Interest rate
2.00% p.a.(for $0 and over)
Maximum rate
5.00% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Westpac Life - last updated: 17 November 2023

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What's hot
  • Unlimited online transfers between your Westpac everyday account
  • No account fees
  • Savings Goals feature
What's not
  • Must have a 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 could have you on track to reaching your savings target in no time.

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Key features

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

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Who is it 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.

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Any catches

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

Details

Rates and fees information correct as at 21 February 2024. 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: 2.00% p.a.

Balances from $0: 5.00% 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

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

yes

no

yes

yes

yes

no

none

none

none

Customer Reviews

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Overall
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About Westpac

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