Westpac savings accounts

3.7
Based on 5,018 Westpac savings account product reviews.
Fact Checked
Last updated

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.

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Editor's Review: Westpac Life Savings Account

Life

Standard rate
1.85 % p.a.
(for $0 and over)
Maximum rate
5.00 % p.a.
(for $0 and over)
Minimum one deposit and higher balance than at the beginning of the month
Link not supplied
  • High total variable interest rate of up to 5.20% 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

Our verdict

When paired with a Choice everyday account, Westpac's Life savings account offers a compelling package for savers, especially those aged 18-29 or full-time tertiary students. The potential to earn up to 5.20% p.a. interest is particularly high in comparison to a lot of accounts we compare on our database.

The account structure encourages and rewards both saving and regular spending. The variable base rate of 1.85% p.a. gains an additional 3.15% p.a. bonus rate for fulfilling certain criteria, plus an additional 0.20% p.a. Spend&Save bonus for making at least 5 eligible purchases per month with the linked debit card. While the requirement to link a transaction account might seem inconvenient, it actually simplifies 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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more savings accounts here.
Last updated 25 October 2024 Important disclosures

Westpac savings accounts

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Westpac savings account ratings

Overall customer rating for Westpac savings accounts

3.7
Based on 5,018 product reviews.

Customer reviews

Important disclosures

Westpac products

FAQs

Is Westpac safe?

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.

What is the minimum deposit required to open a Westpac Life savings account?

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.

Are there any fees associated with the Westpac Life savings account?

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.

How do I earn the maximum interest rate on my Westpac Life savings account?

To earn the maximum interest rate of 5.20% p.a. on balances up to $30,000, you need to:

  1. Increase your Westpac Life account balance each month to earn 3.15% p.a. bonus interest on top of the 1.85% p.a. base rate.
  2. Make at least 5 eligible purchases that settle during the month with your Westpac Choice account's debit card to earn the additional 0.20% p.a. Spend&Save bonus interest.

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