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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

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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
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brandogs on 28/06/2022 - 06:41 westpac.com.au (198 clicks)
Last edited 29/06/2022 - 10:02 by 1 other user

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).
Financial Bank Account Savings Account

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closed Comments

  • chrism238 on 28/06/2022 - 06:44
    -1

    Ageist!

    • doobey1231 on 28/06/2022 - 08:10

      They need every leg up they can get.

    • Damonator84 on 28/06/2022 - 08:21
      +4

      Definitely age discrimination. Taking advantage of the young.

    • [Deactivated] on 28/06/2022 - 09:29
      +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.

      • GeorgeS on 28/06/2022 - 09:45

        See you next Tuesdays.

  • testeagles on 28/06/2022 - 06:56
    +2

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

    • dealsilike on 29/06/2022 - 00:34
      +1

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

      • testeagles on 29/06/2022 - 07:16

        Looked but the best they offer is 0.95%

  • payless69 on 28/06/2022 - 07:20

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

  • tdonovic on 28/06/2022 - 07:58
    +14

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

    • BargainsGrabber on 28/06/2022 - 08:26
      +3

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

  • StarPlatinum on 28/06/2022 - 08:31
    +2

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

  • AussieDeals on 28/06/2022 - 08:52
    +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

    • StarPlatinum on 28/06/2022 - 09:17

      Heard BOQ has terrible customer service tho

  • freedomofspeech on 28/06/2022 - 09:10
    -4

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

    • Chrp1 on 28/06/2022 - 09:21
      +1

      please explain?

      • freedomofspeech on 28/06/2022 - 09:53

        check in your Westpac App.. Tax & Interest section

    • snoopydoop on 28/06/2022 - 09:52
      -1

      I don't think that's right

    • parisian on 28/06/2022 - 09:54
      +1

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

    • azukay on 28/06/2022 - 09:58
      +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.

    • coffeeinmyveins on 28/06/2022 - 10:36

      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.

      • freedomofspeech on 28/06/2022 - 12:12
        -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

        • coffeeinmyveins on 28/06/2022 - 14:01

          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.

  • bigbadboogieman on 28/06/2022 - 09:47
    +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.

  • Ham Dragon on 28/06/2022 - 10:03
    -1

    Ageist w@nkers. Up yours Westpac.

  • Domicron on 28/06/2022 - 10:45
    +1

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

  • [Deactivated] on 28/06/2022 - 12:04
    +1

    Too much criteria

  • iamthecaptainnow on 28/06/2022 - 13:01
    +1

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

  • thangvh on 23/07/2022 - 16:34
    +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.

    • doweyy on 04/08/2022 - 17:30
      +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.

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