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How do I get Spend&Save bonus interest?

Earn up to 5.20% p.a. variable interest on your savings when you Spend’n’Save with our Choice everyday bank account plus Life savings account. This variable bonus interest rate is exclusive to 18-29-year-olds who meet the Spend&Save criteria each month.
 

Simplify your banking with linked accounts

Westpac Choice

A simple-to-use everyday bank account packed full of features to help you bank with ease.
 

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plus

Westpac Life

An account to help you reach your savings goals sooner by earning bonus interest every month you save.

 

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Earn up to 5.20% p.a. on your savings

How your interest adds up

Base interest on your Life account savings: 2.00% p.a.
Bonus interest each month you grow your savings:1 3.00% p.a.
Spend&Save bonus interest each month debit card is used 5+ times:2
0.20% p.a.
Total interest including bonuses: 5.20% p.a.*

All rates are variable and subject to change. The Spend&Save bonus applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 0.20% bonus does not apply to savings above that balance.

When is my interest paid?

If you meet the eligibility criteria:
 

2.00% p.a. standard interest and 3.00% p.a. bonus interest1 will be paid into your Life account on the last business day of the month, with the description INTEREST PAID.

 

0.20% p.a. bonus interest2 will be paid into your Life account by the 20th day of the following month, with the description DEPOSIT SPEND AND SAVE.

 

How do I get started?

Already with Westpac?
  1. Select ‘Open now’
  2. Sign in and we’ll pre-fill your details
  3. Apply online in minutes
     
New to Westpac?
  1. Select ‘Open now’
  2. Learn what 2 items of ID to have handy
  3. Apply online in minutes
     

How secure will my accounts be?

Our Westpac Protect™ service helps keep you safe from fraudsters, protecting you and your finances.
 

  • Fraud Money Back Guarantee4 protects you against unauthorised transactions provided you contact us promptly and have not contributed to the loss
  • Online Banking Security Guarantee5 protects you against Internet fraud and unauthorised activity on your account

 
Learn more about how we protect you

Learn how to make the most of your money

You might learn about econ or maths in school, but nobody ever really teaches you how to actually use money in everyday life. That’s why we’ve teamed up with Year13 to give you the rundown on earning, spending, and saving your money in the big wide world.

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Fees & Rates

  Fees  
Westpac Life savings account $0  
Westpac Choice bank account $5 (criteria for fee waiver below)  
 This fee is waived for:

 

 


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

FAQs

Yes, if you’re aged between 18 and 29 and have:

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

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Questions to ask when saving for your first home

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.
 
* Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.

 
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:
  • You must be aged 18-29 with a Westpac Life and a Westpac Choice account – both in the same name. Joint accounts are not eligible.
  • If you have multiple Westpac Life or Choice accounts, only the earliest opened account is eligible.
  • You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
  • 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and paid to your eligible Westpac Life account by the 20th day of the following month.
  • If your eligible Westpac Life account is closed before 21st day of the following month, the bonus interest will not be paid.
  • Only one Spend&Save bonus interest offer per customer.
  • Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 1MB)

3Westpac everyday account: To open a Westpac Life or Bump 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.  Westpac Fraud Money Back 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 Debit Mastercard Terms and Conditions for full details, including when a customer will be liable.
 
5. 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 417KB) for full details, including when a customer will be liable.
 
6. 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 or Bump account.
 
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.