This was posted 3 years 6 days ago, and might be an out-dated deal.

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Up to 2.5% p.a. High Interest Savings Account (Ages 18-29 Only, up to $30,000) @ Westpac

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Up to 2.5% p.a. High Interest Savings Account (Ages 18-29 Only, up to $30,000) @ Westpac
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drillvoice on 05/05/2021 - 17:11 westpac.com.au (501 clicks)
Last edited 19/09/2021 - 09:07 by 2 other users

I was just chatting to my younger brother and he let me know he was getting 2.5% pa on his savings. It seemed unbelievable but it's true! The 'catch' is that you must be 18-29 and it's only for balances up to $30k (plus you have to do some other bits and pieces, ie, grow your savings account balance each month and make 5+ transactions on the card).

But at the end of the day, 2.5% is a cracking savings rate. For comparison, if you had $20k in savings, compared to 1.5%, you'll make an extra $200 a year, which isn't too shabby.

On the other hand, Westpac funds polluting fossil fuels, so that's another thing to take into account.

EDIT: monthly fee of $5 on the "choice" bank account unless you meet certain criteria (explained in the link).

Mod: Previous deal. Duplicate exception: “The original deal is active but older than 6 months.” Guidelines

Mod2: As of 2021-09-18, the interest rate has dropped from 3% to 2.5%.

Referral Links

Westpac Choice Account: random (119)

Referrer & Referee get $50 after referee makes 5 card purchases & deposits $500+. Maximum of 5 referrals allowed per customer: bonus is not paid to either parties if the referral code has been used more than 5 times.

Financial Bank Account Banking Interest Savings Account

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closed Comments

  • coxymla on 05/05/2021 - 17:14
    +2

    N.B. $5/mo account keeping fee
    This fee is waived for:
    Customers that deposit at least $2,000 each month (other fees apply)
    Customer under the age of 21 or a full-time tertiary students

    • capslock janitor on 20/09/2021 - 12:43

      Do they start auto charging after ur 21st birthday?

  • Dealzallday on 05/05/2021 - 17:15
    +3

    There's also a 50 dollar bonus if you sign up and deposit 500 in a month. At least there was when I signed up on the start of April

  • CoreJava on 05/05/2021 - 17:20
    +3

    This is age discrimination

    • tromboc on 05/05/2021 - 17:29
      +1

      Why?

        • jjcf on 05/05/2021 - 18:07

          Yeah nah. Providing a benefit to a subset of people based on their age is entirely legal.

          Good luck next time, tho.

            • jjcf on 05/05/2021 - 18:14
              +12

              @Almost Banned:

              The ADA also says that it is not against the law to provide a genuine benefit to people of a particular age group or to do something that helps meet an identified need for people of a certain age group.

              For example, ‘positive discrimination’ may include discounts and concessions provided to older Australians using a Seniors Card and special accommodation assistance provided to homeless teenagers.

              Well done.

            • Almost Banned on 05/05/2021 - 20:06
              -2

              @Almost Banned: I know there are plenty of asshats on this site but can someone explain to me why I would get two down votes for a link to the HRC's site on Age Discrimination?

              • KangaDrew on 05/05/2021 - 21:27

                @Almost Banned: For starters, they've probably negged you for not reading the website properly. And the second round was because you're now whining about it when you simply have not read it properly.

                • Almost Banned on 05/05/2021 - 23:37

                  @KangaDrew: Forgive me for providing official information on the subject of the thread.
                  Like I said, this site is filled with asshats.

          • quog on 05/05/2021 - 21:02

            @jjcf: prejudice or discrimination on the grounds of a person's age.

            Definition from oxford. Seems to fit. It is discrimination.

            • jjcf on 06/05/2021 - 09:56

              @quog: Yes, the dictionary definition overrules what the actual law says.

              Congrats on the internet law degree, champ.

  • ryang on 05/05/2021 - 17:26
    +5

    It seemed unbelievable but it's true!

    What an age to be alive, where 3% interest is unheard of - for all the wrong reasons.

    • muwu on 05/05/2021 - 17:33
      -2

      Low interest. Less than CPI = losing money by depositing into these accounts

      Multiple strict hurdles to qualify for fractions of a percentage "bonus" interest, including spending criteria. Spending when you open a savings account

      Take a look at some ETFs and index funds, people!

      • jjcf on 05/05/2021 - 18:14
        +1

        Yes, because taking on equity market risk is the exact same thing as a savings account.

        Fascinated to find out what you think CPI is though.

        • muwu on 05/05/2021 - 21:02

          I look to CPI as a common measure of a country's rate of inflation on consumer goods/services.

          I think of risk on savings deposits as negligible (nil for <$250,000).

          I think of risk on index funds and ETFs as low.

          Most people need to make decisions about where to deposit savings, and how to structure their assets.

