Westpac Life
Westpac Life is a flexible savings account that supports your savings goals. You could earn bonus interest each month your balance grows.
- Base rate
- 0.1%
- Bonus rate
- 4.9%
- conditions apply
Interest Rates
| Type | Rate | Comparison | Applies To |
|---|---|---|---|
| Penalty 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. | 15.01% | — | — |
Deposit Rates
| Type | Rate | Applies To | Interest Paid |
|---|---|---|---|
| Variable To earn the standard variable rate, account balance must not fall below $0 at any time. | 0.1% | — | monthly |
| Bonus 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. · 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. | 4.9% | — | monthly |
| Bonus Spend&Save bonus variable interest: You must be aged 18-40 with a Westpac Life and a Westpac Choice account. Joint accounts are not eligible. If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest qualification. You must make 20 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) by 11:59PM AEST on the second last business day within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account. 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. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $150,000, and recorded as paid into your eligible Westpac Life account on the last business day of the month. Only one Spend&Save bonus variable interest offer per customer. The bonus interest will appear on your Life account statement as INTEREST PAID ? PROMOTIONAL. It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as Promotional rate. · 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. 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. · You must make 20 eligible purchases with the debit card linked to your Westpac Choice account |
Fees
| Fee | Type | Amount |
|---|---|---|
| Account Keeping Fee Charged monthly | Ongoing | $0.00 |
| Online Banking (including Mobile Banking) Online transfer withdrawals via Online Banking. | Withdrawal | $0.00 |
| Telephone Banking withdrawal (self service) | Withdrawal | $0.00 |
| Telephone Banking withdrawal (staff assisted) | Withdrawal | $0.00 |
| Branch staff assisted withdrawal | Withdrawal | $0.00 |
Features
- Cashback offer — 50.00
- 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
- Team up your everyday banking with a Life savings account
- Unlimited transactions
- Unlimited and instant access to your money online through your Westpac everyday account
- Set Savings Goals - Track how much you should save to reach your goal.
- Digital banking
- Online , Mobile and telephone banking is available
- Statements : 6 monthly, or more frequently on request.
Eligibility
- Minimum age — 18 years
- Residency status — Those with an Australian residential address and who are currently in Australia.
More Information
Published by Westpac under the Consumer Data Right · Last updated 24 June 2026 · Product ID SavLife · View on CDR.gov.au