Everyday banking + up to 2% P.A. on savings

18-29? Earn bonus interest when you Spend&Save with this handy combination of bank accounts.

Open in less than 3 minutes

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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 2% p.a. variable interest.

Westpac Choice

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

plus

Westpac Life

An account that helps you save and rewards you for it

Earn up to 2% p.a. on your savings

Get help hitting your savings goals

Use the Savings Goals 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.

Learn more about Savings Goals

Fees & Rates

Monthly fee

	Fees
Westpac Life savings account	$0
Westpac Choice bank account	$5 (criteria for fee waiver below)
This fee is waived for: Customers that deposit at least $2,000 each month Customer under the age of 30 or full-time tertiary students Australian Pensioner Concession or Health Care Card holders New to Australia or expatriate customers (for the first 12 months).

Other fees

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
Overdrawn Fee	N/A	$15
Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas)	N/A	$0
Overseas Withdrawal Fee 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)	N/A	N/A
Branch staff assisted withdrawal	N/A	N/A

Interest rates

Total variable interest rate	up to 2% p.a.
Standard variable base rate (when no standard variable bonus rate applies)	0.15% p.a.
Standard variable bonus rate	0.35% p.a.
Spend&Save variable interest rate	1.50% p.a. (on up to $30,000)

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 805KB)

FAQs

Am I eligible for the Spend&Save bonus interest?

If you are between the ages of 18-29, Spend&Save variable bonus interest is available for you.

You will need:

A Westpac Choice transaction account (individual) and;
A Westpac Life savings account (individual) in the same name.

Or, if you have a joint account, at least one account holder needs to be between 18 to 29 and you will need:

A Westpac Choice transaction account (joint) and;
A Westpac Life savings account (joint) in the same names.

Once you have your accounts open, you can get started by growing your savings in Westpac Life and making 5 or more eligible purchases with your Westpac Choice debit card each month to get you closer to 2% p.a. interest.

When will my Spend&Save bonus interest be paid?

Your Spend&Save variable bonus interest will be paid at a different time to your Westpac Life variable base interest and variable bonus interest.

If you’ve grown the balance in your Westpac Life savings in the month;

Your Westpac Life base interest (0.15% p.a.) and bonus interest (0.35% p.a.) will be paid on the last business day of the month. You'll see this as 'INTEREST PAID' in your Westpac Life savings account.

If you’ve made 5 or more eligible purchases with your Westpac Choice debit card in the month;

Your Spend&Save bonus interest (1.50% p.a.) will be paid by the 20th day of the next month. You'll see this as 'DEPOSIT SPEND AND SAVE' in your Westpac Life savings account.

What counts as an eligible purchase?

An eligible purchase includes both in-store and online purchases made with your Westpac Choice debit card.

For in-store purchases, this includes when you tap, insert or swipe your physical card or pay with PayPass, Apple Pay, Samsung Pay, Google Pay, Garmin Pay and Fitbit Pay.
For online purchases, this includes purchases where your debit card details are stored with an online merchant or when you input your debit card details.

All eligible purchases need to be settled (not pending) by the end of the month.

What isn't eligible? ATM transactions, PayID, BPAY, EFTPOS cash out only transactions, direct debits and paying off your credit card account.

See all FAQ's

Open online

Open a Choice bank account and a Life savings account in less than 3 minutes

Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 805KB)

Online Banking Terms and Conditions (PDF 236KB)

Personal Telephone Banking Terms and Conditions (PDF 191KB)

Find out what information you need to provide to become a customer (PDF 657KB)

Westpac Debit Mastercard® Terms and Conditions (PDF 3MB)

Google Pay Terms and Conditions (PDF 680KB)
Apple Pay Terms and Conditions (PDF 79KB)
Samsung Pay Terms and Conditions

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.

* 2% p.a. variable interest: earn up to 2% 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 805KB)

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.

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 236KB) 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, iPhone and Apple watch are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service of Apple Inc.

Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.

Google Pay and Google Play are trademarks of Google Inc.

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.

Earn interest on your savings:	0.15% p.a.
Get a bonus each month you grow your savings:¹	0.35% p.a.
Get a bonus for 5+ debit card uses a month:²	1.50% p.a.
Total interest including bonuses:	2.00% p.a.*