WestpacWestpac Life
Westpac Life is a flexible savings account that supports your savings goals.
At a glance
- Up to
- 5.25%
- Base rate
- 0.10%
- Bonus rate
- 5.15%
- Monthly fee
- $0
How it compares
This account in ink, against the best that every other institution publishes for anyone to apply for. Each figure is counted the same way for all of them.
What a bonus account pays in a month its conditions aren't met. One dot per institution, at its highest base rate on a bonus savings account anyone can apply for; hover or tap a dot for its name.
| Rate | This account | Best anywhere | Typical institution | Where it sits |
|---|---|---|---|---|
| Bonus savings accountBase plus bonus, when every condition is met | 5.25% | 5.75%Defence Bank Limited's iSaver | 5.25%of 51 institutions | 24th highest of 51, level with 4 others |
| Bonus account, conditions missedWhat a bonus account pays in a month its conditions aren't met | 0.10% | 3.45%Heritage's Online Saver Account | 0.10%of 43 institutions | 17th highest of 43, level with 11 others |
Rates
Every rate Westpac publishes for this account, 4 in all.
How the rate is made up
5.25%in a month every condition is met
To earn the bonus
- 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 a…
- Deposit balance increased
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| BonusInterest 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. | - | - | - | 5.15% | - | paid every 1 mo; 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 a…; Deposit balance increased |
| BonusBe 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 accou… | - | - | $1–$150,000 | 0.70% | - | paid every 1 mo; On up to $150,000 Spend&Save variable bonus rate.; You must make 20 eligible purchases with the debit card linked to your Westpac Choice account |
| Penalty | - | - | - | 15.01% | - | 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… |
| Variable | - | - | - | 0.10% | - | paid every 1 mo; 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… |
Rate changes
2 changes logged, newest first.
| Date | Rate | Was | Now | Change |
|---|---|---|---|---|
| 9 Oct 2026 | Bonus | 4.90% | 5.15% | up 0.25 |
| 9 Oct 2026 | Bonus, $1–$150,000 | 0.75% | 0.70% | down 0.05 |
Each change is logged the night it appears in the rates Westpac publishes. See how every lender answered the RBA on the rate tracker.
Fees
6 fees published, grouped by when they're charged.
While you hold it1
- Account Keeping FeeNo fee
When you make a transaction5
- Direct DebitNo fee
- Branch staff assisted withdrawalNo fee
- Online Banking (including Mobile Banking)
Online transfer withdrawals via Online Banking.
No fee - Telephone Banking withdrawal (self service)No fee
- Telephone Banking withdrawal (staff assisted)No fee
Features
- 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.
- 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.
- Account can be opened via Online, mobile, in branch and telephone.
Eligibility and limits
- Minimum age 18
- Residency: Those with an Australian residential address and who are currently in Australia.
Compare it with others
Put this product through a calculator
Published by Westpac under the Consumer Data Right, last changed by them on 28 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.