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How can Savings Goals help?

Savings Goals is a feature of Westpac Life and Bump savings accounts, designed to help make your dreams a reality.
 

  • Set up multiple savings goals in one account, tracking your progress in the Westpac App
  • Know how much you need to put away, adjust or top up your regular payments as you go
  • Put your savings on autopilot by setting up recurring transfers, making goals easier to achieve
  • Share your Savings Goals with family or friends to stay motivated and reach them sooner.

A savings goal shared is a dream fulfilled sooner

Join forces to turbocharge your savings

Team up with an eligible Westpac account holder by creating a shared goal or adding them to an existing one.

Track and compare savings efforts

View the progress of each contributor, setting up manual prompts and automated nudges to keep on track.

Share your goal but not your account

Stay updated on how you're both tracking while remaining independent by keeping savings in your own accounts.

Invite others to help you realise your goal

Perfect for gifts or special goals, invite anyone from any bank to contribute by sending money to your account.

Set it and forget it

Customers who set up a recurring transfer from their transaction account to their Life account are more likely to reach their goals.

It only takes a few minutes to set up a recurring transfer on your Westpac Life or Bump savings account and may be a great way to help keep your savings on track.
 

How do I set up and share Savings Goals?

Before trying these instructions make sure you update to the latest version of the app.

Sign into the Westpac App and select your Life or Bump savings account, then tap the Savings Goals dropdown menu beneath your account balance.

 

Setting up a goal for myself

  1. Select Myself when asked who the goal is for
  2. Tap Add new savings goal to create your new goal
  3. Personalise your goal by giving it a name, setting the goal amount and goal end date
  4. Tap Confirm. You’ll then be able to set up a regular transfer to put your savings on autopilot.

Setting up a shared goal

  1. Select Shared with someone else when asked who the goal is for
  2. Follow the prompts, then provide your goal name, the goal amount (optional) and the target end date 
  3. You'll then be prompted to set up a regular transfer – you can do it now or opt to do it later
  4. Finally, tap Share goal to share the goal with another Life or Bump customer* or ask others to contribute to the goal.

Aged 18-29?

You could earn up to 5.20% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.

Find out more

Want to give Savings Goals a go but don’t have an eligible savings account?

18 or over: Westpac Life

Open a Westpac Life savings account online, it’ll take just minutes to open. Once open, you can set up and reach your savings goals.

Under 18: Westpac Bump

Saving is easier when you start young. A Westpac Bump kids savings account may help kids save with savings goals. 

Frequently asked questions

To find Savings Goals within Online Banking, select your Westpac Life or Westpac Bump account on your dashboard and click on the Savings Goals tab. Then simply follow the steps to set up your goal.

Help when you need it

Things you should know

 

Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change. 

 

Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life or Bump account. 
 

Savings Goals graph calculations: are based on the ‘Goal amount’ less the amount allocated into the Savings Goal divided by the time remaining as shown on the screen. The time shown doesn’t always reflect the actual time you have left on your goal, as it may be rounded down to the nearest whole day/week/month/year, depending on the time unit displayed. It also assumes no funds will removed from the goal over the period and doesn’t consider your ability to save the amount displayed. This Savings Goals feature displays factual information only and doesn’t take into consideration your personal circumstances or provide a financial recommendation or opinion. You should obtain independent advice before making any financial decisions.
 

* Sharing Savings Goals with others: You can send an invite to share a goal with 1) a Westpac customer who holds a joint savings account and/or 2) an account with authorised third party value access attached to it. You'll share your goal with all other joint account holders and authorised third parties. 

This means:

  • All of these parties will receive the invite to join the goal
  • Only one of these parties has to accept the invite (even if another has declined) for the shared goal to be accepted and viewed by all
  • An invited joint account holder or authorised third party can choose the savings account under which they wish to accept the invite if they hold multiple accounts. It doesn't have to be an account all the invited parties hold.
     

Westpac Life account: To open a Westpac Life account you need to be aged 18+ (if you’re under 18, check out our Bump savings account)


Westpac everyday account: To open a Westpac Life account, customers must hold a Westpac everyday account in the same name and be registered for Online and Phone Banking.  Fees and charges may apply on the everyday account.


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