Maximise your savings with up to 5.20% p.a. interest
Earn up to 5.20% p.a. when you make the most of your accounts
Not sure if you can save right now? Spend more than 5 times a month and get 2.20% p.a. on your savings (up to $30,000). This includes a variable base rate of 2.00% p.a. and a Spend&Save variable bonus of 0.20% p.a.
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
FAQs
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.
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 5.20% p.a. interest.
Boost your financial knowledge
Things you should know
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- 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- Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions.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)
3. Westpac 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.