Leading Westpac Life interest rate cut overnight

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.

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