Joint accounts for your everyday banking and saving
Why open a Life and Choice account together?
- $0 monthly fees for eligible account holders or if you deposit at least $2,000 a month
- Separate spending and saving to make it easier to keep tabs on your budget, pay bills and build steady savings together
- Set up regular transfers via Online Banking into your savings account to earn bonus interest each month you grow your balance 2
- Have individual access to your money 24/7 via Online Banking and at ATMs
- You each get a Debit Mastercard® 3 to shop securely online, access cash at ATMs, and tap and go on purchases under $100 with PayPass™
- Set up individual statement preferences to get statements in the post or as eStatements via Online Banking.
Switch to Westpac
Once you've opened an account with us, switching your banking is now easier than ever.
Connect to your existing bank and import your payees and BPAY® billers into Westpac Online Banking.
Interest rates
On your Westpac Life savings account earn up to:
5.00% p.a. Total variable interest rate |
1.85% p.a. Standard variable base rate |
The total variable rate is a combination of:
| Standard variable base rate (when no standard variable bonus rate applies) | 1.85% p.a. |
| Standard variable bonus rate1 | 3.15% p.a. |
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.
Go anywhere banking you can count on
Pay on the go
Purchase with Google PayTM5, Samsung PayTM6 or Apple Pay by tapping your mobile at contactless terminals.
Lock your card
Can’t find your card? Don’t panic. You can temporarily lock it in seconds with card on hold while you search7.
Mobile banking
With the Westpac App, you can take your bank wherever you go. It’s an easy, secure and convenient way to bank.
Two accounts, linked to simplify your banking
Westpac Life
A savings account to help you reach your savings goals sooner by earning bonus interest every month you increase your balance.
Note: if one account holder is already with Westpac and the other isn’t, you’ll need to open your accounts at a branch.
plus
Westpac Choice
A simple-to-use everyday account packed full of features, including a Debit Mastercard for each account holder to help you bank with ease.
Safe and secure banking
- Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
- Westpac Protect™ Security Code: Keep your Online Banking safe with a Security Code when using the Westpac App or your Online Banking service. This Security Code confirms that it's you transacting or making changes to your profile.
- Fraud Money Back Guarantee: Shop securely using your Debit Mastercard or Credit Card, backed by 24/7 fraud monitoring and our Fraud Money Back Guarantee. Westpac promises to return any missing funds to you if you've not contributed to the loss and contact Westpac right away. Check your card’s terms and conditions for full details.
- Card Lock: Can’t find your card? Sign into the Westpac App or Online Banking and select 'Lock a card temporarily' under Cards services on your eligible personal credit or debit card. You can search for your card knowing that your account is safe. Then, if you can’t find it, report it lost or stolen.
Get the Westpac App for even easier banking
View and transfer funds fast
Quick Balance lets you view the balance of three main accounts and quickly transfer money without signing in.
Set and track savings goals
Set up to 6 savings goals for things that matter to you, like saving for a home deposit or a holiday. You can even share goals with family and friends to boost savings, tracking your progress with Savings Goals.
Get sorted with in-app budget tools
Track your month-to-month Cash flow and spot areas where you could be making savings with your spend sorted in Categories.
Account fees
| Standard fees (fees may change) | Westpac Life Account | Choice Transaction Account |
|---|---|---|
| Account-Keeping Fee | $0 | $5 (criteria for fee waiver below) |
| Online Banking transactions (including Mobile Banking) | $0 | $0 |
| EFTPOS and Debit Mastercard transactions | N/A | $0 |
| Westpac, St.George, BankSA, Bank of Melbourne ATM withdrawal | N/A | $0 |
| Non-Westpac, St.George, BankSA, Bank of Melbourne ATMs within Australia cash withdrawal or balance enquiry (however the ATM owner may apply an ATM operator fee) | N/A | $0 |
| Cheques written | N/A | $0 |
| Direct debit | N/A | $0 |
| Periodical payments (Additional fees apply) for periodical payments made by bank cheque and international periodical payments) | N/A | $0 |
| Overdrawn Fee | N/A | $15 |
| Telephone Banking withdrawal (staff assisted) | $0.00 | N/A |
| Branch staff assisted withdrawal | $0.00 | N/A |
- Customers that deposit at least $2,000 each month
- Customer under the age of 30 or full-time tertiary students
- Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment
- New to Australia or expatriate customers (for the first 12 months)
- Customers that open a new Westpac Choice account online (for the first 12 months).#
- Customers that open a new Westpac Choice account online between 01/02/24 and 30/09/24 (for the first 12 months).
There are no fees for Online Banking or Automated Telephone Banking transfers from a Westpac Life account to a Westpac everyday account held in the name of the account holder or authorised user who is requesting the transfer. To access your money, we recommend you transfer funds to your Westpac everyday account4 and then make your withdrawal or payment.
Direct debits, periodical payments, BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Westpac Life account.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 645KB)
Frequently asked questions
Bonus interest is payable each month that you:
- Make a deposit to the account;
- Ensure your account balance is higher at the end than the beginning; and
- Keep your account balance above $0 at all times.
A month means from 11.59pm on the last business day of the previous month to 11.59pm on the last business day of the current month. A business day means any weekday from Monday to Friday, excluding weekends and national public holidays.
Help when you need it
Rates, tools and calculators
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
2. Bonus interest: You will be eligible for bonus interest during the month (a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month) and subject to transaction processing time, if:
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); and
c. the 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.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility.
Read the Apple Pay Terms and Conditions (PDF 42KB) before making a decision and consider if it is right for you. To use Apple Pay you will need an eligible card and a compatible device with a supported operating system. See our Apple Pay FAQs for more information. Apple, the Apple logo, Apple Pay, Apple Watch and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co., Ltd.
Google Pay is a trademark of Google LLC.
Registered to BPAY Pty Ltd ABN 69 079 137 518.
PayPass is a trademark of Mastercard International Incorporated.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.