Spending and savings accounts for students
Keep tabs on your money
- Pay and get paid
Get paid directly into your everyday account and use your Debit Mastercard 1 to shop online or in person and get cash out at ATMs 2. You can also set up regular bill payments on payday to keep on top of your expenses.
- Bucket your savings
With our handy Savings Goals feature, you can bucket your savings in up to 6 different goals 3 with just one account, sharing goals with others to help reach your goals sooner. Plus, earn bonus interest 4 each month you grow your balance.
- Keep your money safe
Your money is protected with our Fraud Money Back Guarantee 5. Misplaced your card? You can lock 6 your debit card or report it lost through the Westpac App.
$0 Account-Keeping Fee
There’s no monthly fee on your Westpac everyday account or Westpac Life savings account when you’re a full time tertiary student.
Check the fees table below for other fees and charges that apply in some circumstances
Put your savings on autopilot
Set up automatic transfers to your Savings goals each pay day
Once you’ve set up your goal names, the amount you’d like to save and when you’d like to reach your goal by, you can set up regular recurring transfers to your different savings goals through the Westpac App. We’ll also give you some tips about how much you can realistically afford to save.
Earn up to 5.00% p.a. variable interest rates
- 1.85% p.a. variable base interest rate
- 3.15% p.a. variable bonus rate when you grow your balance every month
Aged 18-29?
You could earn up to 5.20% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.
Pay and get paid any way you like
Apple Pay
Apple Pay offers a fast and secure way to pay in-store and online, using your favourite Apple device7
Digital card
Waiting for your card to arrive? Use the digital version8 instantly to shop online and pay bills
Beem It
Splitting a bill, or a present? Pay or get paid in an instant, no matter who your friends bank with9
Save when you spend
Access exclusive rewards and offers from major brands and retailers, helping you save big on travel, entertainment and more10
Learn how to make the most of your money
You might learn about econ or maths in school, but nobody ever really teaches you how to actually use money in everyday life. That’s why we’ve teamed up with Year13 to give you the rundown on earning, spending, and saving your money in the big wide world.
How to get started
- Open online, it’ll take just minutes
You’ll need to verify your student status with two types of ID. The first is for your security check and includes:
- Australian driver’s license
- Australian birth certificate
- Passport
- Medicare
+ The second is your student ID or COE to confirm you’re studying or training.
- Set up Online Banking
To set up Online or Mobile Banking11, you can follow these easy steps to set up online or through the Westpac App. You will then be able to transfer money into your new spending and savings accounts.
- Activate your Debit Mastercard
Your Debit Mastercard will arrive in the mail within two weeks. While you wait, instantly access your Digital Card through the Westpac App and add it to your Apple Pay, Google Pay, or Samsung Pay.
You won’t pay any Account-Keeping Fee, but here’s some to keep in mind
| Fees | |
|---|---|
| Westpac Life savings account | $0 |
| Westpac Choice bank account | Account-Keeping Fee waived for students |
|
This fee is waived for:
|
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 645KB)
Want to build some serious money skills?
Want to know how superannuation works, what’s involved with doing a tax return or need some tips to set up a successful budget? We’ve teamed up with Year13 to build FinLit, to equip you with the knowledge you’ll need to navigate the world of money.
Things you should know
Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 645KB)
Online Banking Terms and Conditions (PDF 620KB)
Personal Telephone Banking Terms and Conditions (PDF 215KB)
Find out what information you need to provide to become a customer (PDF 657KB)
Westpac Debit Mastercard® Terms and Conditions (PDF 210KB)
Apple Pay Terms and Conditions (PDF 42KB)
Samsung Pay Terms and Conditions (PDF 63KB)
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.
World Mastercard ®, Mastercard ® and the Mastercard Brand Mark are registered trademarks of, and PayPass TM is a trademark of, Mastercard International Incorporated.
2. Global ATM: A 3% Foreign Transaction Fee applies to overseas debit card withdrawals. A list of Global Alliance members is available. To ensure access to savings and/or cheque account funds when overseas obtain a Debit Mastercard®.
3. Savings Goals: Both an account holder and an account signatory (where applicable) can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Bump Savings or Westpac Life account.
4. Bonus interest: 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 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.
5. Westpac Fraud Money Back Guarantee: Customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly.
6. Card on hold: Available on personal credit and Mastercard® debit cards only. Cards to which a temporary lock can be applied will be listed when you sign in to Mobile Banking or Online Banking and visit Lock a card temporarily under Cards services.
7. Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co. Android, Google Pay and Google Play are trademarks of Google Inc.
8. The Digital Card: The Digital Card is only available on the Westpac App and supported with the latest version of Westpac Mobile Banking. The terms and conditions applicable to your product also apply to the use of your digital card. Online Banking Terms & Conditions also apply. You may not always be able to access your digital card.
9. Beem It is a facility provided by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 and made available through its authorised representative, Digital Wallet Pty Ltd ABN 93 624 272 475. Before downloading the app please consider the Product Disclosure Statement and Terms and Conditions, available at beemit.com.au. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider the facility's appropriateness to your circumstances. Before making a decision about any of our products or services, please read relevant terms and conditions available at westpac.com.au. Fees and charges apply and may change. A Debit Mastercard attached to a Westpac Choice account is required to use the Beem It app.
10. Partner offers are subject to Terms and Conditions and may be varied or change at any time. Images are shown for illustrative purposes only.
11. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Online Banking Terms and Conditions (PDF 313KB) for full details, including when a customer will be liable.
Westpac Life variable interest: includes a standard variable base rate plus a variable bonus rate. To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.
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)
Westpac everyday account: To open a Westpac Life or Bump 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.