Westpac Life

1.50% p.a.(for $0 and over)

2.30% p.a. (for $0 and over)

 

Westpac Life Review

Rates and fees information correct as at 25 September 2018.

Review published: 15 August 2017

What's hot:

  • Mozo Experts Choice Awards - Best Major Bank for Deposits

  • 1.50% standard variable rate (2.30% variable bonus rate)

  • Unlimited online transfers between your Westpac everyday account

  • No account fees

What's not:

  • $2.50 fee on telephone-assisted and over-the-counter withdrawals

  • Must have a linked Westpac Choice everyday account

Mozo snapshot:

With a competitive 1.50% standard variable base rate and a pretty simple condition to access the 2.30% variable bonus rate, the Westpac Life Savings Account oozes of freedom and flexibility. In fact, the Mozo judges considered the Life Account such good value for savers that they awarded it a 2018 Mozo Experts Choice Award for No Strings Savings (Major Bank). 

Key features:

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.

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

How are Westpac savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.4

Based on 4838
Westpac savings accounts reviews

6.6 6.1 7.5 7.9 7.5

Read Westpac savings account reviews by the Mozo community

Latest reviews of Westpac Life

Westpac

Westpac Life savings account review

Overall rating   6 / 10

Communication could be better

Westpac was a great bank a few years ago, but the last 2 years they have gotten worse. Money goes missing out of accounts, you have to wait for 48 hours to find where it's gone. They should be able to look on their computers, and see where it's...

Full review

Westpac was a great bank a few years ago, but the last 2 years they have gotten worse. Money goes missing out of accounts, you have to wait for 48 hours to find where it's gone. They should be able to look on their computers, and see where it's gone. Makes no sense. Kind Regards, Michelle.

    Price   2 / 10

    Features   4 / 10

    Customer service   3 / 10

    Convenience   5 / 10

    Trust   4 / 10

Less

Michelle, Western Australia, reviewed 4 days ago

Westpac

Westpac Life savings account review

Overall rating   8 / 10

Reliable

Reliable.

Full review

Reliable.

    Price   8 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Carol, Victoria, reviewed 6 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 1.50% p.a.

  • Balances from $0: 2.30% p.a.

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

Fees

  • $0.00

  • none

  • unlimited free transactions from internet, phone.

  • none

  • none

  • none

  • $2.50

  • $2.50

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

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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