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Westpac up to 3% Interest on Savings (up to $30,000) for 18-29 Year Olds


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.

  1. 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.

  2. 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individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1/07/2020 and may be varied or withdrawn at anytime in accordance with the deposit account terms and conditions.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.

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  • Can’t believe they still charge 5 bucks for transaction account with little benefits without transferring 2k in and out per month

    • So do CBA

  • So I'm the relevant age bracket and my current Life account is at less than $30k. It is higher than it was last month and I've made at least 5x transactions using my Choice card via Google Pay. Do I assume therefore that I'll be getting 3% interest this month?

    • Yes

  • +2

    Not bad in current circumstances.

    I wouldn't touch shares as an alternative at this point in time, market was overvalued before Corona, and it's being bolstered by the Government as we speak… add to that house prices. Both should have plunged.

    The debt bubble post 2009 created a fake impression of our economy, now the Government is going deep into debt itself to maintain this impression. People use the share market and real estate to judge an economy, hence the banks and Government are pulling the wool over your eyes. They want people to keep borrowing off their equity and buying homes, no matter what. It all should have fallen away substantially by now, and SHOULD. Until wages and productivity rises, any market or real estate gain is rubbish.

    • What happens when the banks collapse then? $250k guarantee per ADI is limited to $40 billion or so.

      • +1

        Will never happen, not the big banks. The government will just go further into debt before that happens.

  • Anybody know if buying a $10 item from Woolworths, and splitting payment at the self-service checkout 5 times to pay $2 each count as the 5 required transactions?

    • +2

      That definitely would.

  • +1

    Anyone know if the 3% rate applied to the balance for the whole month, or only begins to apply from when the 5th transaction is approved?

    • +2
      1. 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. 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.

      As long as you do 5 transactions in a month.

  • +1

    Hi, does anyone know when the 3% interest rate ends, can't sseem to find it anyways in the t+cs. I know the bonus $50 ends on the 6th of October.

    • It is ongoing, but as it is a variable rate it could change at any time

  • +3

    In the mobile app, if i got westpac life, details, it says total variable rate: 1% if bonus criteria met and 1% from standard and bonus variable rate. So it's only 2% altogether. Is this normal?

  • Does iTunes purchase count? (E.g. topping up account balance)

    • +1

      Yes, it would.

      • Thank you!

  • Does bonus interest rate apply at the same month you meet the criterion or the following?

  • You can open up to 3x account sets (choice + life), so if you can be bothered you can have up to $90k at 3% p.a.

    • I think the terms says 30k for your accounts so the limit apply for all accounts under your name.

      • Thanks mate. Two Westpac staff said that I could do it, but now after more wasted time on the phone they confirmed that the cap is $30k across ALL accounts. Time to put the rest of my savings into the share market - YEE HAWW!!

        • Damn that would be good… Clearly they don't train staff well enough on their own products …

  • +1

    Just want to point out that I contacted Westpac regarding this offer as I wasn't seeing my account reflect the 3% rate. The rep told me that since my life account has exactly $30,000 in it, it disqualifies me from the bonus interest & that you need to have $30,000 or less to qualify. I thought from the above wording meant the first $30,000 would be eligible and any amount over would receive the standard interest rate, but $30k or more just gives you a maximum of 1% (0.4 + 0.6).

    • +1

      That's strangely different from their QA:
      - What happens if I have more than $30,000 in my Life account?
      The Spend&Save interest applies to total balances of up to $30,000. For balances above $30,000, you’ll still receive the variable base rate and the bonus rate, provided you grow your account balance by the end of the month.

      • Westpac isn't particularly good at explaining things. It should be the first $30k I imagine. The balance will get the life rates + bonus for ending the month balance higher than it started.

        • Did you mean the first $30k get 3% or 1%?

          • +1

            @Meovel: First $30k should get 3%. The balance after that should get 1%.

    • Really?? That's pretty bad…. a very different impression from comments in this thread

    • Can confirm I called up Westpac and this is NOT true.
      The explicitly gave me an example over the phone where if I had $50k in the account the first $30k would get 3%.

