
However you make it we’ll help you save it
After a higher interest rate? Open a Westpac Choice bank account and a Westpac Life savings account to get up to 3% p.a. on your savings*
Not sure if you can save right now? Spend more than 5 times a month and get 2.80% p.a. on your savings (up to $30,000). This includes a variable base rate of 0.20% p.a. and a Spend&Save variable bonus of 2.60% p.a.
New to Australia?
You’ll pay no monthly service fee in the first 12 months – just head into a branch and we’ll waive it for you. While you’re there we can also verify your identification. You can also open your accounts in branch^.
Here’s what else you can access

You can shop securely using your debit card with our Fraud Money Back Guarantee.4

Home deposit? Holiday? Use the Savings Goals5 feature to bucket your savings into different goals with just the one account.

Access exclusive rewards and offers from major brands and retailers, helping you save big on travel, entertainment and more.6

Pay your way with Apple Pay, Google Pay™, or Samsung Pay™.7
Fees & Rates
Standard fees (fees may change) | Life savings account | Choice bank account |
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ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) |
N/A | $0 |
Account overdrawn fee | N/A |
$15 |
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. |
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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)
How to open
- Open online or in branch^
Open your accounts online up to 3 months before you arrive in Australia or once you’re here– you don’t even need an Australian address if you’re still overseas. However, you’ll need to head into a branch once you’ve arrived to have your identification verified before you can make any withdrawals. - Activate Online Banking
Once you’re set up you can import BPAY® billers and Payees from selected banks into your Online and Mobile Banking. - Once your debit card arrives
Your debit card will arrive in the mail within two weeks. You can activate it through your Online and Mobile Banking app and start making your 5 purchases online or in person to get closer to 3% interest.*
FAQs
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.
You won’t be eligible for the 2.60% p.a. Spend&Save rate if you don’t make five eligible purchases by the end of the month. However, you can still earn up to 0.40% p.a. on your savings if you grow your Life savings balance by the end of the month.
Your Westpac Life variable interest and Spend&Save interest will be paid separately.
Your Westpac Life variable interest will be paid on the last business day of the month, provided you meet the bonus interest criteria.
Your Spend&Save interest will be paid into your savings account by the 20th Day of the following month, provided you’ve met the criteria. That means if you’ve made five (5) eligible purchases in January, your Spend&Save bonus will be paid by the 20th of February.
Yes. However, the names on your Choice and Westpac Life accounts will need to be identical.
For example, you could have an individual Choice and Westpac Life account, a joint Choice and joint Westpac Life account . If you met the eligibility on both sets of bank accounts, then you could receive the Spend&Save interest twice.
You can receive the Spend&Save interest on up to three different sets of bank accounts if you have joint accounts with different people.
Yes, you can also get $50 with a new Westpac Choice everyday account.
Apply online by 7th April 2021, and deposit $500 and make 5 eligible purchases within 30 days. Under 30? You can also apply in branch. New transaction account customers only. T&Cs apply#
Conditions apply #
# $50 Offer: Fees and charges apply. Read the terms and conditions available at westpac.com.au before making a decision and consider whether the product is right for you. To be eligible for the $50 offer you must: open a new Westpac Choice account online between 29/01/2021 and 07/04/2021 (if you are under 30 years old you can apply online or in branch); and deposit $500 and make 5 eligible card purchases within 30 days of account opening. Eligible card purchases are purchases made using your Westpac debit card linked to your Choice account and excludes ATM transactions and EFTPOS cash out only transactions. If eligible you will receive $50 into your Choice account within 45 days of opening. All account holders on the new Choice account must not hold or have held a Westpac transaction account, or received this offer at any time to be eligible. Offer is limited to one eligible account and is not available in conjunction with any other offer.
Boost your financial knowledge
Things you should know
Apple Pay Terms and Conditions (PDF 79KB)
Samsung Pay Terms and Conditions
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)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.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.Android, Google Pay and Google Play are trademarks of
Google Inc.
access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.
^ For your account to be fully functional, you need to visit a Westpac Branch to complete your verification checks once you have arrived in Australia. You can only withdraw or transfer funds from your account after your identity has been verified by our Branch staff in Australia. We recommend you apply for your accounts and deposit funds to these accounts after you’ve received a valid Australian visa.