• expired

Up to 2.5% p.a. Interest on Savings Balance up to $30,000 for 18-29 Year Olds, Grow Balance & Spend Criteria Apply @ Westpac

235

Westpac have bumped up the rate by 0.5% for their high interest savings account for 18 to 29 year olds.

Earn up to 2.5% p.a. on your savings

How your interest adds up Percentage
Base interest on your Life account savings: 0.15% p.a.
Bonus interest each month you grow your savings: 0.70% p.a.
Spend&Save bonus interest each month debit card is used 5+ times: 1.65% p.a.
Total interest including bonuses: 2.5% p.a.

All rates are variable and subject to change. The Spend&Save bonus applies to eligible card purchases only and to balances held in Life accounts up to $30,000. The 1.65% bonus does not apply to savings above that balance.

Monthly fees & rates

Westpac Life savings account: $0

Westpac Choice bank account: $5 (criteria for fee waiver below)

This fee is waived for:

  • Customers that deposit at least $2,000 each month
  • Customer under the age of 30 or full-time tertiary students
  • Australian Pensioner Concession or Health Care Card holders
  • New to Australia or expatriate customers (for the first 12 months).

Related Stores

Westpac
Westpac

closed Comments

  • -1

    Ageist!

    • They need every leg up they can get.

    • +4

      Definitely age discrimination. Taking advantage of the young.

    • +2

      They do this to say we have raised their rates when it only applies to a very small portion of savings. But the people that do have money and need assistance (like retirees) they get nothing. Banks have always been and will always be insert your own adjective.

      • See you next Tuesdays.

  • +2

    What about young people under 18 trying to save? I don't think age should matter on these deals :(

    • +1

      Commbank have deals for the under 18s, check them out if you’re interested

      • Looked but the best they offer is 0.95%

  • The first bank searching for pennies?
    Quick, lock up the weak and then change conditions?

  • +14

    Didn't this used to be 3%? So this is actually a lowering?

    • +3

      It used to be 3%, then they lowered it to 2% around March I think, and now it’s back to 2.5%

  • +2

    If you’re on 2% is it gonna go up?

  • +6

    BOQ Future Saver offers 3% for 14-35 year olds up to balance of $50000
    $1000 deposit (can be withdrawn immediately) + 5 debit transactions monthly required. BOQ does not require you to grow balance every month to get bonus interest unlike Westpac
    This Westpac deal offers next best rate after BOQ if you fall within age limits

    • Heard BOQ has terrible customer service tho

  • -4

    Big + with Westpac is the bonus interest does not count as taxable interests. Check it out!

    • +1

      please explain?

      • check in your Westpac App.. Tax & Interest section

    • -1

      I don't think that's right

    • +1

      Gets updated at the end of the financial year.
      good try tho

    • +1

      All income is taxed. You provided TFN to the bank so tax office knows about it. If you didn't provide TFN the bank auto deducts the highest tax bracket before paying you the interest.

      Nice try but doesn't work like that.

    • uhhh I don't think that's how it works mate. A bank can't decide that interest is not taxed, that's a government policy and it most certainly IS taxed.

      You might be in for a rude awakening come tax time in a week if you think you aren't going to be charged tax on your interest but in any case, the bank auto reports to ATO.

      • -2

        it's not 'interest' it's a bonus

        Base interest on your Life account savings: 0.15% p.a. -> that one shows as interest earnings

        • Are you for real? It's "bonus INTEREST" not a BONUS. Go on and link us to the actual terms and conditions that explicitly state that this is not a taxable item and I'll eat my hat.

          A bonus is something like a $100 signup bonus - which I think you actually are supposed to pay tax on as well by the way.

  • +2

    Way too many strings attached including age discrimination. Also they are charging a minimum of 2.69% interest on mortgages at this point in time. So it's a pretty good rate but don't think it's going to rise as rapidly as the RBA rates.

  • -1

    Ageist w@nkers. Up yours Westpac.

  • +1

    They will also limit the rate rise on mortgage to boomers too?

  • +1

    Too much criteria

  • +1

    Terra users like haha I het 19.5% with..oh wait nvm lost my entire life savings

  • +1

    Update: Westpac increased the savings interest rate to 2.75% for their high-interest savings account for their 18 to 29 years old customers.

    Westpac offers higher savings interest rates than the 2.6% savings interest rate of ING now.

    • +2

      Going up to 3.25% from August 18th now too, waiting to see if BOQ Future Saver raises to 3.5% but nothing yet.

Login or Join to leave a comment