Westpac Life

The Life savings account is Westpac’s offering for regular savers. There aren’t any age restrictions to opening an account, and it includes the Savings Goals feature, where money within the account can be ‘bucketed’ into up to 6 different goals.

There is a base variable interest rate, than a bonus rate that is added on once certain conditions are met in a given month. As of December 2023, these conditions were:

  • The account balance must not have dropped below $0.

  • There was at least one deposit made during the month.

  • The closing balance on the last business day of the month is greater than it was on the last day of the previous month.

There is also currently an interest rate premium if you are under 30; under 30s also have the monthly account keeping fee on the linked transaction account waived.

Westpac eSaver

Billed for ‘short term savers’, the eSaver offers a high introductory interest rate for the first five months after opening an account. It is currently only available for a limited time, for savers who have never held an eSaver account before. After the five months are up, the rate reverts to the standard variable interest rate.

Westpac Bump savings

The Bump Savings account is for under 18s to kickstart their savings. Parents or guardians can open an account in their child's name, but those aged between 14 and 17 are also able to open a Bump savings account on their own. There are no account keeping or transaction fees.

The Bump savings account has a bonus interest rate on top of the standard variable rate, unlocked when the following conditions are met:

  • The account balance must not have dropped below $0.

  • There was at least one deposit made during the month.

  • The closing balance on the last business day of the month is greater than it was on the last day of the previous month.

Westpac is currently offering a $50 boost to these accounts for those who sign up for a Bump savings account and a Westpac Choice transaction account.

Savings account fees

*Correct as of December '23

Overdrawn Fee

$15

Transactions in foreign currency (merchant or financial institution located outside Australia)

3% of transaction amount (AUD)

Transactions in foreign currency (merchant or financial institution located inside Australia)

2.2% of transaction account