Westpac Life
Bonus rate
Westpac Life is a flexible savings account that supports your savings goals.
- Base rate up to
- 0.10%
- Introductory rate
- None
- Maximum balance
- None published
Rate with bonus, up to
Rates by balance
| Balance | Base rate | Bonus | Total |
|---|---|---|---|
| Any balance | 0.10% | +5.15% | 5.25% |
How to earn the bonus
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. 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 Offer may be varied or withdrawn at any time.
Who can open it
- Age to open
- 18 and over
- Maximum balance
- None published
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.25%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
0.10%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.25%, above the typical 3.65%. On $10,000 that's about $525 a year.
Cons
- A low base rate. Only 0.10% in any month you miss the bonus conditions.
- Conditions for the bonus. You need to meet them every month, or you earn only the base rate.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.25%
- Bonus conditions
- None
- Most it pays
- 5.25%
- Bonus conditions
- None
- Most it pays
- 5.25%
- Bonus conditions
- None
