What type of account are you looking for?
| Name | Total interest rate | Base interest rate when interest is paid at maturity | Type of Bonus interest rate paid | Plus | ||
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Up to 4.75% p.a. variable interest rate |
1.60% p.a. standard variable base interest rate |
3.15% p.a. variable bonus interest rate each month you grow your balance1 |
Manage short and long term goals with just the one account using the Savings Goals4 feature |
Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save. Earn bonus interest1 every month your balance grows.
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Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save. Earn bonus interest1 every month your balance grows.
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4.40% p.a. total intro rate for the first 5 months for new Westpac eSaver customers |
1.00% p.a. standard variable base interest rate |
3.40% p.a. 5 month introductory fixed rate |
No minimum deposit or monthly balance required to earn introductory bonus interest. |
Get easy access to your savings when you need them and earn a competitive introductory rate for 5 months (for new eSaver customers). |
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Get easy access to your savings when you need them and earn a competitive introductory rate for 5 months (for new eSaver customers). |
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N/A |
You may be eligible for a bonus rate on top of our standard rates |
Choose from interim interest paid monthly or at maturity |
The certainty of a fixed interest rate and your choice of terms from 1 month to 5 years. Minimum deposit $5,000. |
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The certainty of a fixed interest rate and your choice of terms from 1 month to 5 years. Minimum deposit $5,000. |
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Up to 4.75% p.a. variable interest rate |
1.75% p.a. standard variable base interest rate |
3.00% p.a. variable bonus interest each month you grow your balance1 |
Parents can open a Bump Savings account for their child who is under 18. Anyone aged 14-17 can open a Bump account for themselves. |
Designed to help children kick-start their savings and develop good money habits. Available for under 18s. |
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Designed to help children kick-start their savings and develop good money habits. Available for under 18s. |
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Aged 18-29?
You could earn up to 5.00% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account. T&Cs and exclusions apply.
What’s the difference between a Term Deposit account and a regular savings account?
A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate, whereas a savings account gives you access to your money at any time but has an interest rate that can change.
Things you should know
- 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. - Westpac everyday account: To open a Westpac eSaver 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.
- Parental Control: Parents, grandparents, or guardians must be an account signatory to have Parental Control. Child must be registered for Westpac Online Banking and Westpac Telephone Banking to access accounts online or over the phone. For children under 12 years of age: Parental Control is mandatory, and self-service Telephone Banking is not available. For children aged 12 years and over: Parental Control is optional and access levels can be amended by the child at any time. Parental Control does not apply to a child’s access to funds in branch, however a signatory must authorise branch withdrawals where a child is under 8 and a debit card is not available.
- 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.