FAQs

Spend&Save Variable Bonus Interest for 18-29 year olds (14)

• When will my Spend&Save bonus interest be paid?

  Your Spend&Save variable bonus interest will be paid at a different time to your Westpac Life variable base interest and variable bonus interest...

• What counts as an eligible purchase?

  An eligible purchase includes both in-store and online purchases made with your Westpac Choice debit card...

• What happens if I have more than $30,000 in my Westpac Life savings account?

  The Spend&Save variable bonus interest applies to the first $30,000 in your Westpac Life account...

• What happens when I turn 30?

  If you’re 29 at any stage of the month, you’ll receive your Spend&Save variable bonus interest...

• Does a Choice offset account count as an eligible account for Spend&Save bonus interest?

  Yes. You’ll just need to make at least 5 eligible purchases within the month...

• The Spend&Save bonus interest I have received is not what I expected, why is this?

  If you’ve received your Spend&Save variable bonus interest and the amount is not what you expected, there may be a few reasons...

• What if I don’t make 5 or more eligible purchases on my Westpac Choice debit card?

  You'll still earn the variable base rate and if you grow your savings in your Westpac Life account, you'll earn the variable bonus rate on top of that...

• What happens if I don’t grow the balance my Westpac Life savings account?

  That's ok, if you haven't grown the balance of your Westpac Life savings account by the end of the month...

• What if I have more than one Westpac Choice account?

  If you have more than one individual Westpac Choice account in the same name...

• What happens if I’m about to turn 18 and have a Westpac Bump account?

  When you turn 18 your Westpac Bump account will automatically switch to a Westpac Life savings account...

• How is Westpac Life interest and the Spend&Save bonus interest calculated?

  Interest for Westpac Life is calculated daily as follows: Daily closing balance x (interest rate/365)...

• Can my joint account earn Spend&Save bonus interest?

  No, Joint accounts are not eligible.

• Am I eligible for the Spend&Save bonus interest?

  If you are between the ages of 18 to 29, Spend&Save variable bonus interest is available for you...

• What if I have more than one Life account?

  Bonus interest is only eligible on one life account. If you have more than one life account, only the one you opened earliest is eligible.