Westpac slashes market-leading under-30s savings account rate

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on February 23, 2022 Fact Checked
Westpac slashes market-leading under-30s savings account rate

Following in Bank of Queensland's footsteps, Westpac has sliced the interest rate on its Westpac Life savings account.

Westpac has cut rates on its market-leading under-30s savings account, Westpac Life, just one week after Bank of Queensland (BOQ) did the same.

The under 30s savings account's interest rate dropped by 50 basis points from 2.50% p.a. to 2.00% p.a.

Originally boasting a 3.00% p.a. interest rate in July 2020, Westpac made its first cut to the savings account just over a year later. 

This latest rate cut means that for young people looking to make money on savings account interest, the highest rate currently available on the market is 2.00% p.a., according to Savings.com.au market research.

For people over 30 years old looking to save, the highest interest rates appear to be offered by AMP and ING (1.35% p.a.), however certain criteria must be met.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.


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Online Saver (Amounts < $499999)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

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          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 29, 2022. View disclaimer.

            Image by Erwin Voortman on Unsplash

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            Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.


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