It’s great for just starting out with a bank but I don’t think it’s something to stick with - in my opinion it’s the type of bank you stay with until you find a better one. Its service is easy, trustworthy and reliable - however minor details like fees and interest rates could always be better.
The 3% p.a. For 18-29 y.o. is misleading. After seeing about this account on the news in July, I phoned Westpac, made enquires and opened a Life and a Choice account to benefit from 3% interest. Following their criteria, I spend at least 5 times on Choice account, and deposited money into the Life account so the balance is higher at the end of the month than the beginning. However, on 1Aug, i was only paid interest at 0.95% P.a. for the July month. I’m very disappointed with Westpac. I have emailed them and yet to hear from them. This is misleading and is a con. I hope anyone had the same experience will leave message here so other people will not fall into the trap. I hope the promoters of this account need to know the details before the promotion.
They start you off on a great interest rate for a certain period then you drop off to their minimum after about a 6 month period. They have closed so many branches you cannot go into a branch to discuss anything with them.
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Savings account comparisons on Mozo - rates updated daily
18-29 years old
3.00% p.a.(for $0 to $30,000)
standard interest rate
0.40% p.a.(for $0 and over)
Govt Deposit Guarantee
Yesup to $250,000
Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
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