Your selected savings accounts
Westpac is one of Australia's "Big Four" banks and has served customers since 1817, making it Australia's first bank and oldest company. With a comprehensive range of financial services, Westpac caters to individuals, businesses, and institutional customers across Australia, New Zealand, and the Pacific region.
For individual savers, Westpac offers various savings account options, including their flagship "Westpac Life" savings account. This account is designed to help customers reach their savings goals faster by providing bonus interest opportunities.
High total variable interest rate of up to 5.20% p.a.
No monthly account fees
Bonus interest opportunities through savings growth and spending requirements
Access to Westpac's mobile app with budgeting and savings goal features
Bonus interest rate conditions may be challenging for some to meet consistently
Transaction account may incur a monthly fee if certain criteria aren't met
When paired with a Choice everyday account, Westpac's Life savings account offers a compelling package for savers, especially those aged 18-29 or full-time tertiary students. The potential to earn up to 5.20% p.a. interest is particularly high in comparison to a lot of accounts we compare on our database.
The account structure encourages and rewards both saving and regular spending. The variable base rate of 1.85% p.a. gains an additional 3.15% p.a. bonus rate for fulfilling certain criteria, plus an additional 0.20% p.a. Spend&Save bonus for making at least 5 eligible purchases per month with the linked debit card. While the requirement to link a transaction account might seem inconvenient, it actually simplifies money management by separating spending and saving.
The $0 monthly fee for account holders under 30 or full-time tertiary students also makes it somewhat geared towards younger savers. However, it's worth noting that customers over 30 who aren't full-time students can still avoid a $5 monthly fee on the Choice account when depositing at least $2,000 each month.
Your selected savings accounts
Very friendly staff at branches and online banking is user friendly and not too complicated
Great bank been with them for years, not one problem
I have found Westpac service efficient and friendly.
They offer reasonable interest rates but just be aware of the annual charges.
Helpful bank that meets all my needs
GREAT , GREAT , GREAT
I find it hard to say anything good about westpacs customer ethics especially the refund policy contradicts itself by the way they handled cyber fraud attack on my account loosing at least 30.000 over a few months when I brought it to their attention they claim to refund all of it on the website bit different when it happens they refused to look at it professionally trued to blame me for allowing such things belittled me to the point I didn't want to continue with. My dispute they had alot more to do with it than I'll ever find out I asurethst much disgusted completely and still no rectification on my account just gotta sit around bieng poor and homeless thanks Westpac booooo
They treat you with respect
Very competitive interest rates in savings account amongst the major banks
Incredibly helpful, friendly staff, and an easy to use app
As one of Australia's largest and oldest banks, Westpac is considered a safe and stable financial institution. It is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.
There is typically no minimum deposit required to open a Westpac Life savings account. However, to earn bonus interest, you'll need to grow your account balance each month.
The Westpac Life savings account itself has no monthly account-keeping fees. However, the linked Westpac Choice everyday account may incur a $5 monthly fee unless certain criteria are met, such as being under 30, a full-time tertiary student, or depositing at least $2,000 per month.
To earn the maximum interest rate of 5.20% p.a. on balances up to $30,000, you need to:
^See information about the Mozo Experts Choice Savings Account Awards
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