Westpac Is Slinging Australia’s Highest Savings Rate, Just For Young People
If you're aged 18 to 29, you could get the highest savings rate in the country with a Westpac Life savings account.
Helping young Australians get ahead.
To say that 2020 has not been the greatest year would be an understatement. Young people have been hit especially hard in this pandemic, and now with an economy in recession, it can be hard to see the other side of it.
We are, however, here with a piece of good news: Westpac is introducing the highest savings rate currently in the country – specifically for young people.
If you’re aged 18 to 29, you could be eligible for a 3% p.a. variable interest rate on a Westpac Life savings account. It’s not an introductory rate either.
So… ah, what does 3% p.a. interest actually mean?
It basically means you can earn more money on your bank balance while you sleep.
To put it in perspective: currently, an interest rate of around 1% p.a. is pretty common. If you had $5000 in your savings account, the bank would give you $50 per year in interest. But with a 3% p.a. variable interest rate, Westpac will give you $150. Who doesn’t want an extra $100? (More info about how interest is calculated, split and when it’s paid into your Westpac Life account in the T&Cs here).
All you would need to do is grow your savings balance, even by a couple of dollars, and make five eligible purchases on your debit card linked to your Westpac Choice account every month.
If you’re – understandably – just not in a position to save right now, that’s no big deal. If you’re still making five purchases on your linked Westpac Choice debit card each month (AKA a few coffees or trips to the pub), you’ll still get a great return of 2.40% p.a. variable rate.
This can seem like a really tricky time to focus on your finances, but it’s actually never been more important. It’s often easier to just keep tapping your card and avoid looking at the bank balance. But each little bit helps right now, and sometimes it (literally) pays to be informed. You can read up on whether these accounts are right for you here.
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If you’re between 18 and 29 and would like to learn more about Westpac’s 3% p.a. variable rate, or set up a Westpac Life savings account and a Choice everyday account, visit the website.
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(Lead image: Philipe Cavalcante / Unsplash)