Westpac Life is a good option to help you save for short and long term goals. It comes with a 1.50% standard variable rate and if you make a monthly deposit of any amount you will get an additional 0.80% bonus rate, bringing the total interest rate you’ll earn to 2.30%.
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 be earning top dollar in terms of interest rates and if you can’t quite afford to make a deposit in any month it is good to know that your money will still be working hard for you and earning the 1.50% base rate.
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 weary of that $2.50 fee on telephone-assisted and over-the-counter withdrawals so avoid those pesky types of transactions.