Just read about this on a news.com.au article - 3% savings rate is amazing but sadly im too old. Better then I am getting on ING though so thats fairly amazing even if it is only the 1st $30k. I copied the T&Cs below seems legit
3% p.a. variable interest: earn up to 3% p.a. variable interest each month when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month.
Westpac Life variable interest: to earn the variable interest, which currently includes a 0.40% standard variable base rate plus a 0.60% p.a. variable bonus rate, you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.
Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out
only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid by the 20th day of the next month.
Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1/07/2020 and may be varied or withdrawn at anytime in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.