If you are between the ages of 18-29, Spend&Save variable bonus interest is available for you.
You will need:
- A Westpac Choice transaction account (individual) and;
- A Westpac Life savings account (individual) in the same name.
Once you have your accounts open, you can get started by growing your savings in Westpac Life and making 5 or more eligible purchases with your Westpac Choice debit card each month to get you closer to 5.00% p.a. interest.
The total variable interest rate is a combination of:
- Standard variable base rate (when no standard variable bonus rate applies): 0.40% p.a.
- Standard variable bonus rate: 3.85% p.a.
- Spend&Save variable bonus rate: 0.75% p.a. (on up to $30,000)
Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
To earn bonus interest on a Westpac Life account over the month:
- Keep your account balance above $0 at all times
- Make a deposit into the account. Interest paid into the account doesn’t count
- Your balance must be higher at the end of the month than at the beginning.
To earn the Spend&Save variable bonus rate, you must
- Be aged 18-29 with a Westpac Life and Westpac Choice account in your name (Joint accounts are not eligible and only one Spend&Save offer applies per customer)
- If you have multiple Westpac Life accounts, only the earliest opened account is eligible for bonus interest
- Make 5 eligible purchases with the Debit Mastercard® linked to your Westpac Choice account. Purchases must be settled (not pending) by 11:59pm on the second last business day within a month. Offer may be varied or withdrawn at any time.
The 30+'s know how to get >5%