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Westpac Life 3.25% p.a. Interest on Balance up to $30,000 for 18-29 Years Old (Growing Balance & Spend Requirements) @ Westpac

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Westpac Life 3.25% p.a. Interest on Balance up to $30,000 for 18-29 Years Old (Growing Balance & Spend Requirements) @ Westpac
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aznhy01 on 05/08/2022 - 13:08 westpac.com.au (1232 clicks)
Last edited 15/09/2022 - 13:58 by 2 other users

From August 18, Westpac Life Spend & Save will be increased from 2.75% to 3.25%.

Earn up to 3.25% p.a. on your savings

How your interest adds up Percentage
Standard + Bonus interest on your Life account savings 1.85% p.a.
Spend&Save bonus interest each month debit card is used 5+ times 1.40% p.a.
Total interest including bonuses 3.25% 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 1.40% 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

  • askbargain on 05/08/2022 - 13:10
    -2

    Probably not the best rate once you factor in the fact that all the interest isn’t paid on the first of the month.

    • basuracan on 05/08/2022 - 13:14
      +2

      Really? Will it actually make that much of a difference? It is currently the highest rate as well, no?
      I saw Macquaries 3.1 and was about to swap, but then I saw this so I might just stay. What do you think?

      • askbargain on 05/08/2022 - 13:18
        -4

        https://en.wikipedia.org/wiki/Time_value_of_money

        The bonus is paid at the middle of the month.

        • Autonomic on 05/08/2022 - 13:24
          +8

          You get paid every ~30 days. This doesn't apply.

        • basuracan on 05/08/2022 - 13:26
          +4

          But the "missed" interest on, say $10 that you earned, is probably in the cents. I'm not sure that's worth fussing over. Also if it is still

        • ramona on 05/08/2022 - 13:39
          +1

          Could you explain what the downsides of being paid in the middle of the month? I don't understand from the wikipedia.

          • askbargain on 05/08/2022 - 13:40
            -8

            @ramona: Money now is better than money later. But some people have pointed out it’s not worth the difference. Too bad they don’t know how to calculate it but rather rely on their intuition.

            • basuracan on 05/08/2022 - 13:50
              +3

              @askbargain: So did you calculate it? What is the difference?

              • askbargain on 05/08/2022 - 13:55
                -5

                @basuracan: Minuscule :)

              • Sim69 on 05/08/2022 - 16:47
                +5

                @basuracan: Lets calculate the absolute max that you may lose with some slight simplifications

                $30,000 Balance * 1.40% = $35 per month in Spend and Save bonus interest

                Assuming that it takes two weeks to arrive you lose out on ($35 * 3.25%) * (2/52) = $0.04375

                So you lose roughly 4 cents a month…

                This works out to 53 cents a year out of $975 in interest, or effectively losing 0.054%

                • basuracan on 05/08/2022 - 19:07
                  -4

                  @Sim69: Lol thanks nice calculations. But your time (required to open the bank account) is much more valuable than 50c a year I reckon. I don't even have 30k to start with LOL so ig it'll never really be justified for me (unless the 3.1 banks have like 10 mins account opening)

    • nicholasv on 05/08/2022 - 13:20

      I am a bit confused but doesn't it actually work out better than others. With my Westpac I get my base interest paid at the end of the month and the spend & save interest paid on the 15th, whereas ING pay me both base and bonus on the last day of the month. So wouldn't the interest paid on the 15th actually be compounding towards the next month for an extra two weeks? Not sure if I've got it wrong so please correct me if so

      • askbargain on 05/08/2022 - 13:24
        +1

        The spend and save is for the last month not the current month, so it’s delayed by 15 days extra.

        • nicholasv on 05/08/2022 - 13:34
          +4

          Yep you're right, just checked. The spend & save bonus is sticking at 1.4% p.a, and with a balance of $30k, you'd get $35 for your mid month bonus. Interest foregone on the two weeks of $35 compared to ING's 3.1% would still make Westpac still better off

      • basuracan on 05/08/2022 - 13:28
        +1

        it is currently 0.15 better than the other best rates right now. Wouldnt that offset the 15 days "missed" interest? Which I believe would be in the cents anyway

        • askbargain on 05/08/2022 - 13:30
          +2

          Yes, but at what point would it not be worth it :) I just hate Westpac’s way of dealing with this crap.

          • basuracan on 05/08/2022 - 13:35

            @askbargain: If Westpac was also 3%, maybe it WOULD be worth it to switch, but it remains the highest so it offsets anything I think. Also what do you mean by "I just hate Westpac’s way of dealing with this crap."? What is the crap and how id Westpac dealing with it?

            • askbargain on 05/08/2022 - 13:37
              -2

              @basuracan: Wow lower rate pays lower?? (3% vs 3.1%) I don’t think you know what I’m saying here.

