Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Missed out on your bonus interest last month? This month you’re just a one cent deposit away....

Grow your savings

Make sure you’ve grown your Westpac Life
savings account balance by the end of the
month1.

5.00% p.a. 

Variable interest rate

This includes 2.00% p.a. variable base rate plus 3.00% p.a. variable bonus interest rate.

 

Spend 5 times

Make 5 eligible purchases a month with your
debit card linked to your Westpac Choice
account3.

+ 0.20% 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 5.20% p.a. variable interest on your savings.

= 5.20% 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 2.20% 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.


Make the most of your savings with goals4


1. Setting up your savings goals

Set up to 6 different goals in the one account! You can change the savings amount, date and category across all of your goals and adjust them at any time.


2. Adding to your savings goals

Each time you transfer money into your savings, you can distribute your amount across goals. Make it easier by setting up recurring transfers so the money automatically splits after pay day.


3. Tracking your progress

Tap on each of your savings goals to see how you're doing and how much you should be saving to make it in time.
 


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

Katya's saving story

See how Katya boosted her Europe trip
savings with a 5.20% p.a savings rate.  

7 tips to help you sort out your budget

How does feeling confident about your finances sound? Make budgeting part of your healthy habits to boost your personal wellbeing. So you can understand more, here are some tips to help you sort out your budget.

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. 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.

Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au.

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®.
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.