Westpac Life 3.50% p.a. Interest on Balance up to $30,000 for 18-29 Years Old (Growing Balance & Spend Requirements) @ Westpac

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Cashback

archiexyz on 15/09/2022 - 08:52 westpac.com.au (191 clicks)
Last edited 15/09/2022 - 13:59 by 1 other user

Source: https://www.westpac.com.au/personal-banking/bank-accounts/sa…

Description adapted from previous post, credit to @aznhy01

Earn up to 3.50% p.a. on your savings

How your interest adds up	Percentage
Standard + Bonus interest on your Life account savings	2.35% p.a.
Spend&Save bonus interest each month debit card is used 5+ times	1.15% p.a.
Total interest including bonuses	3.50% p.a.

All rates are variable and subject to change. The Spend&Save bonus applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.15% bonus does not apply to savings above that balance.

Monthly fees & rates

Westpac Life savings account: $0
Westpac Choice bank account: $5 (criteria for fee waiver below)

This fee is waived for:

• Customers that deposit at least $2,000 each month
• Customer under the age of 30 or full-time tertiary students
• Australian Pensioner Concession or Health Care Card holders
• New to Australia or expatriate customers (for the first 12 months).

Related Stores

Westpac

• 

  shoppe on 15/09/2022 - 09:09

  -1

  Why are bank allowed to discriminate on age.

  • 

    jjcf on 15/09/2022 - 09:36

    +11

    Because offering a genuine benefit to a particular age group is completely legal, as discussed in literally every deal where this happens.

    • 

      capslock janitor on 24/10/2022 - 01:05

      First time I'm seeing this discussed

  • 

    payless69 on 19/09/2022 - 14:25

    -1

    We now have a weaker leader!

  • 

    payless69 on 20/09/2022 - 16:15

    Because the dumb needs to be punished?

• 

  kc7 on 15/09/2022 - 09:10

  +7

  Wow they only increased it by 0.25%

  UBank does seem like a good deal at 3.35% (open to everyone, can do more than 30k and no hurdles)

  • 

    FFx0 on 15/09/2022 - 09:29

    +1

    UBank does have a hurdle of a $200 deposit every month albeit not hard to achieve.

    • 

      darkly on 15/09/2022 - 10:43

      +2

      This has more hurdles:
      * up to $30,000
      * 18-29 Years Old
      * Need a Westpac Choice bank account at $5/month (waived if you deposit $2,000+ a month)

• 

  [Deactivated] on 15/09/2022 - 09:28

  That age limit is a load of bullocks

• 

  Frozensage on 15/09/2022 - 10:08

  +2

  i'm still waiting for the $50 they said they would pay me for depositing $500 2 month ago….

  • 

    capslock janitor on 24/10/2022 - 01:06

    Shit I don't think they paid me last year..

• 

  Unorthodox on 15/09/2022 - 10:55

  Neg - they took from the Spend&Save date to boost up the standard bonus rate.

  Net increase of 0.25% vs the cash rate increase of 0.50%

  Pretty much same conditions as ING and BoQ but less interest potential and lower cap $30k.

  • 

    archiexyz on 15/09/2022 - 11:03

    Useful for those with more than 50K, and you can use beemit for the 5 card transactions unlike ing

• 

  Drakesy on 15/09/2022 - 11:18

  Just stick with ubank,
  They won't piss you off and just give you your money.

• 

  gingerscale on 15/09/2022 - 11:41

  -4

  Blossom app 4% seems appealing at this stage, uses bonds but not governemtn backed

  • 

    bird380 on 15/09/2022 - 13:01

    +1

    "Targeting" 4 %, not guarantee

  • 

    capslock janitor on 24/10/2022 - 01:07

    What is that??

• 

  cnut on 15/09/2022 - 14:41

  +2

  Isn't ING 3.5% but for everyone and up to $100,000?

• 

  izkai67 on 15/09/2022 - 18:07

  no thanks, not worthed it

• 

  payless69 on 19/09/2022 - 14:26

  -1

  Please put age limit at front! Thanks!

• 

  capslock janitor on 24/10/2022 - 01:09

  I replaced this hula hoop with BOQ+ING who both seem to be fighting for top spot with hoops
  (and stable ubank 3.6% from nov1)