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | N/A |
To open a Westpac Life savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
If you decide to open a Westpac Choice transaction account, the following fees will apply:
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $5 (criteria for fee waiver below) |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Direct Debit | $0 |
| Point of Sale (POS) transactions | $0 |
| ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) | $0 |
| Overdrawn Fee (for more information: Overdraw Preference Feature) | $15 |
| Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas) | $0 |
| Overseas Withdrawal Fee from a non-Global Alliance Partner ATM | $5 |
| Transactions made in foreign currency, and the merchant or financial institution is located outside Australia | 3% of the AUD transaction amount |
| Transactions made in foreign currency, and the merchant or financial institution is located in Australia | 2.2% of the AUD transaction amount |
| Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement | 15.01% p.a. |
The monthly fee is waived for:
- Customers that deposit at least $2,000 each month
- Customers under the age of 30 or full-time tertiary students
- Westpac Choice Concession account holders
- New to Australia or expatriate customers (for the first 12 months)
- Customers that link their Choice account to their Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked)
- Customers that open a new Westpac Choice account online (for the first 12 months).
Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. At the end of the 12-month period, the monthly Account Keeping fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 712KB)
Safe and secure banking
- Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
- Westpac Protect™ Security Code: Keep your Online Banking safe with a Security Code when using the Westpac App or your Online Banking service. This Security Code confirms that it's you transacting or making changes to your profile.
- Fraud Money Back Guarantee: Shop securely using your Debit Mastercard or Credit Card, backed by 24/7 fraud monitoring and our Fraud Money Back Guarantee. Westpac promises to return any missing funds to you if you've not contributed to the loss and contact Westpac right away. Check your card’s terms and conditions for full details.
- Card Lock: Can’t find your card? Sign into the Westpac App or Online Banking and select 'Lock a card temporarily' under Cards services on your eligible personal credit or debit card. You can search for your card knowing that your account is safe. Then, if you can’t find it, report it lost or stolen.
Frequently asked questions
If you have more than one Life account, you can earn the:
- Standard variable bonus rate on all your Life accounts. This bonus is for growing your balance each month
- Spend&Save variable bonus rate only on the first Life account that you opened. This bonus is for making 5+ eligible purchases per month.
If you don’t grow your balance over a particular month, you'll still earn the Standard variable base rate for that month.
You’ll earn the Spend&Save variable bonus rate on top of that if you make 5+ eligible purchases over the month on your debit card.
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 over the month. Your Westpac Life:
- Standard variable base rate and Standard variable bonus rate will be paid on the last business day of the month
- Interest payment will appear 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. These purchases must be settled by close of business on the second last business day of the month. Your Westpac Life:
- Spend&Save variable bonus rate will be paid on the last business day of the month
- Interest payment will appear 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 of your Westpac Life account as Promotional rate.
When you turn 30, you’ll:
- No longer be eligible for the Spend&Save variable bonus rate (E.g. If you turn 30 on the 12th of August. You settle 5 transactions before then. You’ll be eligible in August for the bonus but won’t be eligible from September)
- Still receive your Standard variable base rate, plus Standard variable bonus rate for growing your account
- Need to pay the $5 monthly Account-Keeping fee on your Westpac Choice account, unless you meet one of the other criteria for waiving the fee.
Help when you need it
Things you should know
Registered to BPAY Pty Ltd ABN 69 079 137 518.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Google Pay™ is a trademark of Google LLC.
Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.
PayPass is a trademark of Mastercard International Incorporated.
PayID® is a registered trademark of NPP Australia Limited.