      If you opened the account this month, the bonus IR would most likely only come into effect end of next month.

      • Thanks for confirmation, so full 3% rate applies the soonest the 2nd month?

        • I didn't confirm that specifically - but that's what usually happens.

    • Have you resolved it? or made the complaint

      • My rate is working fine now, it was just a delay with when it was paid. Assume the person I contacted had incorrect information, would remove my neg but the post is locked now.

  • +1

    "…ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0."

    Could I have $30,000 during the month, remove $29,999 on the last day of the month so that the next month starts with $1, then place $29,999 back in?

    Then repeat above but $1 -> $1.50 -> $2, etc. so it always increases between the first and last day of the month?

    • +3

      I believe you can, no point though, can just leave 29k adding $1 per month.

      • Cheers. Fair point, however just started working so concerned I may need to dip in to these savings at some point and want to keep the interest up if I do.

    • I was wondering the same thing.
      The unknown part is when exactly are they measuring the "beginning" and "end" of the month.
      They pay the interest on the last business day of the month which means the measurement for the end of the month is probably on this day.
      Then we don't know if they take another measurement at the beginning of the next month or if they use the previous month "end of the month" measurement. The wording seems to implies it's the former (two different measurements).

      Anyway, the grow balance criteria is only for 0.60% of the 3% interest (0.40% is base, 2% for the 5 transactions) so even without it's still higher than other banks.

  • Did anyone get the 3% rate

    • I checked this morn, and got $18.07 ($10.84 of which is bonus interest it says) hope the rest comes this month (my second month) balance is 30k. Made 5 transactions etc. Wish they had a status to give peace of mind you've met the eligibility for the bonus interest.

      • Did you have 30k? I had 10k and only got $5.70 ???

        • Yep I have 30k, looks like the rest of the interest will be paid on the 20th of this month as per ozbargain2019's comment above.

      • Ya dealing with them hasn't been amazing

    • The bonus 2% is paid on the 20th of each month.

  • ensure the account balance is higher at the end than the beginning of the month

    Is this based on balance on last day of the month (30th/31st) vs 1st? And if anytime during the month, the balance drops below balance on the 1st day of the month it’s fine, as long as on the 30th/31st it’s greater?

    • 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.

  • +2

    So if I have 30k in savings, would the best way be:
    Have $29,999 in savings account, then when I get interest, move it to the everyday account and at the end of the month, make sure my balance is $29,999.01? Then next month, 29,999.02 and so on

    • The terms and conditions state for bonus interest: "you (or someone on your behalf) have made a deposit of any

      I don't think it is clear if the bonus interest deposit satisfies this criteria (is interest credit considered a deposit on your behalf?)

      Also, the monthly account balance amount is measured on the same day interest is credited (last business day of the month). I would assume it is safe to withdraw all the interest, but again it's not really clear if the monthly account balance includes the total account balance + interest credit amount.

    • I was thinking of doing the same with $29,999 in Savings account. Did you end up trying it out?

      • You can't withdraw the interest credited at the beginning of the month. It's counted as part of the opening balance for the month.

  • Does anyone know if say paying $1 into the lotto app or $1 into Itunes from card would count as a single transaction?

    • It should but you're safer off putting 5 micro transactions through a Coles/Woolies checkout.

      • How do you do "micro transactions" at checkout?

        • Do split payment and pay say 1 cent, 3 cents, 59 cents, $2.06 and 87 cents

    • did 5 $1 the lott transactions and got my spend and save

  • +4

    I recieved my Spend & Save bonus today on the 13th. Anybody else received it yet? Maybe it arrives earlier if you satisfy the criteria earlier in the month?

    • May I ask what type of debt transaction you did? Just trying to work out what counts as part of the 5 and what doesn't.

      I also got mine today.

      • +1

        Last month I just used at the supermarket, to be sure to get the $50 opening bonus.

      • +10

        I only made 5x Beem it transactions and nothing else, confirming I received the SPEND AND SAVE 'deposit' on the 13th.

