Westpac Life account holders under 30 will be able to access the higher interest rate if they increase their monthly balance and make five debit transactions with a linked Westpac spending account.

If customers are unable to grow their monthly balance, a base rate of 2.40% p.a. will apply, which is still ahead of many competitors' rates.

The special interest rate will apply to balances up to $30,000.

The linked transaction account attracts a $5 monthly fee if customers do not deposit at least $2,000 a month (e.g. their pay), but that fee is waived if they are under 21 or a full-time tertiary student, a pensioner or Commonwealth health care card holder.

Currently, the Westpac Life interest rate sits at 1.00% - a 0.40% standard variable rate, and a 0.60% bonus rate if customers grow their account balance every month.

Compared to other banks, the 3.00% rate would make Westpac notably higher than even introductory rates, as seen in the table below.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Smart Saver Account (Under 25)

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 28, 2024. View disclaimer.

                                Westpac's head of savings and investments Kathryn Carpenter said COVID-19 has encouraged many young Australians to reassess their finances.

                                “Building savings can already be challenging for young adults who are only just starting their
                                financial journey, particularly in an environment like this where many are also now navigating
                                changes to their income or employment," she said.

                                "It’s clear this has been a turning point for many younger Australians, who are thinking more about owning a space of their own in the future and prioritising saving for a deposit."

                                Research commissioned by Westpac also found COVID-19 has made two thirds of young Australians motivated to save for their first home.

                                The research also found nearly half are planning to save more than they did before the pandemic hit, and 85% have chosen to cut back spending or hold off on large purchases.

                                The survey attracted a total of 2,376 responses from 23 March to 4 June, and an additional survey attracted 1,176 responses from 18 May to 22 May.

                                See how Westpac stacks up to the other big four banks in the table below - note Westpac's rate below is the standard Westpac Life product.

                                Provider

                                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Life

                                  01010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  Progress Saver

                                    010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                    Reward Saver

                                      5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                      NetBank Saver

                                        Important Information and Comparison Rate Warning

                                        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 28, 2024. View disclaimer.