Quick guide to Westpac Savings Accounts
Dominic Beattie
- Group Editor
- Experienced finance editor
- Writer
- Commentator and researcher
Do you like & trust our expert, human-written content?
Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers.
Westpac has seen the value of its consumer deposits grow by 10% in the 12 months to September 2025.
While the interest rates the bank offers may not be as attractive as many of its smaller competitors, as Australia's oldest bank, Westpac trades on its brand recognition and the customer loyalty that can come with it.
Westpac Savings Accounts & Interest Rates
Bank Savings Account Base Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Linked Account Required Minimum Monthly Deposit Minimum Opening Deposit Account Keeping Fee ATM Access Joint Application Tags Features Link Compare Promoted Product Disclosure
Rate varies on savings amount.
then 1.70% p.a.
Rate varies on savings amount.
Rate varies on savings amount.
Rate varies on savings amount.
then 5.40% p.a.
Disclosure
Here's a closer look at the deposit products available at Westpac (as at November 2025).
Life savings account
The Life savings account currently offers Westpac's highest variable interest rate, made up of a relatively low base rate and a bonus rate.
See also: The different types of savings account interest rates
To earn the bonus interest on a Westpac Life account, you need to:
keep the account balance above $0 at all times
make a deposit into the account each month (interest paid into the account doesn't count)
ensure your account balance is higher at the end of the month than at the beginning
Interest is calculated daily on the account balance up to the second last business day of the month and paid into your account on the last business day of the month.
Life savings account extra bonus interest for 18-40-year-olds
Life Customers aged 18-40 are eligible for extra bonus interest if they meet the conditions already mentioned, along with a couple of additional conditions.
To achieve the so-called Spend&Save variable bonus interest rate, account holders must:
be aged 18-40 and hold a Westpac Life and Westpac Choice account in their own name (no joint accounts)
- if you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest
make 20 eligible purchases with the debit Mastercard linked to their Westpac Choice account. Purchases must be settled (not pending) by 11:59 pm on the second last business day within a month. (Offer may be varied or withdrawn at any time.)
See also: 20 transactions for bonus interest: New Westpac savings hoop
The Spend&Save variable bonus interest rate will apply to the first $150,000 in your account.
As at June 2026, there are no fees charged on a Westpac Life savings account, but that may be subject to change. To hold a Life account, you must also hold a Westpac everyday account in the same name and be registered for online and telephone banking. (Fees and charges may apply on the everyday account, including a $5 monthly account-keeping fee unless certain conditions are met.)
eSaver Online Savings Account
Westpac's eSaver account offers a higher introductory interest rate for new customers opening their accounts online rather than in-branch or other staff assisted means. Its introductory rate applies for the first five months before reverting to a relatively lower standard variable rate.
Youth Savings Account
Westpac's Bump Savings accounts are available to under 18s and can earn a competitive interest rate, again made up of a base rate and bonus rate. To earn bonus interest, account holders need to:
keep their account balance above $0 at all times
make a deposit into the account each month (interest paid into the account doesn't count)
ensure the account balance is higher at the end of the month than at the beginning
Those aged 14-17 can open an account online and choose to give parents or guardians access to the account with a parental control function. Those under 14 will need a parent or guardian to open their account with them. Anyone under 12 has a mandatory parental control function applied.
There are no fees attached to youth savings accounts. Money can be withdrawn by transferring to a Westpac everyday account (these may incur fees and charges) or by visiting a branch where no fees will be charged on withdrawals.
See also: High interest savings accounts for kids and youth
See also: Should you open a savings account for a new baby?
Term Deposits
Westpac also offers an extensive range of term deposit products. Customers can take out a term deposit for periods between one month and five years for a fixed interest rate. Accepted deposit amounts range from $5,000 to $2 million with interest being paid when the term ends. Higher rates may be offered for higher deposit amounts and should customers choose to be paid more frequently, their interest rate will differ.
Westpac, along with other larger banks, generally offers lower term deposit rates than smaller players on the market, such as Judo Bank or Heartland. That said, many Australians choose to keep their deposits with bigger names, with the big four banks holding more than 70% of all household deposits.
What makes Westpac savings accounts different from others?
Additional bonus interest for 18-40-year-olds
Not many savings accounts offer extra bonus interest just for being young. However, the conditions for achieving it may be difficult for some to achieve on a regular basis. It requires some planning and oversight to ensure the transaction target is being met on a monthly basis.
Westpac App
Westpac's mobile banking app ranks among the best in Australia and features popular tools such as budget planning, spending categorisation, a bills calendar, savings finder, and a bill splitting function.
Savings Goals
Westpac's Savings Goals feature can be applied to either Life or Bump savings accounts. It allows users to set up to six savings goals in one account and keep track of them via the Westpac App. Goals can be shared with other Westpac account holders who can view progress but not your account. Accounts can be automated to achieve goals through the setting up of recurring transfers, making them easier to reach.
Online Banking Security/ Fraud Money Back Guarantee
Westpac guarantees to pay any missing funds if a Westpac account is compromised due to online fraud, provided customers have complied with its online banking terms and conditions. It also ensures customers will be reimbursed for any unauthorised card transactions provided customers have not contributed to the loss and reported the transaction promptly.
Kids' savings accounts
Unlike other child and youth savings products, Westpac's Bump savings accounts for those under 18 offers competitive interest rates on the total savings balance, with no upper limit.
.jpg)
Westpac Savings Accounts: Expert Review
"Most people are familiar with the red 'W' logo, but what they might not know is that Westpac has some competitive savings rates.
Warranting a particular mention is the Life account, which boasts an attractive interest rate provided bonus criteria is met.
Under-40s get a bonus as well - simply for being young. The top rate is competitive not just among majors, but market wide.
However, the big caveat is the bonus conditions. This product operates on a three-tiered interest approach, meaning it's quite easy to forget one thing and earn nothing that month.
Westpac recently upped its transaction requirement from five to 20, which is simply outrageous. I looked through my bank statements and some months I struggle to crack 20.
Unless you're a mass consumer, you might struggle as well.
This is all designed to create a 'sticky' product - one that requires full engagement with the bank that's hard to unwind. And sadly, it's becoming a market trend.
So, yes, you can get a good rate, but you'll have a sour taste in your mouth earning it."
Sharp savings account offers from other banks
Not sure about Westpac? Check out these other savings account offers on the market:
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Disclosure | ||||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
