Westpac Life

0.40% p.a.(for $0 and over)

1.30% p.a. (for $0 and over)

Westpac Life

0.40% p.a.(for $0 and over)

1.30% p.a. (for $0 and over)

Mozo Review   Westpac Life Review

Last updated: 17 March 2020.

What's hot:
  • Unlimited online transfers between your Westpac everyday account

  • No account fees

  • Savings Goals feature

What's not:
  • $2.50 fee on telephone-assisted and over-the-counter withdrawals

  • Must have a linked Westpac Choice everyday account

Mozo snapshot:

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 will have you on track to reaching your savings target in no time. 

Key features:

Westpac Life is a good option to help you save for short and long term goals. It comes with a 0.40% standard variable rate and if you make a monthly deposit of any amount you will get an additional 0.90% bonus rate, bringing the total interest rate you’ll earn to 1.30%.

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 provides a pretty sweet deal when it comes to fees, too. There is no monthly service fee so every cent you put into the account goes towards earning you money and not paying bank fees. But making withdrawals in-branch or with staff assistance over the phone will cost you $2.50 per transaction, so stick to online transactions and enjoy a fee-free experience.

Who it's good for:

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.

Any catches?

Keep in mind, you will need to link a Westpac Choice everyday account if you want to open a Westpac Life Savings account.

And just be wary of that $2.50 fee on telephone-assisted and over-the-counter withdrawals so avoid those pesky types of transactions.

Details

Rates and fees information correct as at 1 April 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: 1.30% p.a.

  • Minimum one deposit and higher balance than at the beginning of the month

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

  • none

  • none

  • none

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall customer rating
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

  • Overall 9/10
    Love the categories.

    I really like the fact you can split your savings in to categories and add savings goals.

    Read full review

    I really like the fact you can split your savings in to categories and add savings goals.

    Price
    3/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Natasha, Queensland reviewed 9 days ago
  • Overall 10/10
    The customer service is very good.

    The staff are always polite and the bank is in a convenient location.

    Read full review

    The staff are always polite and the bank is in a convenient location.

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Karyn, Northern Territory reviewed 29 days ago
  • Overall 7/10
    Westpac is trustworthy.

    I have been with Westpac for years and find their products are mostly fit for purpose.

    Read full review

    I have been with Westpac for years and find their products are mostly fit for purpose.

    Price
    7/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Gary, Queensland reviewed 5 months ago
  • Overall 2/10
    Terrible interest rate

    They need to increase the savings interest rate.

    Read full review

    They need to increase the savings interest rate.

    Price
    -1/10
    Features
    1/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    6/10
    Less
    Danny, New South Wales reviewed 5 months ago
  • Overall 9/10
    Great customer service

    There are no pros and cons at Westpac. The staff there are very helpful.

    Read full review

    There are no pros and cons at Westpac. The staff there are very helpful.

    Price
    5/10
    Features
    5/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Magdalene, Queensland reviewed 5 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.

See Westpac savings accounts

Promoted

AMP

AMP

Saver Account

2.65% p.a. (for $0 to $500,000)

1.05% p.a.(for $0 to $5,000,000)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.00% p.a. (for $0 to $250,000)

0.30% p.a.(for $0 and over)

$0.00

Promoted

HSBC

HSBC

Serious Saver

1.85% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

1.85% p.a. (for $0 to $200,000)

0.79% p.a.(for $0 to $5,000,000)

$0.00

Promoted

Citi

Citi

Online Saver

2.05% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

$0.00

Promoted

Rabobank

Rabobank

High Interest Savings Account

2.25% p.a. (for $0 to $250,001)

0.80% p.a.(for $0 to $250,001)

$0.00

Promoted

Bankwest

Bankwest

Hero Saver

1.50% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Flexi Saver

1.25% p.a. (for $0 to $5,000,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

Promoted

AMP

AMP

Saver Account

2.65% p.a. (for $0 to $500,000)

1.05% p.a.(for $0 to $5,000,000)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

2.00% p.a. (for $0 to $250,000)

0.30% p.a.(for $0 and over)

$0.00

Promoted

Suncorp

Suncorp

Growth Saver Account

1.90% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

Promoted

UBank

UBank

USaver with Ultra Transaction Account

1.85% p.a. (for $0 to $200,000)

0.79% p.a.(for $0 to $5,000,000)

$0.00

Promoted

Bankwest

Bankwest

Hero Saver

1.50% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

Promoted

HSBC

HSBC

Serious Saver

1.85% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

$0.00

Promoted

Citi

Citi

Online Saver

2.05% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

$0.00

Promoted

CUA

CUA

eSaver Reward

1.70% p.a. (for $0 to $100,000)

0.05% p.a.(for $0 and over)

$0.00

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

0.30% p.a.(for $0 and over)

2.00% p.a. (for $0 to $250,000)

Promoted

HSBC

HSBC

Serious Saver

0% p.a.(for $0 and over)

1.85% p.a. (for $0 to $1,000,000)

Promoted

Citi

Citi

Online Saver

0.35% p.a.(for $0 and over)

2.05% p.a. (for $0 to $500,000)

Promoted

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

1.50% p.a. (for $0 to $250,000)

Promoted

HSBC

HSBC

Flexi Saver

0.01% p.a.(for $0 to $5,000,000)

1.25% p.a. (for $0 to $5,000,000)

Promoted

CUA

CUA

eSaver Reward

0.05% p.a.(for $0 and over)

1.70% p.a. (for $0 to $100,000)

Promoted

IMB Bank

IMB Bank

Reward Saver Account

0% p.a.(for $0 and over)

1.75% p.a. (for $5,000 and over)

Promoted

Suncorp

Suncorp

Growth Saver Account

0.20% p.a.(for $0 and over)

1.90% p.a. (for $0 and over)