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Westpac Life - 18-29 years old

Advertiser disclosure
Interest rate
0.15% p.a.(for $0 and over)
Maximum rate
2.50% p.a. (for $0 to $30,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Westpac Life - 18-29 years old - last updated: 1 July 2022

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What's hot
  • 2022 Mozo Experts Choice Award - Young Adult Savings
  • 2.50% maximum rate (conditions apply)
  • No minimum balance
What's not
  • Only available to those aged between 18-29
  • Must have a Westpac Choice everyday account (fees apply)
Mozo snapshot

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 2.50%, provided you tick the boxes on a few monthly requirements.

Need more convincing? Well, the account was the sole winner in the Young Adult Savings category at the 2022 Mozo Experts Choice Awards

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Key features

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 2.50% on balances up to $30,000, but there are a few conditions and other rate tiers involved. So what could you earn? 

- 2.50% 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 purchases per month with a linked Westpac Choice debit card. 

- 1.80% rate (1.65% p.a. Spend&Save bonus + 0.15% p.a. base 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. 

- 0.15% rate: This is the base rate which will be applied if the required conditions aren’t met.  

While the maximum rate is only available on account balances of up to $30,000, balances above that will be able to earn up to 0.85% interest when the maximum rate conditions are met (0.70% p.a. bonus + 0.15% p.a. base rate).

Savers will be able to access the account in all the usual ways including over the phone, online and via the Westpac banking app. 

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Who is it good for

This is an account purposely designed for younger Australians. So if you fit within the 18-29 age range and are able to meet the monthly requirements, you’ll struggle to find a more competitive rate to help boost your savings balance than the maximum 2.50% rate on offer.

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Any catches

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 make a monthly deposit of $2,000 or more.

Details

Rates and fees information correct as at 2 July 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.15% p.a.

Balances from $0: 2.50% p.a.
Balances from $30,000: 0.85% p.a.

Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

Fees

$0.00

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unlimited free transactions from internet, phone.

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$0.00

$0.00

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$0.00

$0.00

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Other financial bits

$0.00

$0.00

Monthly

Features

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Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 1.80% interest rate still applies.

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