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.
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.
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.
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.
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Balances from $0: 0.15% p.a. |
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Balances from $0: 2.50% p.a. |
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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. |
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$0.00 |
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n/a |
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unlimited free transactions from internet, phone. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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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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none |
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none |
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.
Excellent interest rate at 3% for 18-29 year olds, with fair conditions such as making at least 5 transactions per month. It is great that I only need to open one saving account and that within the app I can allocate my savings from this one account to multiple savings goals . My previous bank made me open multiple savings accounts to do this. This method is better for interests rates and makes it easier to transfer money. The customer service when setting up this account was fantastic with the rep providing as much info and explanations as possible.
Read full reviewExcellent interest rate at 3% for 18-29 year olds, with fair conditions such as making at least 5 transactions per month. It is great that I only need to open one saving account and that within the app I can allocate my savings from this one account to multiple savings goals . My previous bank made me open multiple savings accounts to do this. This method is better for interests rates and makes it easier to transfer money. The customer service when setting up this account was fantastic with the rep providing as much info and explanations as possible.
Really competitive interest rate of 3% if you meet the reasonable criteria.
Read full reviewReally competitive interest rate of 3% if you meet the reasonable criteria.
Really competitive interest rate and quality online service with exceptional customer support.
Read full reviewReally competitive interest rate and quality online service with exceptional customer support.
Love that it is so quick and easy to set up. Can set up multiple savings goals in the one account so I know how much goes towards my caravan and how much towards my renovations.
Read full reviewLove that it is so quick and easy to set up. Can set up multiple savings goals in the one account so I know how much goes towards my caravan and how much towards my renovations.
ubank
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1.85% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
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0.05% p.a.(for $0 and over)
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3.25% p.a.(for $0 to $5,001)
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2.10% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $250,001)
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2.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
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1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
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Citi
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2.10% p.a. (for $0 to $500,000)
1.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
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2.00% p.a. (for $0 to $250,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ubank
Save Account
1.85% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Future Saver Account
3.00% p.a. (for $0 to $50,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Great Southern Bank
Youth eSaver
No Current Offer
3.25% p.a.(for $0 to $5,001)
Yes up to $250,000
Rabobank
High Interest Savings Account
2.10% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $250,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
2.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
2.10% p.a. (for $0 to $500,000)
1.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Smart Saver Account
2.00% p.a. (for $0 to $250,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ubank
Save Account
0.10% p.a.(for $0 and over)
1.85% p.a. (for $0 to $250,000)
Yes up to $250,000
Bank of Queensland
Future Saver Account
0.05% p.a.(for $0 and over)
3.00% p.a. (for $0 to $50,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
2.00% p.a. (for $0 to $250,000)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
1.60% p.a. (for $0 to $250,000)
Yes up to $250,000
Bank of Queensland
Smart Saver Account
0.05% p.a.(for $0 and over)
2.00% p.a. (for $0 to $250,001)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
Yes up to $250,000
Teachers Mutual Bank
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
Yes up to $250,000