              You don’t know crap.

              • basuracan on 05/08/2022 - 13:40

                @askbargain: I meant 3.1% I used 3% as an exaggeration. I have no idea for why the aggression. What I meant was yes, I would switch if both were 3.1%, and since Macquarie pays monthly, there are no "lost" gains. Ohhh now I see what you are talking about lol.

                Well there is nothing new here. Very unlikely they will just increase it to "clearly" be higher than Macquaries 3.1

    • Stingy Student on 05/08/2022 - 13:28

      Pretty sure base interest (think 1%) is paid at first of the month, and bonus interest if you meet the criteria (i.e. 2.25%) is paid in the middle of the month.

      • askbargain on 05/08/2022 - 13:30

        It’s in the middle of the next month.

  • hurr1cane on 05/08/2022 - 13:13
    +1

    ING 3.1 internet rate

    • Cluster on 05/08/2022 - 14:04
      +5

      From 9 August, yes. And unlike Westpac, they don't discriminate based on age.

  • basuracan on 05/08/2022 - 13:15

    Thanks for posting this. I was wondering when it would finally go back to 3, and it actually exceeded it to 3.25 which is very nice

  • CyberMurning on 05/08/2022 - 13:15
    -5

    discrimination of older people

    ban this bank!

    • Sheng on 05/08/2022 - 13:42

      BOQ has 3% for 15 to 35 years olds.

    • BigRiggs24 on 05/08/2022 - 19:21
      -1

      They did my grandparents dirty.

      Wait you're referring to the age requirement, not their dodgy practices, nvm.

    • Michael1983 on 05/08/2022 - 19:41

      Totally agree. Why would they impose age restrictions. Should the government look at this dodgy age requirement?

    • askbargain on 05/08/2022 - 13:17

      The bonus interest ends at 29 anyway.

    • matictac on 05/08/2022 - 13:23
      +6

      I literally can't get out my front door because of all the Apple boxes blocking it.

    • basuracan on 05/08/2022 - 13:23
      +3

      People in their 20s who just finished university and are under 30 can deposit 2k per month? In this economy?

      • [Deactivated] on 05/08/2022 - 13:33
        +1

        I don't know who designs these accounts. I think it's just to fool the community into thinking they are doing something good. Otherwise they are totally out of touch with reality. And their greed to only give something to the newest wage earners to win them and forget everyone else speaks volumes about how much the oldest bank in Australia values all Australians. Bunch of greedy hypocrites.

      • coxymla on 05/08/2022 - 13:34
        +2

        Deposit your salary there? You can still spend it.

        • basuracan on 05/08/2022 - 13:38

          Yes, but what I meant was the "salary" sure wouldn't leave 2k to spare each month necessarily. Also it takes months to find a steady job

          • Sheng on 05/08/2022 - 13:44
            +2

            @basuracan: 2k must enter the account/transacted no require for it to remain in the account.

    • Sheng on 05/08/2022 - 13:28
      +1

      Been doing it for 2 years now. 1c transaction at checkout on self service if I need. Salary goes in and moved to my other account after since I hit the 30k cap.

    • Stingy Student on 05/08/2022 - 13:36

      Doesn't matter if they spend the $2000, as long as it has been deposited at some point in the month. Another work around is to send westpac account $2000 and as soon as it arrives send back to wherever it came from.

      • Sheng on 05/08/2022 - 13:38
        +1

        It crazy people don't realise it "two bank account" a savings + everyday. The everyday has the fees charged and not the savings account.

        Monthly fees & rates
        Westpac Life savings account: $0
        Westpac Choice bank account: $5 (criteria for fee waiver below)

    • jjcf on 05/08/2022 - 14:36

      We could instantly solve the energy crisis if you could somehow package up the boomer energy in this comment.

    • kekw on 05/08/2022 - 14:50

      Chill brah, we work still.

  • Drakesy on 05/08/2022 - 13:25

    Too many hoops anyway

    • Stingy Student on 05/08/2022 - 13:33
      -2

      Disagree. Make 5 transactions is easy per month is easy enough (link subscriptions services to account). If you need to deposit $2000 per month for fee waiver send your income there.

      • nicholasv on 05/08/2022 - 13:37

        I find it incredibly easy to make the transactions. Each month I try to buy something using afterpay and manually process transactions of $0.01, 5 times

        Alternatively, go to woolies/coles and buy anythung and just split the transaction into $0.01 lots to make your 5 transaction

        • basuracan on 05/08/2022 - 13:43

          Lol yeah seems liek a great tip I will use this in the future. But I am confused - are the people who are doing this not actually spending anything? I buy stuff with the card more than 5 times a month ANYWAY so I don't need to worry about this.

