In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Westpac Life

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Westpac Life

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Maximum variable rate
5.00% p.a.
Base interest rate
1.85%p.a.
Minimum deposit
$0.01

Our verdict

A savings account that offers bonus interest and allows you to set personal savings goals.

Compared to other savings accounts, the bonus interest on this account is quite easy to achieve. You just need to deposit money into the account each month (any amount) and make sure your balance is higher at the end of the month than it was at the beginning.

If you're aged 18-29 you can earn up to 5.2% p.a. with this account. All you need to do is grow you balance each month and make 5+ eligible debit card purchases from your linked Westpac Choice Transaction Account. If you're under 30, this extra bonus rate offered on the Westpac Life account for 18-29s is one of the highest in the market (as of November 2024).

Pros

  • Earn up to 5.00% p.a. interest on your balance
  • Set personal savings goals and track your progress
  • Deposit conditions to achieve bonus interest are easier than most other savings accounts

Cons

  • Must be linked to a Westpac Choice Account
  • The Westpac Choice Account has a monthly account keeping fee (unless you're eligible for a fee waiver)

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

The Westpac Life savings account enables you to set personalised savings goals and track your progress. Not only can you set up your own savings goals, but you can earn bonus interest on your money at the same time.

Note that the account balance on the last business day of the month must be higher than the account balance on the last business day of the previous month. Interest paid into your account does not qualify as a deposit, in terms of eligibility for bonus interest.

Under 30? You can earn a bonus interest rate of up to 5.2% p.a. with the Westpac Life account for 18-29s.

Details

Key details

Product Name Westpac Life
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.85% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Maximum interest rate of 5% p.a.

The Westpac Life savings account has a variable base interest rate of 1.85% p.a. and a bonus interest rate of 3.15% p.a., meaning that your balance can earn a maximum rate of 5% p.a.

Earn bonus interest

Achieving the bonus interest rate of 3.15% is quite simple. Make sure you deposit money (of any value) into the account each month and make sure your balance is higher at the end of the month than it was at the end of the previous month. Any amount you deposit makes you eligible to earn the bonus rate, as long as the balance is higher on the last business day of the month than it was on the last business day of the previous month.

How to apply

You can apply online in less than 10 minutes. When applying for the Westpac Life savings account, you'll receive a Westpac Choice account if you don't already have a Westpac everyday transaction account.)

Eligibility

  • Minimum age. You must be over 18 years old to apply for this account.
  • Residency. To apply, you must have an Australian residential address.

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Maximum Variable Rate p.a.
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Sources
  1. Westpac Life information page
  2. Westpac Life TMD

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Alison Finder

Editor

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Charlie

May 31, 2024

What are the eligibility requirements to wavier the Choice account fees?


Avatar

Sarah Megginson Finder

July 17, 2024

Hi Charlie,


This fee is waived for:

– Customers that deposit at least $2,000 each month

– Customer under the age of 30 or full-time tertiary students

– Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment

– New to Australia or expatriate customers (for the first 12 months).

– Customers that open a new Westpac Choice account online between 01/02/24 and 30/09/24 (for the first 12 months).


Hope this helps!


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Chrisitne

July 08, 2023

Hi,

I didn’t get the 4.75 % rate at the end of June , even though my balance was higher at the end of the month than it was at the start as money was deposited . Could you please explain as I chose Westpac specifically fot that interest promised . Are there some ” hidden ” conditions . Does the bonus interest disapear after a certain time ?


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Avatar

Sarah Megginson Finder

July 13, 2023

Hi Christine, This is a comparison site review page for Westpac, we’re not directly affiliated with the bank and can’t offer personalised customer support to do with your account. You can contact the bank directly on 13 20 32 to enquire about your account and enquiry.


This account comes with few conditions, namely that the account balance on the last business day of the month must be higher than the account balance on the last business day of the previous month. Interest paid into your account does not qualify as a deposit, in terms of eligibility for bonus interest.


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追丽亚

March 26, 2023

Can I qualify for the Westpac Life monthly bonus? Suppose my balance on the last working day of February (February 28) is AUD 100, and I happen to deposit AUD 3 on the first working day of March (March 1), that is, the balance on March 1 is 103 AUD, one day I withdrew AUD 2 and the balance was AUD 101 (excluding interest) on the last working day of March (March 31), am I still eligible for the Westpac Life monthly bonus?


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Alison Banney Finder

March 27, 2023

Hi,

Your balance needs to be higher at the end of the month than it was at the start. According to Westpac’s site: “a month is the period from the last business day of the prior month to the day prior to the last business day of the current month.”

So in the example you used, you should be eligible for bonus interest that month yes.


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Gail

September 20, 2022

With the Westpac Life account is there a maximum amount I can deposit?


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Alison Banney Finder

October 29, 2022

Hi Gail,


There’s no maximum amount that you can deposit into the Westpac Life account.


Regards,

Alison


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Me

August 02, 2019

I understand the base rate and bonus rate is payable on the last business day of each month…

I want to know – Is the interest calcuated daily?


Avatar

Faye Manuel Finder

August 03, 2019

Hi Me,


Thanks for contacting Finder.


Interest is calculated daily on your account balance. You may also visit Westpac official website to check all their account rates.


Kind Regards,

Faye


Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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