Thumbnail icon for Westpac

Westpac Life (18-29 years old)

Interest rate
0.40% p.a.(for $0 and over)
Maximum rate
3.00% 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: 16 October 2020.

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What's hot
  • 3.00% maximum rate (conditions apply)
  • No minimum balance
What's not
  • Only available to those aged between 18-29
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 one of the most generous maximum interest rates on the market at 3.00% provided you tick the boxes on a few monthly requirements.

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Key features

Savings account rates aren’t what they used to be, but Westpac has turned the downward rate trend on its head with the new Life account for Australians aged 18 to 29 years old. 

Savers will be able to earn a maximum ongoing rate of 3.00% on balances up to $30,000, but there are a few conditions and other rate tiers involved. Here’s the breakdown: 

- 3.00% 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 transactions per month with a linked Westpac Choice debit card. 

- 2.25% rate: This is the rate available to savers who don’t grow their balance during the month, though they will still need to make the minimum five card transactions in order to earn it. 

- 0.40% 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 0.75% interest when the maximum rate conditions are 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. Just bear in mind that if you do pop into a branch there’s a $2.50 fee to make a deposit or withdraw money from the account.

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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 3.00% 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 26 October 2020. 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: 0.40% p.a.

  • Balances from $0: 3.00% p.a.
    Balances from $30,000: 0.75% p.a.

  • Make 5 transactions/month on linked 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

  • $2.50

  • $2.50

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • Must be linked to Westpac Choice transaction account. If 5 transactions are made each month, but savings account balance hasnt increased, a 2.65% interest rate still applies.

  • none

  • none

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall
7.4/10
Price
6.6/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.9/10
Trust
7.5/10

Latest reviews of Westpac Life (18-29 years old)

  • Overall 5/10
    Good savings rate but with lots of strings.

    The 3% Westpac Life offer sounds too good to be true when next best rate is ING/Xinja at 1.65%. The 3% comes with many terms and conditions (must deposit $2k/month to avoid fees, total balance must go up, etc). Westpac's online banking system feels like it is starting to show its age, starting with the max 6 characters for a password, not very secure. I think once my balance hits the $30k max I will close my account and return to Xinja/ING.

    Read full review

    The 3% Westpac Life offer sounds too good to be true when next best rate is ING/Xinja at 1.65%. The 3% comes with many terms and conditions (must deposit $2k/month to avoid fees, total balance must go up, etc). Westpac's online banking system feels like it is starting to show its age, starting with the max 6 characters for a password, not very secure. I think once my balance hits the $30k max I will close my account and return to Xinja/ING.

    Price
    6/10
    Features
    4/10
    Customer service
    2/10
    Convenience
    5/10
    Trust
    5/10
    Less
    Cameron, New South Wales reviewed 25 days ago
  • Overall 5/10
    Great bank to start with but not to stay.

    It’s great for just starting out with a bank but I don’t think it’s something to stick with - in my opinion it’s the type of bank you stay with until you find a better one. Its service is easy, trustworthy and reliable - however minor details like fees and interest rates could always be better.

    Read full review

    It’s great for just starting out with a bank but I don’t think it’s something to stick with - in my opinion it’s the type of bank you stay with until you find a better one. Its service is easy, trustworthy and reliable - however minor details like fees and interest rates could always be better.

    Price
    4/10
    Features
    2/10
    Customer service
    3/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Brandon, Western Australia reviewed about 1 month ago
  • Overall 1/10
    3% Life/Choice account is false advertising ...

    The 3% p.a. For 18-29 y.o. is misleading. After seeing about this account on the news in July, I phoned Westpac, made enquires and opened a Life and a Choice account to benefit from 3% interest. Following their criteria, I spend at least 5 times on Choice account, and deposited money into the Life account so the balance is higher at the end of the month than the beginning. However, on 1Aug, i was only paid interest at 0.95% P.a. for the July month. I’m very disappointed with Westpac. I have emailed them and yet to hear from them. This is misleading and is a con. I hope anyone had the same experience will leave message here so other people will not fall into the trap. I hope the promoters of this account need to know the details before the promotion.

    Read full review

    The 3% p.a. For 18-29 y.o. is misleading. After seeing about this account on the news in July, I phoned Westpac, made enquires and opened a Life and a Choice account to benefit from 3% interest. Following their criteria, I spend at least 5 times on Choice account, and deposited money into the Life account so the balance is higher at the end of the month than the beginning. However, on 1Aug, i was only paid interest at 0.95% P.a. for the July month. I’m very disappointed with Westpac. I have emailed them and yet to hear from them. This is misleading and is a con. I hope anyone had the same experience will leave message here so other people will not fall into the trap. I hope the promoters of this account need to know the details before the promotion.

    Price
    1/10
    Features
    1/10
    Customer service
    1/10
    Convenience
    1/10
    Trust
    1/10
    Less
    Lizzy, New South Wales reviewed about 2 months ago
  • Overall 9/10
    Best interest rate

    I recently opened this account to get the 3% interest rate - much better than anything else around. So far so good. Just make sure to do all of things required to get the top rate.

    Read full review

    I recently opened this account to get the 3% interest rate - much better than anything else around. So far so good. Just make sure to do all of things required to get the top rate.

    Price
    10/10
    Features
    10/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Caitlin, New South Wales reviewed about 2 months ago
Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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