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Make managing your money a breeze

  • Pay and get paid
    Get paid directly into your everyday account and use your Debit Mastercard 1 to shop online or in person and get cash out at ATMs 2. You can also set up regular bill payments on payday to keep on top of your expenses.
     
  • Bucket your savings
    Saving for more than one thing? With our handy Savings Goals 3 feature you can bucket your savings into different goals within the one account.
     
  • Keep your money safe
    Your money is protected with our Fraud Money Back Guarantee 4. Misplaced your card? You can lock 5 your debit card or report it lost through the Westpac app.
     

$0 monthly service fee

There’s no monthly fee on your Westpac Choice everyday account or Westpac Life savings account for under 21s or full time tertiary students.

Check the fees table below for other fees and charges that apply in some circumstances


Put your savings on autopilot

Set up automatic transfers to your goals each pay day

Once you’ve set up your goal names, the amount you’d like to save and when you’d like to reach your goal by, you can set up regular recurring transfers to your different savings goals through our Mobile Banking app. We’ll also give you some tips about how much you can realistically afford to save.

Wait - did you say 3%?

18-29?

Here’s how you can super-charge your savings:

  1. Grow your savings by the end of the month and you’ll get 0.75% p.a. variable interest

  2. Spend 5 times on eligible purchases each month with your debit card for an extra 2.25% p.a. variable Spend&Save bonus interest

  3. That’s all it takes to earn up to 3% p.a *variable interest on your savings.

Pay and get paid any way you like

Apple Pay

Apple Pay offers a fast and secure way to pay in-store and online, using your favourite Apple device6

Instant digital card

Waiting for your card to arrive? Use the digital version7 instantly to shop online and pay bills

Beem It

Splitting a bill, or a present? Pay or get paid in an instant, no matter who your friends bank with8

Save when you spend

Access exclusive rewards and offers from major brands and retailers, helping you save big on travel, entertainment and more9

Get $50 on us!

You could also get $50 with a new Westpac Choice everyday account

Apply online by 28th January 2021, deposit $500 and make 5 eligible purchases within 30 days.  Under 30? You can also apply in branch. T&Cs apply.#


How to get started

  • Open online in less than 3 minutes
    You’ll need to verify your student status with two types of ID. The first is for your security check and includes:
    - Australian driver’s license
    - Australian birth certificate
    - Passport
    - Medicare

  • Set up Online Banking
    To set up Online or Mobile Banking10, you can follow these easy steps to set up online or through the Westpac App. You will then be able to transfer money into your new spending and savings accounts.

  • Activate your Debit Mastercard
    Your Debit Mastercard will arrive in the mail within two weeks. While you wait, instantly access your Digital Card through the Westpac App and add it to your Apple Pay, Google Pay, or Samsung Pay.

You won’t pay any monthly service fee, but here’s some to keep in mind

Standard fees (fees may change) Life savings account Choice bank account
ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) 
N/A $0
Account overdrawn fee N/A
$15
Dishonour of direct debits, periodical payment or cheques written N/A
$5
Overseas ATM cash withdrawal from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas) N/A $0
Overseas ATM cash withdrawal from a non-Global Alliance Partner ATM
N/A $5
Transactions made in foreign currency, and the merchant or financial institution is located outside Australia N/A 3% of the AUD transaction amount
Transactions made in foreign currency, and the merchant or financial institution is located in Australia
N/A 2.2% of the AUD transaction amount
Telephone Banking withdrawal (staff assisted) $2.50 N/A
Branch staff assisted withdrawal $2.50 N/A
Standard variable base rate (when no standard variable bonus rate applies) 0.40% p.a.
Standard variable bonus rate 0.35% p.a.
Spend&Save variable interest rate 2.25% p.a. (on up to $30,000)     
Total variable interest rate up to 3% p.a.

How do I earn bonus interest on my Westpac Life account?

Bonus interest is payable each month that you:

  • Make a deposit to the account;
  • Ensure your account balance is higher at the end than the beginning; and
  • Keep your account balance above $0 at all times.

A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.
 

How do I earn the Spend&Save bonus?

 Spend&Save2 interest is payable every month that you:

  • Make 5 eligible purchases with your debit card linked to your Choice account3
  • Are 18-29 years old


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

Want to build some serious money skills?

Want to know how superannuation works, what’s involved with doing a tax return or need some tips to set up a successful budget? We’ve teamed up with Year13 to build FinLit, to equip you with the knowledge you’ll need to navigate the world of money.

Start exploring

Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB)

Online Banking Terms and Conditions (PDF 1MB)

Personal Telephone Banking Terms and Conditions (PDF 504KB)

Find out what information you need to provide to become a customer (PDF 768KB)

Westpac Debit Mastercard® Terms and Conditions (PDF 206KB)

 

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.

 
 

1. Debit Mastercard: You need to be at least 14 years of age, and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit Mastercard, apply for a Handycard to access your account.

World Mastercard®, Mastercard® and the Mastercard Brand Mark are registered trademarks of, and PayPassTM is a trademark of, Mastercard International Incorporated. 

2. 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®.

3. Savings Goals: Both an account holder and an account signatory (where applicable) can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Bump Savings or Westpac Life account.

4. Westpac Fraud Money Back Guarantee: Customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly.

5. Card on hold: Available on personal credit and Mastercard® debit cards only. Cards to which a temporary lock can be applied will be listed when you sign in to Mobile Banking or Online Banking and visit Lock a card temporarily under Cards services.

6. 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.

7. The Instant Digital Card: The Instant Digital Card is only available on the Westpac Mobile Banking app and supported with the latest version of Westpac Mobile Banking. The terms and conditions applicable to your product also apply to the use of your digital card. Online Banking Terms & Conditions also apply. You may not always be able to access your digital card.

8. Beem It is a facility provided by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 and made available through its authorised representative, Digital Wallet Pty Ltd ABN 93 624 272 475. Before downloading the app please consider the Product Disclosure Statement and Terms and Conditions, available at beemit.com.au. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider the facility's appropriateness to your circumstances. Before making a decision about any of our products or services, please read relevant terms and conditions available at westpac.com.au. Fees and charges apply and may change. A Debit Mastercard attached to a Westpac Choice account is required to use the Beem It app.

9. Partner offers are subject to Terms and Conditions and may be varied or change at any time. Images are shown for illustrative purposes only.

10. 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 313KB) for full details, including when a customer will be liable.

3% p.a. variable interest: earn up to 3% p.a. variable interest each month 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.

Westpac Life variable interest: to earn the variable interest, which currently includes a 0.40% standard variable base rate plus a 0.35% p.a. variable bonus rate, 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.  

 

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 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 1/07/2020 and may be varied or withdrawn at anytime 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)

Westpac 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.

$50 Offer:  Fees and charges apply. Read the terms and conditions available at westpac.com.au 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. 



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