The Westpac Life savings account offers a great bonus rate for customers aged 18-29, when a few account conditions are met. You need to grow your balance each month, make sure your balance stays above $0 and make 5+ debit card purchases from your linked Westpac Choice transaction account each month which are settled within the month (not pending).
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Westpac Life account (for 18-29s)
- Maximum variable rate
- 5.20% p.a.
- Base interest rate
- 2%p.a.
- Minimum deposit
- $0.01
Our verdict
Under 30? You can earn a maximum bonus rate of 5.2% p.a. interest on your balance with this Westpac Life savings account offer.
If you're aged 18-29 you can earn up to 5.2% p.a. on balances up to $30,000. However, there are a few conditions to meet.
Firstly you need to be aged 18-29. If you’re 30 or older you can still open the account but won’t be eligible for the maximum bonus rate of 5.2% p.a. (you’ll be able to get up to 5% p.a. instead).
Secondly, you need to grow your balance by any amount during the month. This means you can make withdrawals, but you need to make sure your balance is higher at the end of the month than it was at the start.
Thirdly, you need to link this account to a Westpac Choice transaction account and make 5+ eligible debit card purchases per month. It’s important to note that the Westpac Choice account does have a monthly account keeping fee if you're over 30 and you don’t meet the monthly deposit conditions. However while you're still under 30, there's no monthly account keeping fee to worry about.
Pros
-
Earn up to 5.20% p.a. interest on your balance
-
Set personal savings goals and track your progress
-
Deposit conditions to achieve bonus interest are easier than some other savings accounts
Cons
-
This interest rate isn't available once you turn 30
-
Bonus interest is only available on balances up to $30,000
-
You can't open this account on its own, you must also hold a Westpac Choice account
-
International ATM fees and foreign transaction fees apply on the Westpac Choice transaction account
-
Account keeping fees apply on the Westpac Choice account if you're over 30
Details
Key details
| Product Name | Westpac Life (18-29 year olds only) |
| Maximum Variable Rate | 5.20% p.a. |
| Standard Variable Rate | 2.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 18 |
Key features
Maximum interest rate of 5.2% p.a.
The Westpac Life savings account offers a maximum variable rate of 5.2% p.a. on balances up to $30,000 for customers aged 18-29 when the account conditions are met. To earn the full 5.2% p.a. bonus rate you need to:
- be aged 18-29;
- hold a Westpac Choice Account and Westpac Life account;
- grow your balance within the month by any amount and keep your balance above $0 (to earn 3% p.a. bonus interest rate); and
- make 5+ eligible debit card purchases from your linked Westpac Choice transaction account which are settled each month (to earn the 0.20% p.a. Spend&Save bonus interest rate) .
If you don't meet all of these conditions one month you'll earn the standard variable rate of 2%. The maximum bonus rate is available on balances up to $30,000. Balances above $30,000 will earn up to 5% when you grow your balance within the month and keep your balance above $0.
Are you over 30?
If you're aged 30 or over you can still open a Westpac Life savings account (read our dedicated review here), however the bonus interest rate will be lower. You can earn a maximum variable rate of 5% p.a. when you grow your balance over the month by any amount. There's no spending criteria to meet if you're 30 or over. If you don't grow your balance one month, you'll earn the standard variable rate of 2%.
No monthly account keeping fee
There is no monthly account-keeping fee for the Westpac Life savings account. However, there are fees attached to your linked Westpac Choice transaction account. The account keeping fee on this account can be waived if you're under 30, a student or you meet the monthly deposit criteria.
Set personal Savings Goals
You can set up personal savings goals within your Westpac mobile banking app and track your progress. For example, you might have a goal to save for a house deposit, and another goal to save for a holiday.
Linked transaction account
To be eligible for the maximum bonus interest, this account must be linked to a Westpac Choice everyday transaction account. If you don't have one, you'll receive a Westpac Choice account when you open your Westpac Life account.
Track your savings in the mobile app
You can keep an eye on your savings 24/7 with Westpac's mobile banking app on iPhone or Android devices. This is also where you can set up and track your savings goals.
Unlimited online transfers
You can make unlimited free online transfers between your Westpac Life account and your linked Westpac Choice transaction account.
"Westpac Life account (for 18-29s), I used this product to gain extra interest on my savings account. I loved the design of Westpac's app and the whole experience. Unfortunately I had to move my savings to another bank because as I turned 30 and no longer qualified for the bonus interest. "
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 one.Eligibility
- Minimum age. You must be over 18 years old to apply for this account, and under 30 to be eligible for the full bonus interest.
- Residency. You must have an Australian residential address.
Documentation needed
- Identification. You must be able to verify your identity with either a driver's licence, passport or proof of age card.
- Tax file number. Westpac will be required to deduct tax from your savings at the top marginal rate if you do not provide your tax file number (TFN).
- Personal details. You'll need to supply your personal details including your full name and contact details.
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Alison Finder
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Alison Banney Finder
February 22, 2023
Hi Joe,
There is no minimum or maximum time you can keep money in this account. You’re free to access it whenever you’d like.
Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.
Thanks,
Alison
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PapiChulo
February 09, 2023
I am an Australian currently living abroad. I will be receivng an inheritance soon. How can I open an account in Australia to have my inheritance deposited to that account and access it from overseas
Raj Lal Finder
February 24, 2023
Hi PapiChulo,
Opening an Australian bank account from overseas is easy, however depends on if you have an Australian residence. If don’t have an Australian residence. In that case, you’ll need to speak to a local bank that has international ties with a bank in Australia for you to be able to open an account. If you do have an Australian residence, then it is an easy process and you will need to provide the required documentation.
Thanks
Raj
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minjung
December 04, 2022
I wonder if this Westpac Life account (for 18-29s) is able to do joint account. thank you!
Alison Banney Finder
December 21, 2022
Hi,
You can open this account as a joint account but you’ll need to do so in a Westpac branch with both of your ID documents.
Thanks,
Alison
Alison Banney Finder
March 10, 2022
Hi Saeed,
Yes, you need to grow your balance each month in order to earn the full interest rate. This can be just a few dollars, but your balance needs to be higher at the end of the month. The interest you earn doesn’t count towards this, either.
Thanks,
Alison
Evan
March 08, 2022
Is the 30k balance the total for the whole account or just the savings account (can i make another savings account once one as reached 30k to keep receiving the 2%?
Alison Banney Finder
March 16, 2022
Hi Evan,
The Spend&Save variable bonus interest (1.75% p.a.) applies to the first $30,000 in your Westpac Life account, while the Westpac Life variable base interest (0.15% p.a.) and variable bonus interest (0.10% p.a.) applies to your entire savings balance.
As for setting up another savings account, you can have a maximum of 3 unique sets of Westpac Choice and Westpac Life individual or joint accounts that can still be eligible for Spend&Save. These sets of accounts must have unique individual or joint account holders to qualify.
Best,
Alison
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Joe
February 15, 2023
So I have 2 questions.
What is the minimum and maximum time I can keep my money in this account?
How often does the interest compound? Example monthly, fortnightly…