--- title: "Westpac Life — Westpac" description: "Transaction & Savings Accounts from Westpac. Rates, fees, features and eligibility as published under Australia's Consumer Data Right." canonical: https://www.cdrcompare.au/brands/westpac/products/SavLife source: "CDR Compare" language: en-AU last_updated: 2026-08-21T05:30:22Z --- # Westpac Life — Westpac > Transaction & Savings Accounts from Westpac. Rates, fees, features and eligibility as published by the provider under Australia's Consumer Data Right, compared on CDR Compare. **Transaction & Savings Accounts** Westpac Life is a flexible savings account that supports your savings goals. ## At a glance - **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 · 1 month (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. · Balance must grow each period) | 4.9% | — | monthly | | Bonus · 1 month (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. · 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. · You must make 20 eligible purchases with the debit card linked to your Westpac Choice account ) | 0.75% | Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $150,000. | monthly | ## 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) - **Unlimited transactions** (Unlimited and instant access to your money online through your Westpac everyday account) - **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.** - **Digital banking** (Online , Mobile and telephone banking is available) - **Statements : 6 monthly, or more frequently on request.** - **Bonus interest - You could boost savings each month you grow your balance.** - **Bucket your savings - In up to 6 different Savings Goals with just one account.** - **Set Savings Goals -Track how much you should save to reach your goal or create a shared goal and invite others to contribute.** - **Separate savings - Check savings and spending in one view with the Westpac App.** - **Fraud protection** (The product includes FRAUD_PROTECTION features.) - **Fraud protection** (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) - **Relationship management** (RELATIONSHIP_MANAGEMENT is available for eligible customers.) - **Account can be opened via Online, mobile, in branch and telephone.** ## Eligibility - **Minimum age** — 18 years - **Residency status** — Those with an Australian residential address and who are currently in Australia. ## More information from Westpac - [Overview](https://www.westpac.com.au/bank-accounts/savings-accounts/life) - [Terms & conditions](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/pb/PersonalAccounts-tandc.pdf) - [Eligibility](https://www.westpac.com.au/bank-accounts/savings-accounts/life) - [Fees & pricing](https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/pb/PersonalAccounts-tandc.pdf) ## Data provenance - Published by Westpac under the Consumer Data Right - Product ID: `SavLife` - Last updated by the provider: 21 August 2026 - Source payload (JSON): https://www.cdrcompare.au/api/raw/westpac/SavLife - Provider page: https://www.cdrcompare.au/brands/westpac - CDR register entry: https://www.cdr.gov.au/find-a-provider?provider=000002 --- Source: [CDR Compare](https://www.cdrcompare.au/brands/westpac/products/SavLife) — product data published by Australian data holders under the Consumer Data Right. 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