Westpac's 50 basis point increase to 2.50% p.a. comes after it cut the rate to 2.00% p.a. back in February; on launch around two years ago its maximum rate was 3.00% p.a. despite a cash rate of only 0.25% at the time.
The 2.50% p.a. total rate applies on balances up to $30,000. After that, a maximum 0.85% p.a. rate applies.
To attain the bonus rate, Westpac customers must grow the balance every month, and make five settled debit card purchases with the linked transaction account.
Some customers are also hit with a $5 monthly account keeping fee if they do not deposit $2,000 a month into the transaction account.
Westpac's decision to increase the savings rate on its Westpac Life product comes after the big-four bank did not move savings account rates north in line with the recent RBA cash rate increase for June.
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Harry O'Sullivan
Harrison Astbury
Jacob Cocciolone
