If your Westpac Life savings account balance hasn’t grown by the end of the month, you’ll still earn the 0.20% p.a. * The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Online Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%. If your Westpac Life savings account balance hasn’t grown by the end of the month, you’ll still earn the 0.20% p.a. Westpac savings account rate cuts. variable base rate + 0.20% p.a. Westpac has today launched a market-leading bonus interest rate of 3.00% p.a. Westpac everyday account: To open a Westpac Bump Savings account, customers must hold a Westpac everyday account, which can be in the name of the child or a parent signatory. Savers will be able to earn a maximum ongoing rate of 3.00% on balances up to $30,000, but there are … Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. variable bonus for saving each month + 2.60% p.a. All overdrafts are subject to application and usual Westpac lending criteria. What counts as an eligible purchase to get the Spend&Save bonus interest rate? Ineligible transactions are ATM transactions, BPAY, EFTPOS cash out only transactions and purchases settled to a credit card account. Even if you don’t grow your Westpac Life savings account balance, you can still earn the 2.60% p.a. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. variable bonus interest rate. Conditions, fees and charges apply. A term deposit lets you lock your money away for a set length of time at a guaranteed interest rate, whereas a savings account gives you access to your money at any time but has an interest rate that can change. Westpac’s new 3% interest rate makes it the highest savings rate on Canstar’s database at this time, with the next highest in line a promotional interest rate of 2.26% at Macquarie Bank. A flexible savings account with bonus interest for regular savers that may be a suitable option for either long and short-term savings goals. Refer to the Fiji Customer Service Fees Booklet for details (PDF 98KB) If you become overdrawn without an arranged limit, the interest rate charged on the overdrawn amount is 19.95% p.a. 0.05% p.a. No matter what you are saving for, setting up a successful savings plan could help you reach your goals sooner. Keep your account balance above $0 at all times. It’s one of the biggest purchases you’ll ever make and one that will change your life. Even if you don’t grow your Westpac Life savings account balance, you can still earn the 2.60% p.a. Westpac Interest RatesWestpac New Zealand Limited is a major bank in New Zealand and a subsidiary of the Westpac Banking Corporation, an Australian bank. variable interest.*. variable bonus for saving each month + 2.60% p.a. After this amount, you’ll earn 0.40% p.a. Before making a decision about any of our products or services, please read all the terms and conditions. Spend&Save bonus for spending 5 times. Lending criteria apply to approval of credit products. Saving just got a little easier with a Westpac Choice bank account + a Westpac Life account. Take a look at the historical bank interest rates over the last 10 years. variable rate each month you grow your balance (excl. Fees and charges apply and may change. Full details are available on request. Spend&Save variable rate if you make at least five eligible purchases by the end of the month. 18-29? Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. These may change or we may introduce new ones in the future. Ability to earn bonus interest above your base rate 2; 1 free electronic and 1 free paper withdrawal per month 3; Option to link your account to Internet, Mobile Banking and Westpac Fiji App. National Australia Bank (NAB), ANZ and Westpac have also brought down the base interest rates on their savings accounts, with those rates as follows: ANZ Online Saver: 0.15% NAB iSaver: 0.11% Westpac eSaver. The effective return is the rate you would need to receive from a regular savings account to match the returns from a Notice Saver (after tax is paid). Spend&Save bonus interest2 applies on balances up to $30,000 in your Westpac Life savings account. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Let’s be real: most of us find it tricky to save. Big Four savings account Savings account variable interest rate Account conditions ; Westpac Life Account for 18-29s: Maximum variable rate of 3% p.a. Saving for a goal or important event? Get up to 3% p.a. Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. 