Westpac Life (Spend&Save (18–40)) Summary
Description
Westpac Life is a flexible savings account that supports your savings goals.
Benefits
- No monthly savings-account fee.
Hoops
- Available to ages 18 to 40.
- For bonus interest, make at least 1 qualifying deposit each month, grow the balance by at least $0.01 each month, make at least 20 qualifying purchases each month. Check the full requirements below.
- Ongoing rate cap: $150,000. See the rate breakdown for higher balances.
On this page
Details
Key details
| Product name | Westpac Life (Spend&Save (18–40)) |
|---|---|
| Maximum variable rate | 5.95% p.a. |
| Ongoing interest rate | 5.95% p.a. |
| Base interest rate | 0.10% p.a. |
| Minimum age | 18 years |
Source: noren.com.au
All comparison details
| Base | 0.10% |
|---|---|
| Ongoing | 5.95% |
| Ongoing cap | $150K |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 1 |
| Dep $/mth | - |
| Growth/mth | $0.01 |
| Buys/mth | 20 |
| Txns/mth | - |
| W/d/mth | - |
| Min age | 18 |
| Max age | 40 |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.10% p.a., before bonus interest.
- Ongoing: 5.95% p.a. when bonus conditions are met. Up to $150k.
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Base rate component | 0.10% | Whole balance | All balances |
| Ongoing total, conditions met | 5.95% | This band only | First $150k |
| Ongoing total, conditions met | 5.25% | This band only | Over $150k |
Source: noren.com.au
Share/Export
This band only: the rate applies to the money within the listed balance range. Other portions earn their own rates.
Requirements
- Keep the balance at or above $0 throughout the month.
- Make at least one eligible deposit, excluding bank-initiated credits such as interest, by the last business day of the month.
- Grow the balance by at least $0.01 between the last business days of consecutive months. Withdrawals can prevent meeting this condition.
- Make at least 20 eligible Westpac Choice Debit Mastercard purchases, settled by 11:59pm Sydney time on the second last business day of the month.
- The Spend&Save purchase bonus is independent of the standard balance-growth bonus: meeting purchases without growth still earns base plus the capped Spend&Save increment. The displayed ongoing total assumes both sets of conditions are met.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with Westpac.
- Aged 18–40 inclusive. Life and Choice must be in the same sole name. Joint accounts are ineligible. Only the earliest opened Life account qualifies for one Spend&Save offer per customer.
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Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected on 31 Oct 2026. Pricing verified on 28 Oct 2026.