Say hello to your new Life account
What's the difference between Bump and Life?
When you turn 18, your Bump account automatically becomes a Westpac Life account. If you have a signatory on your account (such as your parents or guardians) they’ll be removed and your new Life account will be all your own. You don’t need to do a thing. The switch between accounts will happen automatically.
A Life account is like a grown-up version of your Bump account. It has all the same good things such as no account fees, personalised savings goals and a mobile app – plus an extra Spend&Save feature to help boost your savings.
Earn up to 5.20% p.a. on your savings* with Spend&Save bonus interest
How your interest adds up
| Earn a standard variable base rate on your savings: | 1.85% p.a. |
| Get a bonus each month you grow your savings:1 | 3.15% p.a. |
| Get a bonus for 5+ debit card uses a month:2 |
0.20% p.a. |
| Total interest including bonuses: | 5.20% p.a.* |
All interest rates are variable and subject to change. Spend&Save applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 0.20% p.a. bonus does not apply to amounts above that balance.
Find out more
Your new Life account can help you hit your savings goals
Set up to six savings goals
Saving for more than one thing? Bucket your savings into up to 6 different goals with just the one account.^
Put your savings on autopilot
Make saving easier by setting up recurring transfers from your Choice account after every payday.
Track your savings on the go
With the Westpac App, you can check your balance and savings progress anywhere, anytime.
You can make payments with3
Get access to exclusive offers and discounts
Your Westpac Choice account is more than just a bank account – it also gives you easy access to exclusive discounts across a vast range of retailers. We’ve partnered with some major brands to provide you with savings across travel, entertainment, fashion, your everyday shopping, and more
Our range of discounts are regularly updated, to bring you seasonal and limited time offers.4 To find out what offers are currently available – simply sign in to Online Banking and go to Rewards & Offers
Fees & Rates
| Fees | |
|---|---|
| Westpac Life savings account | $0 |
| Westpac Choice bank account | $5 (criteria for fee waiver below) |
|
This fee is waived for:
|
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 645KB)
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* Total variable interest: total variable interest consists of two parts: Westpac Life variable interest and Spend&Save bonus variable interest. To earn the total variable interest, you must meet the criteria for both parts.
2. Spend&Save bonus variable interest:
- You must be aged 18-29 with a Westpac Life and a Westpac Choice account. Joint accounts are not eligible.
- If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest qualification.
- You must make 5 eligible purchases with the debit card linked to your Westpac Choice account and have these settled (not pending) by 11:59PM AEST on the second last business day within a calendar month. The following transactions are ineligible: ATM transactions, PayID, BPAY, EFTPOS cash-out only transactions, direct debits and paying off a credit card account.
- For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month. Bonus interest is calculated on the daily balance of your eligible Westpac Life account up to $30,000, and recorded as paid into your eligible Westpac Life account on the last business day of the month.
- Only one Spend&Save bonus variable interest offer per customer.
- The bonus interest will appear on your Life account statement as “INTEREST PAID – PROMOTIONAL". It will also appear in Online Banking and the Westpac App in the Account details section for your Westpac Life account as “Promotional rate”.
- Offer may be varied or withdrawn at any time in accordance with the Deposit accounts for Personal customers Terms and Conditions. (PDF 645KB)
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Beem It is a facility provided by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 and made available through its authorised representative, Digital Wallet Pty Ltd ABN 93 624 272 475. Before downloading the app please consider the Product Disclosure Statement and Terms and Conditions, available at beemit.com.au. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider the facility's appropriateness to your circumstances. Before making a decision about any of our products or services, please read relevant terms and conditions available at westpac.com.au. Fees and charges apply and may change. A Debit Mastercard attached to a Westpac Choice account is required to use the Beem It app.
Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.