Westpac
Westpac Life
Westpac Life is a flexible savings account that supports your savings goals.
Savings & transaction accountsBank updated 8 Sept 2026
At a glance
- Base rate
- 0.10%
- Bonus rate
- 4.90%
- Up to
- 5.00%
- Monthly fee
- $0
§ 01 — Rates · 4
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| BonusWestpac 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… | — | — | — | 4.90% | — | paid every 1 mo; 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 mu…; Deposit balance increased |
| BonusSpend&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 off… | — | — | $1–$150,000 | 0.75% | — | paid every 1 mo; 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aged 18-40 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account t…; You must make 20 eligible purchases with the debit card linked to your Westpac Choice account |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; To earn the standard variable rate, account balance must not fall below $0 at any time. |
§ 02 — Fees · 5
| Fee | Type | Amount | When | Notes |
|---|---|---|---|---|
| Account Keeping Fee | Periodic | No fee | Every 1 mo | — |
| Branch staff assisted withdrawal | Withdrawal | No fee | — | — |
| Online Banking (including Mobile Banking) | Withdrawal | No fee | — | Online transfer withdrawals via Online Banking. |
| Telephone Banking withdrawal (self service) | Withdrawal | No fee | — | — |
| Telephone Banking withdrawal (staff assisted) | Withdrawal | No fee | — | — |
§ 03 — Features
Digital bankingFraud protectionUnlimited transactionsRelationship manager
- · 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.
§ 04 — Eligibility & limits
- · Minimum age 18
- · Residency: Those with an Australian residential address and who are currently in Australia.
§ 05 — Compare
§ 06 — Run the numbers
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Published by Westpac under the Consumer Data Right, last changed by them on 8 Sept 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.