        • That's pretty awesome. If you don't have Beemit, Xinja topup is another way in case it stops working.

        • I thought beem it doesn't work?

    • Do you find that you're earning less than 3% interest overall?

      • +1

        It's calculated daily and paid in 3 amounts which is rather unnecessarily complex. It seems about right but you can contact them to get the rundown.

        • hello so i signed up towards end of Nov, deposited couple Thouu, did some purchases,
          and received my first interest line 31stDec "INTEREST PAID (Includes bonus of $0.30) -

          is that it? or more to come into the Westpac Life/savers …


    • Same here, did not even notice it until today. It’s paid directly into Life account named “DEPOSIT SPEND AND SAVE”

  • Also, Spend and Save seems to possibly be classed as a cash bonus rather than interest? It does not show in the interest earned to date/fy though it has already been paid, and is listed as a deposit on the transaction history as opposed to interest.

  • Did anyone else not get their extra interest payment today (being the 20th, when it's supposed to be paid)?

    • Didn't receive mine.

    • Probably you did jot meet the all the criteria for the bonus interest. Did the transactions settle before the last business day? What sort of transactions? Etc.

  • +8

    Received my bonus interest! “Beem It”s were my only “transactions”, but it came as a “Deposit Spend and Save” credit on the 13th of the month.

    • +2

      Legend for being the guinea pig.. going to do only BeemIt from now.

    • was your beem it transaction done through a "transfer" within one beem account, or did you "pay" to another beem it?

      • Paid to another account via Beemit so it shows as a debit purchase.

  • -1

    this deal still on, right?

  • Just confirmed that to get the bonus 0.6% growth interest, you must not withdraw the interest credited at the start of the month. This amount is included on the "opening" balance for the month.

    • +1

      You can withdraw the interest then deposit a greater amount than it right before the end of next month?

      • Yes I reckon that would be fine

  • +1

    I opened my account on the 25th of July, I haven't gotten the $50 offer for opening, and I just checked and I've earned 0.6% interest yesterday - but I definitely have fulfilled the bonus requirements they mentioned to get the 3%. Do they pay this at a later date or something in the subsequent month of opening your account (September) or should I give them a call and ask about it?

    • +1

      $50 is paid within 45 days, bonus 2% on or before 20th the next month.

  • Anyone got their spend and save for this month?

    • Not yet!

      • I realised it can be up to the 20th of the month.

      • +1

        Just got mine. :)

        • same

  • Do purchases made through Paypal (with Westpac debit card linked) also contribute to the 5 transactions requirement?

    • They should do. Otherwise Xinja topups or Beemit is fine too.

      • I thought I saw some comments saying BeemIt doesn't count anymore.
        NVM, it was from another thread

        • +1

          Westpac agents say it doesn't but it definitely does work. Who knows whether it will work long term but there are other options.

  • +1

    have a sneaky suspicion that beem it no longer works.. all my transactions through beem it don't say "debit card purchase" anymore. simply "beem it AU"
    might just purchase something and split payment 5 times

    • No, it still says debit card purchase. It just takes a few days until the transfer is cleared.

      • oh yeah true I just checked now and it says debit card purchase

  • Has anyone not got this months Spend&Save Bonus? I did last month around the 13th but this month I’m still yet to receive and have been using it as my daily driver, definitely exceeding the requirements. I rang the bank and they advised me to wait a further 48 business hours if not there to ring again. Not sure if this bonus interest is worth the muck around.

  • +1

    Does transfer from the Choice account count as "make a deposit to your Westpac Life account"?

    • It does, so long the closing balance at the end of the month is higher than the opening balance at the beginning of the month

  • +1

    My sister is 30 next April, does that mean she would be able to get 3% till then?

  • So I just found out their definition of close of business in T&C is 11:59pm instead of 5:00pm.

  • Anyone got their Spend and Save interest this month yet? I understand that the terms are that it will be paid by the 20th, however, I generally get it on the 15th. But nothing this month yet. Anyone else on the same boat?

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