HOWEVER YOU MAKE IT, WE’LL HELP YOU SAVE IT
Get two accounts to help manage your money
An account + debit card for your day-to-day spending
An account that helps you save and rewards you for it
Earn up to 3% p.a. on your savings
Split up your savings
- Set up to six savings goals
Great if you’re saving for more than one thing at once
- Put your savings on autopilot
Set up a recurring transfer after every payday to help make it easier
- Keep track of your progress
Check how your goals are going whenever you need, all in the same place in the Westpac App
You can make payments with
How to open
1. Verify your ID online
Have your driver’s licence, Medicare card, passport or NSW photo card ready to apply
2. Have your tax file number (TFN) handy
You don’t need this to open the account but without a TFN or a TFN exemption we will deduct tax from the interest you earn on your account above a certain threshold. If you don’t know your TFN, you can look it up on the ATO website
3. Once you’ve applied
You can use your digital cards instantly and your debit card will arrive in the mail within 2 weeks
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
The Spend&Save interest applies to total balances of up to $30,000. For balances above $30,000, you’ll still receive the variable base rate and the bonus interest rate, provided you grow your savings account balance by the end of the month.
If your Westpac Life savings account balance hasn’t grown by the end of the month, you’ll still earn the 0.20% p.a. standard variable interest rate.
Even if you don’t grow your Westpac Life savings account balance, you can still earn the 2.60% p.a. Spend&Save variable rate if you make at least five eligible purchases by the end of the month.
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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.