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Westpac / Transaction & savings
Westpac Life
Westpac Life is a flexible savings account that supports your savings goals.
Updated 21 Aug 2026Individually tailored product
- Deposit rate type
- Variable
- Rate
- 0.1%
- Calculation frequency
- 1 day
- Application type
- Periodic
- Application frequency
- 1 month
- Applicability conditions
- Rate applicability type
- Other
- Additional info
- To earn the standard variable rate, account balance must not fall below $0 at any time.
- Deposit rate type
- Bonus
- Rate
- 4.9%
- Calculation frequency
- 1 day
- Application type
- Periodic
- Application frequency
- 1 month
- Applicability conditions
- Rate applicability type
- Min deposits
- Additional value
- 1
- Additional info
- To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher balance at the end of the month than at the start and account balance must not fall below $0 at any time.
- Rate applicability type
- Deposit balance increased
- Additional value
- 0.01
- Additional value
- 1 month
- Additional info
- Westpac Life 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 balance at the end of the month than at the start and account balance must not fall below $0 at any time. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.
- Deposit rate type
- Bonus
- Rate
- 0.75%
- Calculation frequency
- 1 day
- Application type
- Periodic
- Application frequency
- 1 month
- Tiers
- Name
- Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $150,000.
- Unit of measure
- Dollar
- Minimum value
- $1.00
- Maximum value
- $150,000.00
- Rate application method
- Whole balance
- Applicability conditions
- Rate applicability type
- Other
- Additional info
- Available to individuals aged 18-40 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Joint accounts are not eligible, and only one Spend&Save offer applies per customer.
- Rate applicability type
- Min purchases
- Additional value
- 20
- Additional info
- You must make 20 eligible purchases with the debit card linked to your Westpac Choice account
- Additional value
- 1 month
- Additional info
- Spend&Save bonus variable interest: Be aged 18-40 with a Westpac Life and Westpac Choice account and linked Debit Mastercard in your name. Joint accounts are not eligible, and only one Spend&Save offer applies per customer. If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest. Make?20 eligible purchases?with a Debit Mastercard� linked to a Westpac Choice account in your name. Eligible purchases must be settled (not pending) by 11:59pm on the second last business day within a month. The following transactions are ineligible: ATM transactions, PayID�,BPAY�,EFTPOS cash-out only transactions, direct debits, paying off a credit card account. If you have multiple Westpac Choice accounts, eligible debit card purchases linked to all Westpac Choice accounts in your name are counted in the 20 eligible purchases. For bonus interest qualification, a month is the period between the last business day of the previous month to the second last day of the month (inclusive). Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $150,000 and paid into your eligible Westpac Life account on the last business day of the month.
- Additional info uri
- View bank information ↗
- Lending rate type
- Penalty
- Rate
- 15.01%
- Calculation frequency
- 1 day
- Application type
- Periodic
- Application frequency
- 1 month
- Interest payment due
- In arrears
- Repayment type
- Other
- Loan purpose
- Other
- Applicability conditions
- Rate applicability type
- Other
- Additional info
- The Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted on the last business day of each month) using the then current ULR until the account balance is positive again.
- Additional value
- 1 month
- Name
- Account Keeping Fee
- Fee type
- Periodic
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Additional value
- 1 month
- Name
- Online Banking (including Mobile Banking)
- Fee type
- Withdrawal
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Additional info
- Online transfer withdrawals via Online Banking.
- Name
- Telephone Banking withdrawal (self service)
- Fee type
- Withdrawal
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Name
- Telephone Banking withdrawal (staff assisted)
- Fee type
- Withdrawal
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Name
- Branch staff assisted withdrawal
- Fee type
- Withdrawal
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Feature type
- Cashback offer
- Additional value
- 50.00
- Additional info
- You could earn $50 cashback with a new account. If you open a new Westpac Choice everyday account and an eligible savings account between 9 June and 30 September 2026, here's how you could get $50: Spend at least $50 on your debit card within 15 days of opening on eligible purchases. You must not have held any Westpac transaction account or savings account in the last 2 years. Accounts must be in your name only (no joint accounts). T&Cs apply
- Additional info uri
- View bank information ↗
- Feature type
- Unlimited txns
- Additional info
- Unlimited and instant access to your money online through your Westpac everyday account
- Feature type
- Other
- Additional info
- The Westpac Life account comes with a Westpac Choice everyday account so you can easily transfer money in and out. We'll only open a Choice account if you don't already have one.
- Feature type
- Digital banking
- Additional info
- Online , Mobile and telephone banking is available
- Feature type
- Other
- Additional info
- Statements : 6 monthly, or more frequently on request.
- Feature type
- Other
- Additional info
- Bonus interest - You could boost savings each month you grow your balance.
- Additional info uri
- View bank information ↗
- Feature type
- Other
- Additional info
- Bucket your savings - In up to 6 different Savings Goals with just one account.
- Additional info uri
- View bank information ↗
- Feature type
- Other
- Additional info
- Set Savings Goals -Track how much you should save to reach your goal or create a shared goal and invite others to contribute.
- Feature type
- Other
- Additional info
- Separate savings - Check savings and spending in one view with the Westpac App.
- Feature type
- Fraud protection
- Additional info
- The product includes FRAUD_PROTECTION features.
- Feature type
- Fraud protection
- Additional info
- Secure your account with SafeBlock - Find out how SafeBlock can help keep you safe when you need it most by locking your cards and account. Explore more security features: Digital Card with Dynamic CVC, Westpac ProtectTM Security Code, Westpac Safecall, Westpac Verify
- Additional info uri
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- Feature type
- Relationship management
- Additional info
- RELATIONSHIP_MANAGEMENT is available for eligible customers.
- Feature type
- Other
- Additional info
- Account can be opened via Online, mobile, in branch and telephone.
- Eligibility type
- Min age
- Additional value
- 18
- Eligibility type
- Residency status
- Additional value
- Those with an Australian residential address and who are currently in Australia.
No limits & conditions were provided.
No bundles were provided.
From the bank
No application link was provided. Contact the bank to ask about this product.