Westpac up to 3% Interest on Savings (up to $30,000) for 18-29 Year Olds

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AssociatedLWarren05 on 08/07/2020 - 09:52 westpac.com.au (7067 clicks)
Last edited 14/09/2020 - 08:04 by 5 other users

Just read about this on a news.com.au article - 3% savings rate is amazing but sadly im too old. Better then I am getting on ING though so thats fairly amazing even if it is only the 1st $30k. I copied the T&Cs below seems legit

3% p.a. variable interest: earn up to 3% p.a. variable interest each month when you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest. For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month.

1. Westpac Life variable interest: to earn the variable interest, which currently includes a 0.40% standard variable base rate plus a 0.60% p.a. variable bonus rate, you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month.

2. Spend&Save bonus variable interest: to earn the bonus variable interest, you must make 5 eligible purchases with the debit card linked to your Choice account and have these settled (not pending) within a calendar month. The following transactions are ineligible: ATM transactions, BPAY, EFTPOS cash out
   only transactions and purchases settled to a credit card account. Interest is calculated on the daily balance of your Westpac Life account(s) up to $30,000 and paid by the 20th day of the next month.
   Available to individuals aged 18-29 on new and existing sets of Westpac Life and Choice accounts from 1/07/2020 and may be varied or withdrawn at anytime in accordance with the deposit account terms and conditions. Westpac Choice and Westpac Life sole or joint accounts must be opened in the same customer name(s). Eligible on a maximum of 3 sets of Choice and Westpac Life sole and/or joint accounts.

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    DimS33 on 18/11/2020 - 15:51

    Same boat

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    PattyDaPanda on 18/11/2020 - 16:01

    +2

    I just contacted Westpac and they told me the payments are now going to be sent on the 20th each month, so best to wait till then.

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  booze101 on 24/11/2020 - 15:54

  Read a bit of the thread but can someone explain this. If I have $40k in westpac account do I get 3% interest on the 30k + 1% on the 10k or do i just get 1% on 40k because it’s over 30k?

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    machej on 24/11/2020 - 16:16

    3% on 30k, 1% on 10k. As of November 2020. Rates may change in the future.

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      booze101 on 24/11/2020 - 21:50

      Thanks. Also just checked it's now 0.75% +2.25%.

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        capslock janitor on 07/01/2021 - 19:50

        what does it mean? before

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  machej on 17/12/2020 - 01:07

  +1

  Now that Xinja is closing up shop, what's the best way to make 5 debit transactions per month? Beemit?

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    archiexyz on 26/12/2020 - 07:52

    I was using Xinja but will be trying with BeemIt based on the above experiences that it works for people.

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      capslock janitor on 07/01/2021 - 19:49

      what was the Xinja trick?

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        machej on 07/01/2021 - 23:26

        +1

        Could use the $20 instant top up and it came through as a purchase. Beemit seems to work fine. If that fails you can download Bundll app and process 10 cent payments.

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    oldmate78 on 10/01/2021 - 18:29

    PayPal to a friend 1c x5 transactions

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  theabcd1234 on 19/01/2021 - 18:43

  Has everyone got their bonus interest this month yet?

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    oldmate78 on 23/01/2021 - 10:44

    I got some on 19.01.21, the maths checks out.

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  DawnShadow on 19/02/2021 - 12:21

  Sorry for the stupid question - If I were to miss out on the regular interest one month (by withdrawing too much money and having the balance lower than the end of the last month), would I only miss out on one month's regular interest assuming that the next month the balance was higher again? And if I still did the 5 card transactions for that month, I'd still get the 2.6% pa bonus interest anyway?

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  RemoteMan213 on 19/04/2021 - 19:27

  +1

  I have been using Beemit for the past few months to make the transactions, and its been working fine. They were showing up as DEBIT CARD PURCHASE in the transaction list. My latest transfer is showing up as EFTPOS DEBIT though, anyone else seeing this? They may have closed the beemit loophole.

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    Jj456 on 26/04/2021 - 18:26

    Interested to know also. Interestingly when you add the card to Beem it, the test transfers show up as purchases. Perhaps add and remove the card a few times to get up transactions lol.

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