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Westpac / Transaction & savings
Westpac Life
Westpac Life is a flexible savings account that supports your savings goals.
Updated 9 Oct 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
- Standard variable base rate (when no standard variable bonus rate applies). Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
- Deposit rate type
- Bonus
- Rate
- 5.15%
- Calculation frequency
- 1 day
- Application type
- Periodic
- Application frequency
- 1 month
- Applicability conditions
- Rate applicability type
- Min deposits
- Additional value
- 1
- Additional info
- Account balance must not fall below $0 at any time. Make at least one deposit. Interest paid into the account doesn?t count. Account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
- Rate applicability type
- Deposit balance increased
- Additional value
- 0.01
- Additional value
- 1 month
- Additional info
- Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
- Deposit rate type
- Bonus
- Rate
- 0.7%
- 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
- On up to $150,000 Spend&Save variable bonus rate.
- 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
- Be aged 18-40 with a Westpac Life and Westpac Choice account 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 at least 20 eligible purchases with the Debit Mastercard� linked to your Westpac Choice account. Purchases must be settled (not pending) by 11:59pm Sydney time on the second last business day within a month. Offer may be varied or withdrawn at any time.
- 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
- Name
- Direct Debit
- Fee type
- Payment
- Fee method utype
- fixedAmount
- Fixed amount
- Amount
- $0.00
- Feature type
- Cashback offer
- Additional value
- 50.00
- Additional info
- You could earn $50 cashback if you open a new Westpac Choice everyday account and an eligible savings account by 31st March 2027, 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
- View bank information ↗
- 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.