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Mini meca 2023

Westpac Life - 18-29 years old

Advertiser disclosure
Interest rate
2.00% p.a.(for $0 and over)
Maximum rate
5.20% 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: 17 November 2023

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What's hot
  • 5.20% p.a. maximum rate (conditions apply)
  • No minimum balance
  • 2023 Mozo Experts Choice Award
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 5.20% p.a., provided you tick the boxes on a few monthly requirements.

Need more convincing? Well, this account was also the winner of the Young Adult High Interest Savings category at the 2023 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 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. 


snapshot
Who is it good for

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. 

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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’re under 30, a fulltime tertiary student, new to Australia (for first 12 months) or deposit at least $2,000 each month.

Details

Rates and fees information correct as at 21 February 2024. 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: 2.00% p.a.

Balances from $0: 5.20% p.a.
Balances from $30,000: 5.00% 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.

Fees

$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

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

yes

no

yes

yes

yes

no

Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance hasnt increased, a 2.35% interest rate still applies.

none

Under 29

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