• expired

Westpac Life 3.50% p.a. Interest on Balance up to $30,000 for 18-29 Years Old (Growing Balance & Spend Requirements) @ Westpac

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Source: https://www.westpac.com.au/personal-banking/bank-accounts/sa…

Description adapted from previous post, credit to @aznhy01

Earn up to 3.50% p.a. on your savings

How your interest adds up Percentage
Standard + Bonus interest on your Life account savings 2.35% p.a.
Spend&Save bonus interest each month debit card is used 5+ times 1.15% p.a.
Total interest including bonuses 3.50% 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 1.15% 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

    Why are bank allowed to discriminate on age.

    • +11

      Because offering a genuine benefit to a particular age group is completely legal, as discussed in literally every deal where this happens.

    • -1

      We now have a weaker leader!

    • Because the dumb needs to be punished?

  • +7

    Wow they only increased it by 0.25%

    UBank does seem like a good deal at 3.35% (open to everyone, can do more than 30k and no hurdles)

    • +1

      UBank does have a hurdle of a $200 deposit every month albeit not hard to achieve.

      • +2

        This has more hurdles:
        * up to $30,000
        * 18-29 Years Old
        * Need a Westpac Choice bank account at $5/month (waived if you deposit $2,000+ a month)

  • That age limit is a load of bullocks

  • +2

    i'm still waiting for the $50 they said they would pay me for depositing $500 2 month ago….

    • Shit I don't think they paid me last year..

  • Neg - they took from the Spend&Save date to boost up the standard bonus rate.

    Net increase of 0.25% vs the cash rate increase of 0.50%

    Pretty much same conditions as ING and BoQ but less interest potential and lower cap $30k.

    • Useful for those with more than 50K, and you can use beemit for the 5 card transactions unlike ing

  • Just stick with ubank,
    They won't piss you off and just give you your money.

  • -4

    Blossom app 4% seems appealing at this stage, uses bonds but not governemtn backed

    • +1

      "Targeting" 4 %, not guarantee

    • What is that??

  • +2

    Isn't ING 3.5% but for everyone and up to $100,000?

  • no thanks, not worthed it

  • -1

    Please put age limit at front! Thanks!

  • I replaced this hula hoop with BOQ+ING who both seem to be fighting for top spot with hoops
    (and stable ubank 3.6% from nov1)

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