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Earn up to 3% p.a. when you make the most of your accounts

Grow your savings

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

0.40% p.a. 

Variable interest rate

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


Spend 5 times

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

+ 2.60% p.a. 

Spend&Save variable bonus interest rate

Spend&Save variable bonus interest2 only applies on balances up to $30,000 paid into your open Westpac Life savings account by the 20th of the following month.

Get rewarded

That's all it takes to get up to 3% p.a. variable interest on your savings.

= 3.00% p.a.*

Variable interest rate

Then continue super-charging your savings by spending and saving again next month.

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.

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


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 28th January 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 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 7/10/2020 and 28/01/2021, or in branch if you’re under 30 years old; 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. 




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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®.