1 Monthly bonus interest is available for Westpac Bonus Saver as long as on the last business day of the month the balance is $20 greater than on the last business day of the month prior. Spend&Save bonus for spending 5 times. For Westpac, it is 3% per annum (pa), paid monthly (depending on certain conditions). Applies to the first $30,000 in your Westpac Life savings account. If you’re between 18-29, you can earn a 3% p.a. Westpac has also carved interest rates on a number of its savings accounts this month, after also cutting savings account rates in September. Bonus interest is payable each month that you: A month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month. Savings account offer: Westpac Life (18-29 year olds only) If you’re between 18-29, you can earn a 3% p.a. Lending criteria apply to approval of credit products. Other short-term Westpac deposits were reduced by five and 10 basis points, depending on the term. This is made up of 0.20% p.a. Have your driver’s licence, Medicare card, passport or NSW photo card ready to apply, Your debit card will arrive in the mail within 2 weeks but you can use your digital cards instantly, You can import payees and BPAY billers from selected banks to save the copy-paste hassle. Commonwealth Bank and Westpac have cut interest rates on savings accounts on 22 January, 2021. Image source: Shutterstock. Fees and charges apply and may change. 0.05% p.a. Westpac's 12-month and 24-month deposits have been cut by 15 basis points to 0.85% p.a, down from 1.00% p.a. Rates subject to change, including OCR changes. Consider its appropriateness to these factors before acting on it. So it’s normal to have a few questions about how everything works. Spend&Save2 interest is payable every month that you: Other fees and charges may apply. Questions to ask when saving for your first home, Terms and Conditions or Product Disclosure Statement, ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that! Westpac's new rates are: eSaver - 0.75% p.a (0.05% p.a base rate + 0.70% p.a intro rate for first five months) variable base rate + 0.20% p.a. Spend&Save variable rate if you make at least five eligible purchases by the end of the month. Westpac’s five-month introductory rate on its standard eSaver account has been reduced by 25 basis points to a rate of 1.05 per cent, with an ongoing rate of 0.05 per cent thereafter. Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1st July 2020 and may be varied or withdrawn at any time in accordance with the deposit account terms and conditions. 2 Service fees still apply, for example clearance fees. (calculated on a daily basis). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts. Conditions, fees and charges apply. Our Spend&Save bonus interest for 18-29-year olds with a Westpac Life savings account and a Choice everyday account has been recognised as the ‘Most Innovative Savings Product’ of the year by the RFi Group Australian Banking Innovation Awards. standard variable interest rate. We use cookies to secure and tailor your web use. An account + debit card for your day-to-day spending, An account that helps you save and rewards you for it. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Westpac Life could help you reach your savings goals sooner by earning bonus interest every month you save. Fees. If you’ve got a lump sum, you could also consider a term deposit with a fixed interest rate. Get a head start on reaching your goals with this simple-to-follow regular savings plan guide. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Westpac’s subsidiary branches – St. George Bank, Bank of Melbourne and Bank SA – have also lowered savings rates today across their Maxi Saver and Incentive Saver accounts. Make 5 eligible purchases with your debit card linked to your Choice account. What was the average term deposit interest rates in the history of Australia? This is based on a PIR (Prescribed Investor Rate) of 28% and an income tax rate of 30% or 33%. After this amount, you’ll earn 0.40% p.a. For balances above $30,000, you’ll still receive the variable base rate and the bonus interest rate, provided you grow your savings account balance by the end of the month. After cutting to its 'lowest ever' home loan interest rate of 1.79% p.a (3.37% p.a comparison rate*) earlier in March, Westpac has reduced its unsecured personal loan interest rate by 200 basis points today. Simply use the Savings Goals feature of a Westpac Life account to set up your goals along with a regular transfer. Australian Pensioner Concession or Health Care Card holders. When you grow your savings with a Westpac Life account and make 5 eligible purchases with a debit card linked to your Choice account each month. Open a Choice bank account and a Life savings account in less than 3 minutes. 3 The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Notice Saver, based … Make sure you’ve grown your Westpac Life savings account balance by the end of the month1. Find out about business overdrafts here. After this amount you’ll earn 0.40% p.a. A Westpac spokesperson told Savings.com.au the bank takes interest rate changes very seriously. Savings account rates aren’t what they used to be, but Westpac has turned the downward rate trend on its head with the new Life account for Australians aged 18 to 29 years old. The Spend&Save interest applies to total balances of up to $30,000. Make it easier to manage short and long term saving goals – with just the one savings account. Eligible payments are those made using your card including in-store, online purchases, PayPass, Samsung Pay, Google Pay, Garmin Pay, Fitbit Pay and Westpac PayWear. Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts. Please refer to the Terms and Conditions (PDF 1MB). ** Individuals with taxable income of … Westpac eSaver can help you boost your savings with an introductory rate for the first 5 months.2. Fees and charges may apply on the everyday account. The bank also reduced the five-month introductory rate on its eSaver account by 0.15 per cent, taking it down to 0.80 per cent and the maximum rate to 0.85 per cent. Our notice explains how we use cookies and how you can manage them. These may change or we may introduce new ones in the future. Our notice explains how we use cookies and how you can manage them. variable interest. An online savings account with a high interest rate, 24/7 access to your funds and no minimum balance. on its Westpac Life savings account. By continuing to use this site we assume you're ok with our notice. ), Overseas ATM cash withdrawal from a Global Alliance Partner ATM (for more information on Global Alliance Partners see, Transactions made in foreign currency, and the merchant or financial institution is located outside Australia, Transactions made in foreign currency, and the merchant or financial institution is located in Australia, Telephone Banking withdrawal (staff assisted), Standard variable base rate (when no standard variable bonus rate applies), Customers that deposit at least $2,000 each month (other fees apply), Ensure your account balance is higher at the end than the beginning; and. Not all savings accounts are the same – some can help with short term saving with introductory interest while others reward regular saving with ongoing bonus interest. This includes 0.20% p.a. Commonwealth Bank (CBA) was the first major bank to reduce savings account rates in 2021, after cutting a further 0.05 percentage points off its NetBank Saver, GoalSaver and YouthSaver accounts. variable interest. applies on balances up to $30,000 in your Westpac Life savings account. variable base rate plus 0.20% p.a. Get your goals started with a savings plan, Terms and Conditions or Product Disclosure Statement, Bonus interest every month you grow your savings even if you withdraw money, Bucket your money into different Savings Goals, Bonus interest on your savings for the first 5 months, Bonus rate applies whether you've grown your savings or not, Earn bonus interest every month you grow your savings, even if you withdraw money, Earn interest even if your savings don't grow, Set up and track your progress toward different savings goals. Choose from a savings account that could reward you with bonus interest, or an online savings account with a great introductory interest rate. On the same day that Westpac introduced this savings account rate, its rival and Australia’s largest bank opted to slash savings rates. This is made up of 0.20% p.a. Transactions that are made using your credit card and settled to your Choice transaction account are also included. Savings interest is the amount the bank pays you for putting your money in their savings account. variable interest on your savings For 18-29-year olds When you grow your savings with a Westpac Life account and make 5 eligible purchases with … By continuing to use this site we assume you're ok with our notice. Make 5 eligible purchases a month with your debit card linked to your Westpac Choice bank account2. This is by far the highest ongoing bonus rate … Westpac has cut the bonus rate on its Life savings account by 0.15 per cent to 0.45 per cent and a maximum possible rate of 0.85 per cent. *) fixed for 1-7 years, down from 11.99% p.a. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000. Full details are available on request. What happens if I don’t grow my Life savings account balance? If you don’t know where to start or if you want to take your savings game to the next level, you’re not alone. We use cookies to secure and tailor your web use. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. This information does not take your personal objectives, circumstances or needs into account. The Maxi Saver account, for instance, now has a total interest rate of 1.70% at each lender, including a three-month promotional rate of 1.60%. An unarranged overdraft fee of $9 per month will also be charged. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. The unsecured personal loan now has an interest rate of 9.99% p.a (comparison rate 11.16% p.a. This information does not take your personal objectives, circumstances or needs into account. 4. Available for under 18s. Westpac offers the following savings accounts at the time of writing: Westpac Life. variable rate each month you grow your balance (excl. In simple terms, if you have $10,000 in that bank account, you will earn $25 in the first month (10,000 x 3%/12). What happens if I have more than $30,000 in my Life savings account? standard variable interest rate. Consider its appropriateness to these factors before acting on it. How do I earn bonus interest on my Westpac Life account? Bump Savings is an account designed to help children kickstart their savings.