          • nicholasv on 05/08/2022 - 13:45

            @basuracan: I have both an ING and Westpac account but I don't use them for spending. I use my ANZ credit card as I earn Qantas points on it. But I didn't have that then I would easily do the 5 transactions each month.

            I also do the 5 transactions on afterpay for my sister who lives abroad, so she can still take advantage of the free international transactions

            • basuracan on 05/08/2022 - 13:47

              @nicholasv: Sorry, which one has free international transactions? Even though the transaction is free, is the exchange rate good though?

              • nicholasv on 05/08/2022 - 13:48

                @basuracan: ING does (or used to at least). They use VISAs exchange rates which can be found online somewhere. Not amazing, but not terrible

          • archiexyz on 05/08/2022 - 13:50

            @basuracan: I use Hiver and HSBC for spending due to their cashback promos. Westpac counts beemit transfers towards the 5 unlike ING.

        • snoopydoop on 05/08/2022 - 15:09

          Every month on the 1st I use beam back and forth to transfer between two of my accounts that require 5 transactions.

    • Sheng on 05/08/2022 - 13:42

      Takes an extra 2 mins at checkout to do it all at once. Just split payment twice on 2 trips over a month. The $2k deposit is easily done passively from auto transaction or having your salary paid into it.

  • AndyPandy on 05/08/2022 - 13:45
    -6

    Sounds like ageism to me, been a loyal customer since i was 18 and now that i'm old i don't matter! The current rate that i receive is pitiful in comparison to the above. Maybe i should just move my saving to another bank and get their benefits they offer new customers.

    • nicholasv on 05/08/2022 - 13:47
      +12

      Not ageism, they're just encouraging a younger demographic to save, and generally those aged between 18-29 don't have a great deal of savings. It's no different to how seniors get cheaper public transport

      • AndyPandy on 05/08/2022 - 15:22

        i guess in 25 years when i get my seniors discount card i wont complain

      • TightLikeThisx on 05/08/2022 - 15:38

        It is ageism. The people that get cheaper public transport do so because they are disadvantaged or have a reduced income or have contributed to society.

        • nicholasv on 05/08/2022 - 16:13
          +1

          18-29 year olds get the bonus interest rate because housing prices are cooked. Ageism is discrimination due to age, and people outside the age bracket aren't being discriminated against. It is just that 18-29 YOs get a bonus, not that older people get less

          • TightLikeThisx on 05/08/2022 - 19:05
            -1

            @nicholasv: It is ageism because the only thing that qualifies someone for this service is their age.

            It doesn’t take into consideration previously spending habits or net worth so the reasons you are making don’t make sense.

            The reality is there is some internal metric that they have that they need to meet but instead of providing a service that it tailored to the group they are wishing to target and marketing it toward them they have chosen to exclude potential customers from their service on the basis of age.

            • nicholasv on 05/08/2022 - 19:07
              +1

              @TightLikeThisx: Wrong but it's OK to be salty that you don't qualify for this offer. I'm going to enjoy the extra interest that I am entitled

              • TightLikeThisx on 05/08/2022 - 19:24

                @nicholasv: Enjoy your interest. Not salty. It’s just BS and needs to be called out.

      • BarneyKB on 05/08/2022 - 22:45

        It's not really 'encouraging us to save' as much as buying our business for a lifetime. The only reason they are doing this is so that young people switch banks to Westpac and then stay with them once their savings get bigger.

        They can afford to give the higher interest rates because young people don't have much money anyway.

        This is also why there is the 5 transactions thing, as it means it's impractical if you don't just switch to Westpac as your primary bank.

  • Deals For Days on 05/08/2022 - 13:53

    Don’t need to do anything if you’re already on this plan as a student I assume?

    • StarPlatinum on 05/08/2022 - 13:55
      +3

      If your a student like me you just need to use your debit card 5 times a month to get the bonus interest

  • PopCounty on 05/08/2022 - 13:58

    Not negging but worth considering if this is neg worthy or not.

    • Cap of $30K
    • For Youths
    • Increase of interest rate 0.5% p.a. (from 2.75% to 3.25%)

    This would really equate to gain of $150 p.a. or $12.5 per month (around $12.53 if accumulative).

    Seems more of 'trying to be in good book' from westpac than actually thinking about customer.

    • BarneyKB on 05/08/2022 - 22:47
      +1

      It's buying young customers in the hope that they stay with Westpac for life. Nothing to do with being in the good book.

      That doesn't mean it's bad, it's just a business decision like any.

  • ilovefullprice on 05/08/2022 - 13:59
    -6

    Nice try by Westpac to take young people away from putting their money into crypto. Only time will tell if traditional banks or crypto will win and be the future.

    • Cluster on 05/08/2022 - 14:06
      +2

      At least putting money into Westpac means you can get it back again.

