Leading Westpac Life interest rate cut overnight

Westpac branch sign.

Westpac has made a slew of interest rate cuts to its savings accounts, including to the leading Westpac Life rate for 18 to 29-year-olds. The big bank shaved a sizeable 50 basis points off the rate, taking it down from 3.00% p.a. to 2.50% p.a.*

Despite the hefty reduction though, the savings account still takes out the top spot in the Mozo database for bonus savings rates. In fact, all other bonus savings rates listed in Mozo’s database are below 2.00% p.a.*

Coming in second and third place in our database are Virgin Money’s savings and everyday transaction account combo, the Virgin Money Boost Saver with Go Account and ING’s popular ING Savings Maximiser account. The former offers a competitive 1.50% p.a. interest rate, while the latter follows closely behind with a rate of 1.35% p.a.* Although it should be noted that with all bonus rate savings accounts, there are usually conditions to meet to earn the full rate.

Westpac Life conditions

Westpac’s Life savings account for 18 to 29-year-olds still offers a competitive rate, but there are a few conditions to meet to earn it. 

As already mentioned, the account is only available for 18 to 29-year-olds. Next, the maximum ongoing 2.50% p.a. bonus rate is only available on balances up to $30,000. If your balance goes over $30,000, the rate will drop to 0.30% p.a.

Besides all this, you will have to do a bit of legwork to earn the full rate. This includes making at least five eligible purchases with a debit card linked to your Westpac Choice account. These transactions must be settled (i.e. not pending) within the calendar month. You must also make at least one deposit into the Westpac Life account each month and the balance at the end of the month will have to be more than the balance at the beginning of the month.

These conditions may seem like a lot, but they are fairly standard for high interest savings accounts.

Other high interest savings accounts

Not eligible for the Westpac Life account? 

Don’t worry there are plenty of other high interest savings accounts to choose from. Head to Mozo’s compare high interest savings accounts page for more options. Or check out the options below. Just make sure to read all the conditions, before signing up.

Compare high interest savings accounts - last updated 18 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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*Interest rates and information taken from the Mozo database, correct as of 17 September 2021.

^See information about the Mozo Experts Choice Savings Account Awards

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