Deposit Account rates update
Interest rate changes
For interest paid at maturity
Dated: 8th November 2023
Following the Reserve Bank of Australia’s decision to increase the official cash rate, Westpac has announced changes to our deposit account interest rates.
All new savings rates are effective 17th November 2023.
For term deposits with interest paid at maturity. Rate may differ when interest is paid on another frequency.
| Westpac Life | Current rate (p.a.) | New rate (p.a.) |
|---|---|---|
| Standard variable rate | 2.00% p.a. | 2.00% p.a. |
| Standard variable bonus rate1 | 2.75% p.a. | 3.00% p.a. |
| Total variable interest rate |
4.75% p.a. | 5.00% p.a. |
| Spend&Save Bonus rate (for 18-29)2 |
0.45% p.a. | 0.20% p.a. |
| Spend&Save Headline rate | 5.20% p.a. | 5.20% p.a. |
| Westpac Bump | Current rate (p.a.) | New rate (p.a.) |
|---|---|---|
| Standard variable rate | 2.00% p.a. | 2.00% p.a. |
| Standard variable bonus rate3 | 2.75% p.a. | 3.00% p.a. |
| Total variable interest rate | 4.75% p.a. | 5.00% p.a. |
| Westpac eSaver | Current rate (p.a.) | New rate (p.a.) |
|---|---|---|
| Standard variable rate | 1.10% p.a. | 1.10% p.a. |
| 5 month introductory fixed rate4 | 3.55% p.a. | 3.55% p.a. |
| 5 month introductory online bonus | 0.10% p.a. | 0.35% p.a. |
| Total variable rate with online bonus for new customers5 |
4.75% p.a. | 5.00% p.a. |
New Term Deposit Special rate is effective 10th November 2023.
| Term Deposits | Current rate (p.a.) | New rate (p.a.) |
|---|---|---|
| 12-23 month special6 | 4.75% p.a. | 5.00% p.a. |
| Online bonus7 | 0.10% p.a. | 0.10% p.a. |
| 12-23 month special with online bonus8 | 4.85% p.a. | 5.10% p.a. |
For all current rates on our other deposit products, find out more.
Things you should know
Deposit Accounts for Personal customers Terms and Conditions (PDF 343KB) (PDF 645KB)
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.
1. Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month. For the purposes of calculating interest paid, 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. Therefore, interest calculated on closing balances on and after the last business day of a month won't be included in the interest payable for the month but will be included in the interest payable for the next month. Bonus interest: You will be eligible for bonus interest if during the month (subject to transaction processing times):
- your account balance has not fallen below $0; and
- you (or someone on your behalf) have made a deposit of any amount; and
- 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.
Interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility.
- 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)
3. Westpac Bump variable interest: includes a standard variable base rate plus a variable bonus rate. Interest is calculated on the daily balance of your Westpac Bump account and paid on the last business day of the month. For the purpose of calculating interest paid, 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. Therefore, interest calculated on closing balances on and after the last business day of a month won't be included in the interest payable for the month but will be included in the interest payable for the next month. Bonus interest: You will be eligible for bonus interest if during the month (subject to transaction processing times):
- your account balance has not fallen below $0; and
- you (or someone on your behalf) have made a deposit of any amount; and
- 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.
Interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility.
4. eSaver Bonus interest: If you have not had a Westpac eSaver account before, an introductory fixed rate applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate will apply. Existing or previous eSaver account holders are not eligible for this offer. Joint accounts are eligible where the primary account holder has not held an eSaver account before.
5. eSaver Online bonus: The online rate of 5.00% p.a. for the first 5 months is a combination of a fixed rate of 3.55% p.a. and an online bonus rate of 0.35% p.a. on top of the standard variable rate, currently 1.10% p.a. Online bonus offer available from 20/06/2023 for a limited time only. Only available for new eSaver accounts opened online by sole applicants who have never held an eSaver account before.
If you are experiencing digital/online accessibility issues, please talk to us.
6. Term Deposit Special Offer
- Term Deposits of $5,000 to $5,000,000 for Terms of 12-23 months. Interest paid monthly, at maturity or at minimum yearly on 12-23 month terms.
- Opened or renewed during the variation period by existing personal and business customers via Online Banking, the App or by talking to us.
- Not available for Financial Institutions or Westpac Institutional Bank customers.
- For renewing Term Deposits, customer initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Offer applies for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
7. Online Bonus Offer
- Term Deposits opened or renewed during the variation period via Online Banking or the App only.
- The bonus rate will be applied in conjunction with any other offer that may apply.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend the offer at any time.
- Offer applies for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
- If you are experiencing digital/online accessibility issues, please talk to us.
8. Term Deposit Special Offer with Online Bonus Offer
- Term Deposits of $5,000 to $5,000,000 for Terms of 12-23 months. Interest paid monthly, at maturity or at minimum yearly on 12-23 month terms.
- Applicable to Term Deposits opened or renewed during the variation period by existing personal and business customers via Online Banking or the App Only.
- Not available for customers who are not able to open or renew digitally (e.g., some joint accounts), Financial Institutions, Westpac Institutional Bank customers, Farm Management Deposits and Term Deposits held as security.
- For renewing Term Deposits, customer initiated instructions must be provided in the variation period.
- We reserve the right to withdraw, amend or extend these offers at any time.
- Offers apply for a single term.
- Higher or lower rates may apply for subsequent terms.
- You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).
- If the deposit or any part of it is withdrawn early, an interest rate adjustment will usually apply.
- If you are experiencing digital/online accessibility issues, please talk to us.
9. 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 account.