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Summary

Before you get started, here’s a quick recap of what you’re applying for:

The Westpac Life account comes with a Westpac Choice everyday account so you can easily transfer money in and out. We'll only open a Choice account if you don't already have one.

 

To open you'll need to be at least 18 years old with an Australian residential address.

Westpac Life

  • A savings account that could help you reach your savings goals sooner by earning bonus interest every month you save
  • Earn up to 4.75% p.a. variable interest, including a 1.60% p.a. standard variable base rate on your account balance plus 3.15% p.a. variable bonus rate each month you grow your balance~. For bonus interest eligibility, the balance on the last business day of the month must be higher than the last business day of the prior month (excluding interest paid).~
  • $0 Account-keeping fee.
+

Westpac Choice (if you don't already have one)

  • An everyday account with a Debit Mastercard®¹ to make deposits and withdrawals, payments online or on the Westpac App
  • $5 a month Account-keeping fee. Waived if you're under 30, a fulltime tertiary student, new to Australia (for the first 12 months), or deposit at least $2,000 each month. Fee also waived for Westpac Choice accounts opened online by 30 September 2025 (for the first 12 months)#.

 

Special offer

For 18-29 year olds
 

Get up to 5.00% p.a. variable interest on your savings:
 

  • When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month
  • This is made up of 1.60% p.a. variable base rate + 3.15% p.a. variable bonus for saving each month + 0.25% p.a. 'Spend&Save' bonus for spending 5 times. Applies to the first $30,000 in your Westpac Life savings account. After this amount you’ll earn 4.75% p.a. variable interest*
  • Open a Westpac Choice & Life savings account, and if you’re 18-29 you'll get a $30 Amazon.com.au e-gift card when you deposit $100 into your Life account within 30 days of account opening^

What kind of account do you need?

Are you already a Westpac customer?

What to have handy

  • Your Westpac Online Banking sign in details.

By continuing you agree

To begin, you acknowledge:

By opening the account, you agree:

Ready to get started?

Yes, continue

No, I want to look at something else.

Other options

  • Under 18 or applying on behalf of somebody younger? Learn more
     
Things you should know
1  Debit Mastercard®: Westpac Choice Youth account, the eligible card age is 8. For any other transaction account, the eligible card age is 14. You must have an Australian residential address.


2. Payable each month that you; make a deposit to the account, ensure the account balance is higher at the end than the beginning of the month, and keep the account balance above $0. 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.

 

Westpac everyday account: To open a Westpac savings 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.

 

~ Payable each month that you; make a deposit to the account, ensure the account balance is higher at the end than the beginning of the month, and keep the account balance above $0. 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.


^ Terms and Conditions for 18-29 Amazon.com.au e-gift card Offer
  • To receive the $30 Amazon.com.au e-gift card, you must meet the following eligibility criteria and satisfy the requirements in these Terms and Conditions for this promotion that runs on and from 24/01/2025 for a limited time
  • Available to new or existing Westpac customers aged between 18 and 29 years old, who have not previously held both a Westpac Life savings account and a Westpac Choice account. You must be <29 years old when the first or required account is opened.
  • Not eligible for Joint Accounts
  • During the promotion, the Customer must open the required account(s) so that the Customer holds both a Westpac Life Savings and Westpac Choice account in the Customer’s name and deposits a minimum of $100 (this can be in increments) into their Westpac Life savings account within 30 calendar days of the date the account or accounts were opened
  • Once the conditions have been met, the eligible accounts must remain open up to further 50 calendar days for the $30 Amazon.com.au e-gift card to be sent to the Customer’s email address. Your name and email address will be sent to Mastercard to send out the e-gift card. You must hold a valid email address, e-gift card will be sent to your primary email address with Westpac
  • Please note that you must be opted in to receive marketing from Westpac to receive the email containing the Amazon.com.au e-gift card
  • Each eligible Customer is only entitled to one $30 Amazon.com.au e- gift card when the Customer has met all the requirements set out in these Terms and Conditions. In the event multiple eligible accounts are opened for the same Customer, the Customer will only be eligible for one $30 Amazon.com.au e-gift card
  • We reserve the right to withdraw, amend, or extend this offer at any time
  • Not available in conjunction with any other offer, unless we determine otherwise.
  • The $30 Amazon.com.au e-gift card will be sent to the customers primary Westpac email address within 50 calendar days of meeting these Terms and Conditions
  • Must hold a Debit Mastercard linked to the required Choice account
  • The e-gift card will be sent to your primary email address held by Westpac. If delivery is unsuccessful, we will try to resend it. If we are unable to deliver the email, the e-gift card will be cancelled

 
* 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.

# Open a new Westpac Choice account online between 1 February 2024 and 30 September 2025 to have the monthly Account Keeping fee waived for the first 12 months. At the end of the 12-month period, the monthly Account Keeping fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 30, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.

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 624KB)


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