Up to 4.35% p.a. Interest for 18-29 Years Old (Monthly Grow Balance & 5 Debit Card Transactions Required) @ Westpac

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stevelo on 08/02/2023 - 12:57 westpac.com.au (183 clicks)
Last edited 08/02/2023 - 13:21 by 1 other user

How do I get Spend&Save bonus interest?
Earn up to 4.35% p.a. variable interest on your savings when you Spend’n’Save with our Choice everyday bank account plus Life savings account. This variable bonus interest rate is exclusive to 18-29-year-olds who meet the Spend&Save criteria each month.
How your interest adds up

Base interest on your Life account savings: 1.35% p.a.
Bonus interest each month you grow your savings: 2.40% p.a.
Spend&Save bonus interest each month debit card is used 5+ times: 0.60% p.a.
Total interest including bonuses: 4.35% p.a.*

Note: people aren’t between 18-29 years old 3.75% p.a

Related Stores

Westpac

• 

  Slo20 on 08/02/2023 - 13:06

  My daily limit of comment negs have been reset so waiting for “age discrimination” comments to arrive.

  • 

    HomeAlone on 08/02/2023 - 13:07

    +11

    age discrimination

    https://www.legislation.gov.au/Details/C2020C00283/Html/Text…

    Goods, services and facilities

    It is unlawful for a person who, whether for payment or not, provides goods or services, or makes facilities available, to discriminate against another person on the ground of the other person’s age:

    (a) by refusing to provide the other person with those goods or services or to make those facilities available to the other person; or

    (b) in the terms or conditions on which the first‑mentioned person provides the other person with those goods or services or makes those facilities available to the other person; or

    (c) in the manner in which the first‑mentioned person provides the other person with those goods or services or makes those facilities available to the other person.

    • 

      rogsamsy on 08/02/2023 - 13:34

      +2

      100%

    • 

      Caring on 08/02/2023 - 13:42

      +2

      @HomeAlone I'm not clear why you are getting negged.

      You are spot on.

      We can imagine the backlash if Apple had said that if we aren't between 18-29 Years Old then we need to pay double for an iPhone.

    • 

      cute as duck on 08/02/2023 - 13:49

      +3

      Thinking aloud, how does this legislation apply to discounts for certain concession and Senior Card holders vs those who don't have these entitlements?

      • 

        askbargain on 08/02/2023 - 14:00

        Probably because seniors are defined by the government and so targeting seniors isn’t exactly age discrimination. Also thinking aloud.

• 

  Celeriestix on 08/02/2023 - 13:09

  +2

  Not a new deal! Here's some notes from someone who just swapped from this:

  4.35% Up to $30,000, 3.75% for every dollar above that amount (assuming you meet the criteria each month - balance grows month over month, certain deposit amount and 5 transactions a month)

  The boy's over at r/ausfinance have a spreadsheet for the best interest accounts for your needs.

  I just swapped to Bank of Queensland which is offering 4.75%, for the same westpac criteria requirements. It's up to $50,000 and till the age of 35.

  Downsides: The bank is APP ONLY; although the app is very clean and user friendly. The main gripe I have with it is it's login verification. It has a 6 digit pin (why 6? make it 4) or a fingerprint verification where if you incorrectly scan your finger, it brings up a popup telling you to try again and you have to press "try again" before trying again. Small gripe? Sure. But boy is that some awful design every time you login.

• 

  MaMan on 08/02/2023 - 13:12

  -1

  Got it…APP only as X'ers and Boomers would not understand.

• 

  bennybaubles on 08/02/2023 - 13:14

  +6

  Or 4.55% at ing with no age restriction but some hoops to jump.
  https://www.ing.com.au/rates-and-fees/savings-interest-rates…

  • 

    JSONBourne on 08/02/2023 - 13:40

    +1

    Soon to be higher as well, they haven't included yesterdays rate increase.

• 

  cook99 on 08/02/2023 - 13:20

  Already getting 4.5% with Macquarie up to $250k, no hoops and no age limits.
  That'll also likely jump to 4.75% very soon for new customers.

  • 

    Celeriestix on 08/02/2023 - 13:23

    +2

    This is only for the first 4 months.

    • 

      cook99 on 08/02/2023 - 13:23

      And in 4 months I'll switch to ubank or ING who all offer more than this deal

• 

  Michael1983 on 08/02/2023 - 13:21

  +3

  Why the age discrimination?

  • 

    justtoreply on 08/02/2023 - 13:32

    They want customers who might stay a long time rather than drop dead

    • 

      Hard-Yakka on 08/02/2023 - 16:41

      +2

      Smart move by Westpac…..I'm 64 and death is stalking me.
      on a side note: (profanity) them !

  • 

    cute as duck on 08/02/2023 - 13:52

    One reason I can think of is they know many in this age group are saving for deposits and are less likely to switch and forgo that savings history as part of the application process which likely will be also through the same bank so more $$$ potential for bank.

    • 

      Michael1983 on 08/02/2023 - 17:37

      Using westpac for the last 12 years and their choice, esaver accounts, but moved my deposit to RAMS at one stage when they offered far more competitive rates, and then when the time for buying house came - applied to U-bank with much more competitive home loan rate.

• 

  spock on 08/02/2023 - 15:03

  +4

  Age discrimination for sure i was getting alot less interest on my money and i asked about them giving me this higher rate and was told its for 18 -29 so ive just moved my money to Macquarie bank 4.5% no hoops bye bye westpac .

• 

  Drakesy on 08/02/2023 - 15:23

  +4

  orrr just go Ubank?

• 

  StarPlatinum on 08/02/2023 - 17:20

  It doesn’t show 4.35 on the app only shows 3.75

• 

  payless69 on 09/02/2023 - 09:30

  OMG cruel Westpac, why are they not obsolete yet?