Westpac Westpac Life — Interest Rate & Review
Westpac Life pays bonus interest when your balance is higher at the end of the month than the start. A separate Spend&Save deal applies for 18–29 year-olds.
⚠ You only earn 4.90% in months you meet the conditions. Miss them and you drop to 0.10%. Use the calculator to model your real return.
Westpac Westpac Life at a glance
The conditions, in plain English
Westpac Life Variable Bonus Rate : To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher balance at the end of the month than at the start and account balance must not fall below $0 at any time. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month. | Spend&Save bonus variable interest: Be aged 18-40 with a Westpac Life and Westpac Choice account and linked Debit Mastercard in your name. Joint accounts are not eligible, and only one Spend&Save offer
Westpac, est. 1817. Data source: Westpac Consumer Data Right product feed.
How it compares
| # | Bank & product | Max rate p.a. | Base rate | Conditions | Bonus cap | Fee |
|---|---|---|---|---|---|---|
| 1 |  RabobankRabobank High Interest Savings Account |
5.90%Introductory | 4.00% | Intro rate | $250,000 | No fee |
| 2 |  ubankubank Save |
5.85%Introductory | — | Intro rate | $100,000 | No fee |
| 3 |  INGSavings Maximiser |
5.49%Bonus (conditional) | 0.01% | Monthly conditions | — | No fee |
| 4 |  MacquarieMacquarie Savings Account |
5.35%Introductory | 5.00% | Intro rate | $250,000 | No fee |
| 5 |  UpUp Saver |
5.35%Ongoing (unconditional) | 5.35% | No monthly conditions | $5,000 | No fee |
Sorted by maximum advertised rate (an objective sort, not a recommendation). “Max rate” is the highest rate the product can pay; most require monthly conditions or are introductory. Base rate is what you earn if conditions aren’t met / after the intro period. Figures from Open Banking feeds, 24 August 2026 — verify with the bank.
See the full savings account comparison →
Westpac savings — FAQ
What is the Westpac Westpac Life interest rate?
As of 24 August 2026, the Westpac Westpac Life pays a maximum of 4.90% p.a. (bonus (conditional)), with a base rate of 0.10%. Rates change with the RBA cash rate and out of cycle — confirm the current rate with the bank.
How do I earn the maximum Westpac rate?
Westpac Life Variable Bonus Rate : To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher balance at the end of the month than at the start and account balance must not fall below $0 at any time. Interest is calculated on the daily balance of your Westpac Life account and paid on the last business day of the month. | Spend&
Is there a balance cap on the Westpac bonus rate?
Yes — the bonus rate applies on balances up to $150,000. Above that you earn the base rate.