Westpac Life Savings Account - How to Get Bonus Interest for Increasing Your Balance for The Month?

Lmulimulix on 19/12/2020 - 22:29
Last edited 20/12/2020 - 06:57 by 1 other user

I have a Westpac savings account where you get a really good interest rate as long as you fit certain criteria which includes increasing your balance for the month.

I usually do this but have had some big expenses this month. Basically, is it just as simple as a friend sending you whatever amount you need to increase your balance for the month, make sure it's in your savings over 11:59PM on the 31st December and then send it back the next morning?

I feel like it should be that simple but wondering if there are safeguards in place to stop people from doing that? Does anybody know?

Thanks

Related Stores

Westpac

• 

  workhappens on 19/12/2020 - 23:47

  It will depend on the T&Cs of the product you have, so probably better to name it otherwise you may get incorrect information.

  One "safeguard" is that it is a pain in the ass to do what you are suggestion and needs a lot of trust.

  • 

    mulimulix on 20/12/2020 - 00:14

    It's the Westpac 18-29 offer. All I can see in the Ts and Cs is:

    To earn the variable bonus interest 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.

    So I see no reason why it wouldn't work but seems almost like cheating. Just don't want to get into trouble or anything so want to make sure.

    • 

      dmbminaret on 20/12/2020 - 05:26

      +1

      What is the interest rate?

      I use UP and only qualification is 4 transactions per month. Interest is paid on anything in savings (sub pseudo accounts).

• 

  workhappens on 20/12/2020 - 01:08

  +1

  I don't have this one but in my opinion it should work. Just checking the website, you should be aware of the following so that you can time it properly as it is not cut and dry as last of the month.

  Your Westpac Life variable interest and Spend&Save interest will be paid separately.
  Your Westpac Life variable interest will be paid on the last business day of the month, provided you meet the bonus interest criteria.
  Your Spend&Save interest will be paid into your savings account by the 20th Day of the following month, provided you’ve met the criteria. That means if you’ve made five (5) eligible purchases in January, your Spend&Save bonus will be paid by the 20th of February.

  You wouldn't get into trouble for meeting the criteria in a creative way unless your mate does something silly like mark it with "drugs and weapons".

• 

  lorikeet on 20/12/2020 - 02:41

  +2

  Westpac measures the amount on the last business day of the month. So check how much you had on the last business day of last month (November 30) and be sure to have more on December 31. They say they measure at the bank closing time but to be extra sure you can make the transfer one day earlier.

• 

  Agarwal on 20/12/2020 - 08:24

  +1

  It would work, but then would you save enough the following month to increase your balance, given that you'd be returning the money to your friend?

• 

  Hvrd on 20/12/2020 - 10:30

  +1

  as long as the ending balance is higher than the balance after you got interest the previous month its good