Westpac’s new app features target cost of living woes

Credit: Westpac

Westpac Bank has new budgeting and spend-tracking tools in its app, which are designed to meet the needs of its customers struggling with rising living costs. 

In the June quarter of 2022 headline inflation rose to 6.1%, eating away at the household budgets of many Australians. 

In light of this, Westpac surveyed 2000 people and found that Aussies are experiencing the rising cost of living across the board, with 87% of survey respondents paying more for groceries, for example. But the creeping cost of living also extends to petrol (79%), utilities (71%), eating out (52%) bills like phone & internet (51%), transport (35%), mortgage (30%), rent (22%) and education costs (13%).

Westpac found out that 84% of survey respondents expressed a desire to cut back on their spending, with 70% believing a banking app with budgeting tools could help them reach their financial goals. 

There are dozens of budgeting and savings apps on the market which can help individuals to manage their spending and offset the cost of living, like Frollo and Beem. 

Alongside budgeting apps, banks often include in-app features which are designed to work in tandem with their bank accounts to help customers set up savings goals, as in the case of Commonwealth Bank and Up Bank.

Westpac is tackling costs and budgeting in a similar fashion. The new features being rolled out by Westpac include a spending tracker which categorises customer expenses over a 12 month period, a budgeting tool which reveals monthly spending trends by category, and the ability to see your top expenses and biggest income-earners. 

“We want to empower our customers through enabling them to better understand where their money is going to help them reach their financial goals. These new features offer customers insights into their spending and income history over the last 12 months, breaking it down into categories such as groceries, kids, education, pets, and entertainment. It will also give customers better visibility of their spending on insurance, home, and personal loans,” said Westpac consumer and business banking chief executive, Chris de Bruin.

“Our customers are demanding more personalised insights into their spending and tools to manage their finances, particularly as the cost-of-living increases. We want to empower our customers by giving them more control over their money with faster and easier budgeting tools available on their smartphone,” de Bruin said.

The upgrades made to the Westpac app are part of a wider digital-first strategy with the goal to make “banking simpler and more intuitive for our five million digitally active customers,” he said.

Future Westpac Bank app features include other money management tools like ‘bigger picture view’ where customers can view accounts from other financial institutions (using Open Banking technology), the ability to flag tax-deductible expenses for when tax time comes, and a carbon footprint tracker, so customers can make more eco-friendly financial decisions.  

Budgeting apps should just be one aspect of your financial strategy. You’ll also need a smart place to park your money and these can typically be tied to your budgeting app of choice. 

So, if you’re looking for a new savings account, paired with an app that provides budgeting tools, or an everyday bank account with spend-tracking features, then it may be worth checking out the savings accounts below.

Savings account comparisons on Mozo - last updated 24 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • 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 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • 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.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

    Compare
    Details