Goal savings account
Why open a Life account?
- Bucket your savings in up to 6 different Savings Goals 2with just one account
- Set Savings Goals to track how much you should save to reach your goal
- Give savings a boost with bonus interest each month you grow your balance 1
- Keep your spending and savings separate, but visible in one view with the Westpac App.
Interest rates
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. |
Turbocharge your balance with Savings Goals
Set up to 6 Savings Goals
Change the savings amount, date and category across all your goals, adjusting them at any time in the Westpac App.
Put savings on autopilot
Set up recurring transfers from your transaction account on paydays to automatically split your savings across your goals.
Invite others to join your goal
Share your goal with another Westpac customer or invite anyone from any bank to contribute by sending money to your account.
Open your account online
It’ll take just minutes to open your Westpac Life savings account online along with a linked Westpac Choice account (if you don't have one already).
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
If you're an Aboriginal or Torres Strait Islander and don't have any of the required forms of identification, please call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am - 6.30pm ACST or visit your nearest branch.
Your tax residency status:
If you’re not required to pay tax in another country, put NO on your application. Otherwise, please give us the details.
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
| Fees | |
|---|---|
| Westpac Life savings account | $0 |
| Westpac Choice bank account3 | $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)
Safe and secure savings
- 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.
- Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
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.
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 second 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.
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.
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