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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 5.00% p.a. variable interest, including a 1.85% 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 5.20% 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 1.85% p.a. variable base rate + 3.15% p.a. variable bonus for saving each month + 0.20% 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 5.00% p.a. variable interest*.

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

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
     

What to have handy

Your mobile

A secure code will be sent to your mobile to verify your phone number.

Two of these ID documents

  • Passport
  • Medicare card
  • Australian driver license
  • Australian birth certificate

If your details are entered incorrectly or we’re unable to identify you, your application will need to be completed in branch.

 

If you’re Aboriginal or Torres Strait Islander and don't have the required documents, call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am – 6:30pm ACST or visit your nearest branch.

Foreign tax details

Only applicable if you're liable to pay tax in another country.

By continuing 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
     

Are you already a Westpac customer?

What to have handy

  • Your Westpac Online Banking sign in details.
  • You’ll need to be registered for Westpac Protect SMS Code. We’ll send an SMS Code to both applicants before you open your account.

By continuing you both agree

Ready to get started?

Yes, continue

No, we want to look at something else.

Other options

  • Under 18 or applying on behalf of somebody younger? Learn more
     

What to have handy

Your mobile

A secure code will be sent to your mobile to verify your phone number.

Two of these ID documents

  • Passport
  • Medicare card
  • Australian driver license
  • Australian birth certificate

If your details are entered incorrectly or we’re unable to identify you, your application will need to be completed in branch.

 

If you’re Aboriginal or Torres Strait Islander and don't have the required documents, call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am – 6:30pm ACST or visit your nearest branch.

Foreign tax details

Only applicable if you're liable to pay tax in another country.

By continuing you both agree

Ready to get started?

Yes, continue

No, I want to look at something else.

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.

 

* 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 645KB)


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