          Except for the infrequent need for a deposit and tax/fee payments on property purchases, I need to keep large sum deposits somewhere. My first use is in an offset account against my home loan for my principal place of residence. My second use is a conservative cash deposit in savings as an emergency fund. My third use is in ETFs that are diversified and balanced, which I intend to maintain long-term and consider the yield to be much greater than a cash deposit at relatively low risk.

          • punkman on 06/05/2021 - 12:46

            @muwu: but as JJCF said, what do you think inflation is, and how are you loosing money at 3%

            • muwu on 06/05/2021 - 12:47

              @punkman: How about…

              Not "losing money"

              But

              Losing purchasing power?

              • punkman on 06/05/2021 - 12:50

                @muwu: So 3% - 1.1% is a 1.9% gain generally speaking
                https://www.rba.gov.au/

                Even your relatively safer ETF's come with risk, the next few years given the RBA and fiscal stimulus taps will slowley be turned off.

                1.9% is great for those who are conservative and not ready to take risk in the stock market.

                • muwu on 06/05/2021 - 13:04

                  @punkman: For this savings account based on young age eligibility, I agree in thinking that 3% interest should be greater than CPI.

                  That might depend on your marginal tax rate. Someone on the top 47% rate (presuming one has PHI in this case) will realise 1.59% post-tax effective interest, and someone on a closer to median income with a 34.5% rate will realise 1.965% post-tax effective interest. Those numbers should be getting closer to CPI for many financial years.

                  And then everyone else outside this niche financial product is likely realising interest somewhere between 0.4% - 1.2% (before tax), which will definitely be below CPI.

                  I consider the risk index funds and ETFs come with as low (as above). Compared to many financial products that buy-in to stocks, they are conservative. My funds in these accounts are long-term, at least 10-15 years if not several decades, and I don't sink any time or energy into the short or medium term prospecting that any commentator or expert is to attempt to predict the market.

  • Gomo on 05/05/2021 - 17:28
    +2

    The banks interest rates are a joke… if you want to live on the side of caution I'd say look at some investment options to maximize your return ;)

    • ATangk on 05/05/2021 - 17:46
      +2

      3% is better than putting it in an offset account, and at least its better than inflation. Very good for liquid asset holding.

      • bongo007 on 05/05/2021 - 18:10
        +1

        Not if your home loan is more than 3%

        • ATangk on 05/05/2021 - 18:44

          Well, I guess it’s time to refinance!

      • jjcf on 05/05/2021 - 18:19
        +2

        It’s probably not, given you pay your marginal rate on interest and zero on an offset. At best it’s borderline and you have to jump through a bunch of hoops.

      • cook99 on 05/05/2021 - 18:20
        +3

        Not when you pay tax on the interest earned.
        Remember offset account is tax free savings, depending on you mortgage rate and taxable income you'll likely be better in offset still.

  • quog on 05/05/2021 - 17:46
    -1

    oh no, westpac funds fossil fuels!

    the horror, the horror.

    • Lizard Spock on 05/05/2021 - 17:51
      +4

      I sense sarcasm, but then I'm conflicted with your neg 🤔

  • nubzy on 05/05/2021 - 17:58
    +1

    A free $75 a month on 30k, not bad if you want to keep emergency savings rather than tie your money up in the share market. But I guess only a small percentage of under 30's would have 30k in cash laying around.

    • djones145 on 05/05/2021 - 19:01

      or a large percentage who has bank of mum and dad and can access some funds

  • Guiltyofv on 05/05/2021 - 18:09

    If you earn a fair few pretty pennies dont forget the tax on the interest later so it kinda evens out a bit

  • Mahogany Granger on 05/05/2021 - 18:16
    +4

    3% to the moon

  • screensaver on 05/05/2021 - 18:48

    if you are 14-24 you can also get the same at BOQ for 10000

  • djones145 on 05/05/2021 - 19:00
    +5

    perfect for saving a deposit on your deposit for a house

  • Andoes on 05/05/2021 - 19:23

    Shoulda dropped it on Doge a few weeks back.

    • peeppeep on 05/05/2021 - 20:31

      Or even Safemoon for that matter

  • Chichiwu on 05/05/2021 - 21:01

    What can you do if you are over 29😤

  • capslock janitor on 13/08/2021 - 13:32

    Confirmed that beem it no longer works?

    • Mr Shooty on 13/08/2021 - 19:45
      +1

      Worked for me last month. I guess we'll find out in a couple of days.

      • capslock janitor on 13/08/2021 - 20:40

        pLZ REPLY BACK THEN OK :d

        • Mr Shooty on 18/08/2021 - 20:25
          +1

          Can confirm still working. Received my bonus interest for this month by only using only beem it.

  • Motordom on 19/09/2021 - 05:38
    +1

    This was sadly slashed by 0.5% to 2.5% on September 13th

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