      Unlike crypto, with Vauld, Terra/LUNA, Coinflex, Celsius, etc. And that's only this year.

      • ilovefullprice on 05/08/2022 - 15:42
        -1

        There were red flags with terra and celsius all along the way, those who failed to listen were just greedy. As for the rest, only stick with tier 1 bluechip platforms (those are not) and you will be fine.

        Taken a screenshot of this, see you in 10 years time if you’re still around on OzB!

    • DemocracyManifest on 05/08/2022 - 14:12

      Crypto will not win haha https://www.reddit.com/r/Buttcoin/

      • ilovefullprice on 05/08/2022 - 15:43
        -2

        Taken a screenshot of this, see you in 10 years time if you’re still around on OzB!

  • xaces on 05/08/2022 - 14:02

    If there's $35k in an saver, would it be 3.25% on 30K and 1.85% for the remaining $5k?

    • Sheng on 05/08/2022 - 14:12
      +1

      Correct. At that stage just add 1c to your savings and move all incoming funds to another account.

  • Penpinch on 05/08/2022 - 14:05
    -1

    up to $30k kills it for me.

  • Aussiecash on 05/08/2022 - 14:07
    -1

    Isn’t it much better to put your savings into the redraw/offset of an owner occupied loan if you have one, to reduce the interest paid to the bank?
    You need to pay tax on any income earned, so you could possibly be 20-30% better off (or more or less, depending on individual tax situation), also savings rates are generally lower than loan rates, making it an even better outcome to have $ in the redraw.

    • WookieMonster on 05/08/2022 - 14:10
      +3

      It would make sense to do that if you actually have a mortgage.

  • Drakesy on 05/08/2022 - 14:13
    +3

    Also just tried to sign up for a westpac credit card,
    Absolutely useless customer service.
    Had to call them to grant them permission to send an email!?
    Then go to upload documets and the service fails to upload at every step.

    What a shambles.

    • ginormousgiraffe on 05/08/2022 - 15:55
      +2

      The security is terrible as well, what kind of bank restricts your password to six characters exactly? You're not even allowed to use special characters either.

  • Frozensage on 05/08/2022 - 14:17

    still waiting for the $50 cashback promo on my account.

  • Andre1973 on 05/08/2022 - 14:21
    -3

    i want to know how they can discriminate against age. do they have a waver for it ?

    or is something to do with they are your creditor when you give them your money? eg. they will only accept your credit at a higher percentage if you're younger?

    i actually don't understand how they can do this.

    • jjcf on 05/08/2022 - 14:42
      +3

      Because offering incentives to specific age groups isn’t illegal, boss. In fact, it is specifically called out in the act.

      Hilariously, it was mostly carved out because of oldies whinging about their seniors discounts.

    • Sheng on 05/08/2022 - 14:48
      +3

      is a happy meal discriminate against age?

      • Melong on 05/08/2022 - 17:16

        Emotional discrimination

  • icedcoffeeNFT on 05/08/2022 - 14:38

    Interesting

  • USER DC on 05/08/2022 - 14:53
    -2

    Its too little too late for me, I'd stick with ING

  • denserham on 05/08/2022 - 16:24

    Does anybody know if there is a way too see if you have met bonus criteria in the app or anywhere like there is in ING app?

    • archiexyz on 05/08/2022 - 17:10

      unfortunately not but I've never had issues

  • 4foxache on 05/08/2022 - 16:55
    -4

    Put your 30k in crypto and triple it in a month!

  • arcticjuggernaut on 05/08/2022 - 17:14

    typical bank, dangle the carrot for 2 weeks on higher savings rate while putting up loan rates within seconds of RBA.

    • Sheng on 05/08/2022 - 21:23

      Got to fund somewhere to funnel the money from.

  • DevilsInDetails on 05/08/2022 - 17:22
    +9

    COME ON, BOQ

  • cJWptgjGp36G on 24/08/2022 - 19:15

    Does anyone know when the bonus interest will be applied. If I make 5 transactions towards the end of the month, will I get the bonus interest after the 5 transactions or will the interest be backtracked to the 1st day of the month?

    • aznhy01 on 24/08/2022 - 22:57

      The bonus interest will be paid next month (i get between 15th and 22nd each month) but i dont think the bonus will be backtracked (still too small to be added up for interest)

      • cJWptgjGp36G on 24/08/2022 - 23:07

        So if I join in the middle of the month, the bonus interest won't be applied to the current month?
        Thanks

        • aznhy01 on 25/08/2022 - 20:22

          the bonus for the current month will paid the next month. Westpac saving accounts are tracked between 1st of the month to last day of the month so as long you meet the criteria for the current month you will get spend&save bonus in the middle of the month after. You may want to check BoQ saving account with 3.5%p.a. currently available.

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