Westpac Life Savings Account Review (2026)
Westpac Life Savings Account Review (2026)Rates and conditions verified 21 June 2026
Rates can change without notice. Last verified: 21 June 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
5.00%
p.a. when conditions met
Base rate
0.10%
p.a. if conditions missed
Monthly fee
$0
on the Life account
About Westpac Life
Westpac Life is the main bonus savings account from Westpac, one of Australia's four major banks. It pays up to 5.00% p.a. total variable interest when you meet three simple monthly conditions: make at least one deposit, keep your balance above $0, and end the month with a higher balance than you started.
To open Westpac Life you must hold (or open) a Westpac Choice everyday account in the same name. There are no account-keeping fees on the Life account itself, though fees may apply on the linked Choice account.
At 5.00% p.a., Westpac Life is competitive within the big-four bank peer group — matching CommBank GoalSaver and NAB Reward Saver — but sits below challenger bank rates from ING (5.50%) and Suncorp (5.10%).
Current Interest Rates
| Rate type | Rate | Condition |
|---|---|---|
| Total (with bonus) | 5.00% p.a. | All 3 monthly conditions met |
| Bonus rate | 4.90% p.a. | Component of total rate |
| Base rate | 0.10% p.a. | Conditions not met |
Variable rate — check Westpac's website for the latest rate before applying.
The Monthly Conditions — Explained
1 — Make a deposit
At least one deposit of any amount during the month. Even a small transfer counts. There is no minimum deposit amount.
2 — Stay above $0
Your balance must remain above $0 at all times throughout the month. Dipping to zero forfeits the bonus for that month.
3 — Grow your balance
Your closing balance must be higher than your opening balance. Interest paid by Westpac does not count toward the growth requirement.
Pros and Cons
Pros
- ✓ Simple conditions — one deposit and net positive savings
- ✓ No minimum deposit amount required
- ✓ No account-keeping fee on the Life account
- ✓ Westpac app — budgeting tools and savings goal tracking
- ✓ Government deposit guarantee up to $250,000
- ✓ Australia's second-largest bank
Cons
- ✗ 5.00% trails ING (5.50%) and Suncorp (5.10%)
- ✗ Requires a Westpac Choice everyday account
- ✗ Base rate (0.10%) is very low if conditions are missed
- ✗ No introductory rate boost for new customers
How It Compares
- Rabobank High Interest Savings Account5.90% — intro (4m), 4.00% ongoing — no conditions
- ubank Save Account5.85% — intro, 5.10% ongoing — grow balance each month
- ING Savings Maximiser5.50% — $1,000 deposit + 5 card purchases
- Suncorp Bank Growth Saver5.10% — $200 net balance growth per month
- St.George Maxi Saver5.35% — intro for 6 months, then ~1.70%
- NAB Reward Saver5.00% — 1 deposit, no withdrawals
- CommBank GoalSaver5.00% — 1 deposit + higher balance
- Westpac LifeReviewed here5.00% — 1 deposit + balance above $0 + higher balance
Related guides
Information verified 21 June 2026. Rates variable and subject to change. Confirm current rates and conditions on Westpac's website before applying. This is not financial advice.