Your selected savings accounts
Westpac is one of Australia's "Big Four" banks and has served customers since 1817, making it Australia's first bank and oldest company. With a comprehensive range of financial services, Westpac caters to individuals, businesses, and institutional customers across Australia, New Zealand, and the Pacific region.
For individual savers, Westpac offers various savings account options, including their flagship "Westpac Life" savings account. This account is designed to help customers reach their savings goals faster by providing bonus interest opportunities.
High total variable interest rate of up to 5.00% p.a.
No monthly account fees
Bonus interest opportunities through savings growth and spending requirements
Access to Westpac's mobile app with budgeting and savings goal features
Bonus interest rate conditions may be challenging for some to meet consistently
Transaction account may incur a monthly fee if certain criteria aren't met
When paired with a Choice everyday account, Westpac's Life savings account offers a compelling package for savers, especially those aged 18-29. The potential to earn up to 5.00% p.a. interest is relatively high in comparison to a lot of accounts we compare in our database.
The account structure encourages and rewards both saving and regular spending. On top of the variable base rate of 1.60% p.a. you'll get an additional 3.15% p.a. bonus rate for fulfilling certain criteria, taking your total interest to 4.75%.
Plus, if you're between the ages of 18-29, you can earn an additional 0.20% p.a. Spend&Save bonus (on balances up to $30,000) for making at least five eligible purchases per month with a linked debit card. While the requirement to link a transaction account might seem inconvenient, it can actually simplify money management by separating spending and saving.
The $0 monthly fee for account holders under 30 or full-time tertiary students also makes it somewhat geared towards younger savers. However, it's worth noting that customers over 30 who aren't full-time students can still avoid a $5 monthly fee on the Choice account when depositing at least $2,000 each month.
Your selected savings accounts
I have been banking with Westpac for over ten years without any issues. I am a pensioner and Westpac don't charge me any fees. They don't have a lot of branches which is the downside. You can use other ATMs but you do get charged fees.
I have had the best experience with my esaaver acc westp is a seamless experience and it works really well with my ice. I’ve never had an issue with it
Verbally told 12% Interest rates for car loans (car is less than 5 yrs old). Then after looking at the documents given it was 14% interest rates with extra frees for someone with no credit history or debt. Random system shutdowns affect online banking - especially bad for it happens often on weekends. Customer service takes literally 2 months to provide a response to a credit card or loan request (with constant calls from me asking for updates).
Westpac has always helped me out when needed no extra chargers
I like westpac good services great customer services up to date easy to use face to face or online low fees.
Needs to be more face to face not AI
They offer no incentive to increase your money and are quick to penalise if you make a mistake.
It's easy to understand
easy to use and covered from any hidden charges or scam payments
Friendly staff, happy to assist and provide additional information and details.
As one of Australia's largest and oldest banks, Westpac is considered a safe and stable financial institution. It is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.
There is typically no minimum deposit required to open a Westpac Life savings account. However, to earn bonus interest, you'll need to grow your account balance each month.
The Westpac Life savings account itself has no monthly account-keeping fees. However, the linked Westpac Choice everyday account may incur a $5 monthly fee unless certain criteria are met, such as being under 30, a full-time tertiary student, or depositing at least $2,000 per month.
To earn the maximum interest rate of 5.20% p.a. on balances up to $30,000, you need to:
^See information about the Mozo Experts Choice Savings Account Awards
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