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Get two accounts to help manage your money

Westpac Choice

An account + debit card for your day-to-day spending


Westpac Life

An account that helps you save and rewards you for it

Earn up to 3% p.a. on your savings

When you grow your savings each month

0.40% p.a. 

Variable interest rate

This includes 0.20% p.a. variable base rate plus 0.20% p.a. variable bonus interest rate.

Make sure you’ve grown your Westpac Life savings account balance by the end of the month1.

And when you use your card 5+ times a month

+ 2.60% p.a. 

Spend&Save variable bonus interest rate

Make 5 eligible purchases a month with your debit card linked to your Westpac Choice bank account2.

You'll get rewarded

= 3.00% p.a.*

Variable interest rate

bonus interestapplies on balances up to $30,000 in your Westpac Life savings account. After this amount, you’ll earn 0.40% p.a. variable interest.

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!) 
N/A $0
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
N/A $5
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

Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1MB)


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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It’s one of the biggest purchases you’ll ever make and one that will change your life. So it’s normal to have a few questions about how everything works.

Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
* 3% p.a. variable interest: earn up to 3% p.a. variable interest when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. 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.
1. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.  
2. Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid to your Westpac Life by the 20th day of the next month. If the account is closed, the interest payable will be paid into an alternate open Westpac transaction or savings account in your name by the end of the next month. 

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 Terms and Conditions apply. (PDF 1MB)

3Westpac 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.
4. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac  Online Banking Terms and Conditions (PDF 277KB) for full details, including when a customer will be liable.
5. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life account.

6. Partner offers are subject to Terms and Conditions and may be varied or change at any time. Images are shown for illustrative purposes only.
7. Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.Android, Google Pay and Google Play are trademarks of
Google Inc.

Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure
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.