Need to inject some life into your savings? Designed specifically for younger Aussies, the Westpac Life (18-29 years old) savings account could be exactly what you’ve been looking for, with an interest rate of up to 5.20% p.a., provided you tick the boxes on a few monthly requirements.
Savings account rates may be chillier than they used to be, but Westpac comes in hot with its Life account for Australians aged 18 to 29 years old.
Savers with a Life account and linked Westpac Choice everyday account will be able to earn a maximum ongoing rate of 5.20% p.a. on balances up to $30,000, but there are a few conditions and other rate tiers involved. So what could you earn?
- 5.20% p.a. rate: In order to earn the maximum rate, savers will need to grow their balance and make at least one deposit into the account each month. That’s in addition to making at least five eligible purchases per month with a linked Westpac Choice debit card. Just keep in mind the maximum rate is only available on account balances of up to $30,000.
- 5.00% p.a. rate: This is the bonus interest rate available
to savers who grow their balance during the month but do not make the required card purchases.
- 2.20% p.a. rate: This is the bonus interest rate available to savers who don't grow their balance during the month but make at least five eligible card purchases.
- 2.00% p.a. rate: This is the base rate which will be applied if the required conditions aren’t met.
Savers will be able to access the account in all the usual ways including over the phone, online and via the Westpac banking app.
This is an account is designed for younger Australians. So, if you fit within the 18-29 age range and are able to meet the monthly requirements, you’ll boost your savings balance by 5.20% p.a. which is a very competitive interest rate.
While the Life (18-29 years old) account doesn’t come with a monthly fee, the Westpac Choice account – which is required to earn those higher rates – does come with a $5 monthly fee. However, that fee is waived if you’re under 30, a fulltime tertiary student, new to Australia (for first 12 months) or deposit at least $2,000 each month.
Balances from $0: 2.00% p.a. |
|
Balances from $0: 5.20% p.a. |
|
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account. |
$0.00 |
|
n/a |
|
unlimited free transactions from internet, phone. |
|
n/a |
|
n/a |
|
n/a |
|
$0.00 |
|
$0.00 |
|
n/a |
|
$0.00 |
|
$0.00 |
|
n/a |
$0.00 |
|
$0.00 |
|
Monthly |
no |
|
n/a |
|
no |
|
no |
|
no |
|
yes |
|
no |
|
yes |
|
yes |
|
no |
|
no |
|
Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 2.00% interest rate still applies. |
|
none |
|
Under 29 |
^See information about the Mozo Expert Choice Awards
Very easy to use online banking. Most ATMs accept this bank also. There is a westpac bank in nearly every suburb and shopping mall.
Read full reviewVery easy to use online banking. Most ATMs accept this bank also. There is a westpac bank in nearly every suburb and shopping mall.
Customer service is fast and easy. Only bad you can't pay direct from life account.
Read full reviewCustomer service is fast and easy. Only bad you can't pay direct from life account.
I really like the high interest rate on the savings account, and how easy the app is to navigate. The interest rate gets a few more dollars into my pocket each month, but the interest caps at $30k unfortunately (which I find off-putting considering other banks offer some higher interest rates). My biggest downside for Westpac was that they changed some of the T&Cs of our account shortly after we moved to them, which was frustrating considering this changed removed one of the Westpac selling points). Either way, we're in too deep now and it's hard to change banks!
Read full reviewI really like the high interest rate on the savings account, and how easy the app is to navigate. The interest rate gets a few more dollars into my pocket each month, but the interest caps at $30k unfortunately (which I find off-putting considering other banks offer some higher interest rates). My biggest downside for Westpac was that they changed some of the T&Cs of our account shortly after we moved to them, which was frustrating considering this changed removed one of the Westpac selling points). Either way, we're in too deep now and it's hard to change banks!
They have a great interest rate. They had the highest years before other banks started catching up. They also called me when i opened my account a couple of times to make sure I was happy with everything.
Read full reviewThey have a great interest rate. They had the highest years before other banks started catching up. They also called me when i opened my account a couple of times to make sure I was happy with everything.
Best interest rate in market, easy to use app and easy to transfer between transaction and savings account.
Read full reviewBest interest rate in market, easy to use app and easy to transfer between transaction and savings account.
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
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
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
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
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
0.55% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Savings Accelerator
3.55% p.a. (for $0 to $50,000)
Yes up to $250,000
2.85% p.a.(for $0 to $50,000)
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Maximiser
0.55% p.a.(for $0 and over)
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Kids Bonus Saver
0.05% p.a.(for $1 and over)
0.85% p.a. (for $5,556 and over)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000