Westpac Life Savings Account

Cashback offer

Westpac Life Goal Savings Account

Westpac Life is a flexible savings account that supports your savings goals. And when you open an eligible savings account together with a Westpac Choice everyday account, you could get $50 cashback.

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Earn up to

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Total variable interest rate

With a Westpac Life savings account, the total variable interest rate is a combination of:

0.10% p.a. standard variable base rate (when no standard variable bonus rate applies)
4.90% p.a standard variable bonus interest rate

3 steps you must do each month to earn bonus interest on a Westpac Life account:

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 account balance on the last business day of the previous month.

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.

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Cashback offer

You could earn $50 cashback with a new account

If you open a new Westpac Choice everyday account and an eligible savings account between 9 June and 30 September 2026, here's how you could get $50^[#]:

Spend at least $50 on your debit card within 15 days of opening on eligible purchases
You must not have held any Westpac transaction account or savings account in the last 2 years
Accounts must be in your name only (no joint accounts).

See all FAQs

Westpac Choice

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.

Open now

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Bonus interest - You could boost savings each month you grow your balance.

Learn how to earn interest

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Bucket your savings - In up to 6 different Savings Goals with just one account.

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Australia’s Best Banking App^[#]- Master your money with our tools, including Budget Planner and Tax Organiser.

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Set Savings Goals -Track how much you should save to reach your goal or create a shared goal and invite others to contribute.

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Separate savings - Check savings and spending in one view with the Westpac App.

Hit your bonus interest target every month

Making sure your balance grows each month is all about building good savings habits. Want to learn more about how you can get bonus interest each month? Discover the easy steps you’ll need to follow.

Learn more

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Features

What counts as a month when you want to earn bonus interest?

A month is from the end of the last business day of the previous month to the end of the last business day of the current month. By end of the business day, we mean 11:59pm Sydney time on any weekday, excluding weekends and national public holidays.

How is bonus interest calculated and paid?

Interest is worked out daily based on your account balance up to the second last business day of the month
Bonus interest is paid into your account on the last business day of the month.

When do we check if you qualify for bonus interest?

We check your balance and deposits at 11:59pm Sydney time on the last business day of the month. This means that any deposits into the account must have settled by this time.

When is interest paid to my Westpac Life account?

Interest is paid to your account on the last business day of each month. Balances, including deposits made on or after the last business day of the month:

Won't count towards that month's interest
Will count for the next month's interest.

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Interest payments

To open a Westpac Life savings account, you must:

Be aged 18 or over
Hold a Westpac everyday account in the same name
Be registered for Online and Telephone Banking.

Fees and charges may apply on the everyday account, including a $5 monthly Account-Keeping Fee (waived for eligible customers).

Standard fees (fees may change)	Amount
Account-Keeping Fee (monthly)	$0
Online Banking withdrawal (including Mobile Banking)	$0
Telephone Banking withdrawal (self service)	$0
Telephone Banking withdrawal (self assisted)	$0
Branch staff assisted withdrawal	$0
Overdrawn Fee	N/A

Other fees and charges may apply

Please refer to the Terms and Conditions

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Westpac Life Fees

To open a Westpac Life savings account, you must:

Be aged 18 or over
Hold a Westpac everyday account in the same name
Be registered for Online and Telephone Banking.

If you open a Westpac everyday Choice account, the following fees will apply:

Standard fees (fees may change)	Amount
Account-Keeping Fee (monthly)	$5 (criteria for fee waiver below)
Online Banking withdrawal (including Mobile Banking)	$0
Telephone Banking withdrawal (self service)	$0
Telephone Banking withdrawal (staff assisted)	$0
Branch staff assisted withdrawal	$0
Direct Debit	$0
Point of Sale (POS) transactions	$0
ATM cash withdrawals in Australia (ATM providers may charge a fee)	$0
Overdrawn Fee (for more information: Overdraw Preference Feature)	$15
Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement	15.01% p.a.
Overseas Withdrawal Fee  from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas)	$0
Overseas Withdrawal Fee from a non-Global Alliance Partner ATM	$5
Transactions made in foreign currency, and the merchant or financial institution is located outside Australia	3% of the AUD transaction amount
Transactions made in foreign currency, and the merchant or financial institution is located in Australia	2.20% of the AUD transaction amount

Other fees and charges may apply

Please refer to the Terms and Conditions

The monthly fee is waived if you:

Are under the age of 41 or a full-time tertiary student
Are a Westpac Choice Concession account holder
Are new to Australia or expatriate customers (for the first 12 months after opening a new Westpac Choice account)
Deposit at least $2,000 by the close of the last business day of the month^[#]
Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked).

Special Digital Offer: 12-month Account-Keeping Fee waiver

Available for new Westpac Choice accounts opened online between 1 February 2024 and 30 September 2026.
If you are aged 41 or over and don’t qualify for the $0 Account-Keeping Fee waiver, your monthly fee will be waived for the first 12 months when you open a new Westpac Choice account online. After 12 months, the $5 monthly fee applies unless you qualify for the $0 Account-Keeping Fee waiver, as above.
This offer does not apply if you already receive the fee waiver (i.e. under 41, New Arrivals, full-time students) and Westpac Choice Concession.
For joint accounts, individuals must meet the eligibility criteria separately, for the fee waiver to apply.
Other fees and charges, terms and conditions apply to the Westpac Choice account.
This offer may be withdrawn, varied, or extended at any time.

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Westpac Choice Fees

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About you

You must have an Australian residential address and be 18 years or over.

Under 18? Check out the Westpac Bump savings account.

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Your identity

Not already a Westpac customer? You'll need at least 1 of these ID documents:

Passport
Australian Driver licence
Australian Birth certificate
Medicare card (can only be used in conjunction with a second form of ID)

Identification Checklist

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Open online

In just minutes you can open online your:

Westpac Life savings account

A linked Westpac Choice account (if you don't already have one).

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What you need to apply