SAVINGS GOALS
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
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.
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.
Want to give Savings Goals a go but don’t have an eligible savings account?
Help when you need it
Things you should know
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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