If you have something you are saving for the Westpac Life Savings Account could be a great place to stash your cash. With a helpful Savings Goals feature as well as no account fees, and complimentary transactions online and over the phone, this account could have you on track to reaching your savings target in no time.
Westpac Life could be a good option to help you save for short and long term goals. It comes with a 2.00% p.a. standard variable rate - however if you make a minimum of one deposit of any amount so long as the balance is higher than at the beginning of the month, you'll get an additional 3.00% p.a. bonus rate, bringing the total interest rate you’ll earn to 5.00% p.a. So, if the balance doesn't grow in the month, then the 2.00% p.a. standard variable rate applies. Please note that withdrawals can be made, as long as the balance is higher at the end of the current month than it was at the end of the previous month.
If you basically do all your money management online the Westpac Life has some great features. The Savings Goals feature helps you set up personal savings goals, designate money to each goal and track how you’re progressing within each savings category. To top that off, Westpac Life offers free online banking and unlimited transfers between your savings and everyday accounts.
This savings account also provides a pretty sweet deal when it comes to fees. There is no monthly account-keeping fee so every cent you put into the account goes towards earning you money and not paying bank fees. However, to access the savings account you'll need Westpac Choice everyday transaction account, which does come with a $5 account-keeping fee each month. However, that fee is waived if you’re under 30, a full-time tertiary student, new to Australia (for first 12 months) or deposit at least $2,000 each month
The steady saver. The great thing about the Westpac Life account is that as long you are making any monthly deposit you’ll earn bonus interest while also having access to a Savings Goals feature and avoiding account keeping fees.
Don't forget that $5 account-keeping with the linked Westpac Choice transaction account. Although, 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
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Balances from $0: 2.00% p.a. |
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Balances from $0: 5.00% p.a. |
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Minimum one deposit and higher balance than at the beginning of the month |
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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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n/a |
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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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no |
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no |
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none |
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none |
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none |
I have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
Read full reviewI have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
Yea Westpac are not been good for me because of insurance fraud yes I have been a victim of online fraud but my device has well the chip in it had been cloned and following their instructions yea seems to be a victimised by this bank for trying to claim against it and yea insurance fraud affects there is no secure way of preventing this happening doing the right thing seemed to created a bank I cannot trust or rely on when these kind of situations happen yea I didn't understand they haven't hacked my phone they have s clone of it and yea what can I do asked them to change everything all the numbers it's glitched my account that's why I know the device was stolen but given back on the pretext it was a mistake
Read full reviewYea Westpac are not been good for me because of insurance fraud yes I have been a victim of online fraud but my device has well the chip in it had been cloned and following their instructions yea seems to be a victimised by this bank for trying to claim against it and yea insurance fraud affects there is no secure way of preventing this happening doing the right thing seemed to created a bank I cannot trust or rely on when these kind of situations happen yea I didn't understand they haven't hacked my phone they have s clone of it and yea what can I do asked them to change everything all the numbers it's glitched my account that's why I know the device was stolen but given back on the pretext it was a mistake
We have been with the Westpac bank since 1975 and have always found them to be very reliable and competitive
Read full reviewWe have been with the Westpac bank since 1975 and have always found them to be very reliable and competitive
Use a westpac life savings account. And build your savings over time. There are bonuses to keep your savings, without wildrawing funds. Once you do, you loose bonus for the month. Get 1.5% interest a month. Eg $4700=$8 month bonus, if you don't take it out, then it keeps building over time
Read full reviewUse a westpac life savings account. And build your savings over time. There are bonuses to keep your savings, without wildrawing funds. Once you do, you loose bonus for the month. Get 1.5% interest a month. Eg $4700=$8 month bonus, if you don't take it out, then it keeps building over time
Love Westpac I'm 51 got help to start the use of online banking got home and nothing worked and the app didn't recognize me .I've had wallet stolen Westpac found the feaths and return my money back in my account
Read full reviewLove Westpac I'm 51 got help to start the use of online banking got home and nothing worked and the app didn't recognize me .I've had wallet stolen Westpac found the feaths and return my money back in my 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
