You’re almost there! Earn up to 5.20% p.a. on your savings
Missed out on your bonus interest last month? This month you’re just a one cent deposit away....
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
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.
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