Westpac Life
savings accountlinked accountterms checked
Life is a savings account from Westpac. It pays 5.50% p.a. in a month in which the conditions below are met and 0.10% when they are not.
Rate tiers
Every balance band in the bank's feed: base is the rate when the bonus conditions are not all met, bonus the add-on for meeting them, conditional the two together.
| Balance | Base | Bonus | Conditional |
|---|---|---|---|
| $0+ | 0.10% | 5.40% | 5.50% |
The bonus is paid on top of the base rate in a month in which the conditions are met; conditional is the two together, and the base rate is what is paid otherwise.
The feed states no cap on the balance that earns the bonus.
Conditions
For the bonus rate
- at least one deposit each month
- grow the balance each month
In the bank's own words, as its feed states each condition on the bonus rate:
- deposits each monthAccount balance must not fall below $0 at any time. Make at least one deposit. Interest paid into the account doesn't count. Account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Other conditions
- hold a Westpac everyday account in the same name
- ages 18 and over
Bonuses the ranking leaves out, because the feed limits them to some people only (an age band, selected customers, new arrivals):
- 0.70% on $1 – $150,000: On up to $150,000 Spend&Save variable bonus rate.; 20 or more card purchases a month; linked transaction account required; age condition: aged 18-40
Features
- app
- yes
- transactions
- unlimited
Other features, in the bank's words:
- The Westpac Life account comes with a Westpac Choice everyday account so you can easily transfer money in and out. We'll only open a Choice account if you don't already have one.
- Statements: 6 monthly, or more frequently on request.
- Bonus interest - You could boost savings each month you grow your balance.
- Bucket your savings - In up to 6 different Savings Goals with just one account.
- Set Savings Goals -Track how much you should save to reach your goal or create a shared goal and invite others to contribute.
- Separate savings - Check savings and spending in one view with the Westpac App.
Fees, limits and who can open it
- monthly fee
- $0
- interest paid
- monthly
- interest calculated
- daily
- age
- ages 18 and over
- open to
- personal customers
- linked account
- a linked or nominated transaction account is required
Who can open it, in the bank's own words:
- residency: Those with an Australian residential address and who are currently in Australia.
About this account
Westpac Life is a flexible savings account that supports your savings goals.
Data
- Westpac's own page for this account.
- The bank's documents its product record links to: terms and conditions, fees, eligibility.
- Our verbatim snapshot of the bank's product record (source), as fetched on 13 November 2026.
- We read the bank's own page and terms against this page on 1 November 2026: life, PersonalAccounts-tandc.pdf; conditions they state and its feed does not are listed above.
/au/finance/savings-accounts/v1/brands/westpac.json: this bank's accounts and every balance band as JSON; Westpac's page lists them.- The bank last updated this record on 13 November 2026. Rates are per annum as the bank states them; "stale" means the bank has not updated the record for over 60 days or since the latest cash rate change.
Other accounts at Westpac
- 55+ and Retired savings account, 1.73% base at $50,000
- Bump Savings savings account, 5.55% conditional at $50,000
- Business Cash Reserve Savings savings account, 0.95% base at $50,000
- Business Premium Cash Reserve savings account, 0.01% base at $50,000
- Cash Investment Account savings account, 1.30% base at $50,000
- Community Solutions Cash Reserve savings account, 0.95% base at $50,000
- eSaver savings account, 1.25% base at $50,000
- Notice Saver 31, 60 & 90 Days notice account, 0.00% base at $50,000
- Bank Account with Debit Card for Students and Young Adultsstale transaction account, 0.00% base at $50,000
- Business Onestale transaction account, 0.00% base at $50,000
- Business One - Negotiator Planstale transaction account
- Business One - Plusstale transaction account, 0.00% base at $50,000
- Choice transaction account, 0.00% base at $50,000
- Choice for Concession Holdersstale transaction account, 0.00% base at $50,000
- Choice for Migrantsstale transaction account, 0.00% base at $50,000
- Community Solutions One transaction account, 0.00% base at $50,000
- Youth Bank Account and Debit Cardstale transaction account, 0.00% base at $50,000
All of Westpac's accounts on its page, with its best rates per segment and rate kind, and every account at every bank.
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