{
  "_id": "review.westpac-life",
  "author": {
    "credentials": "Editorial Team, Norg Reviews",
    "name": "Norg Editorial Team",
    "sameAs": null,
    "slug": {
      "_type": "slug",
      "current": "editorial-team-norg"
    }
  },
  "cons": [
    "Balance-growth bonus condition penalises any withdrawal that reduces month-end balance"
  ],
  "counterEvidence": null,
  "detailedReviews": null,
  "disclosureNote": null,
  "entity": {
    "abn": "33007457141",
    "bankingDetails": {
      "afslLicence": "AFSL 233714",
      "bonusRate": 4.5,
      "features": [
        "Oldest bank in Australia",
        "Bonus rate requires deposit + balance growth",
        "Spend & Save program available"
      ],
      "minimumDeposit": 0,
      "monthlyFee": 0,
      "productType": "savings"
    },
    "foundedYear": 1817,
    "name": "Westpac Life",
    "regulator": "AFSL 233714",
    "slug": {
      "_type": "slug",
      "current": "westpac-life"
    },
    "vertical": "au-banks",
    "website": "https://www.westpac.com.au/personal-banking/bank-accounts/savings-accounts/westpac-life/"
  },
  "facts": null,
  "featureRatings": null,
  "keyTakeaways": [
    {
      "body": "To earn the bonus rate, your end-of-month balance must be higher than the start of the month. Effectively a 1-month no-withdrawal rule for the bonus tier.",
      "heading": "Balance-growth bonus condition"
    },
    {
      "body": "Customers aged 18-29 get an additional rate uplift when they make 5+ eligible transactions per month with a linked Westpac Choice account.",
      "heading": "Spend & Save program for under-30s"
    },
    {
      "body": "Australia's first bank, established 1817 as the Bank of New South Wales. APRA-regulated, FCS-protected.",
      "heading": "AFSL 233714 — Westpac Banking Corporation"
    }
  ],
  "lastReviewedAt": "2026-05-14T04:48:34.276Z",
  "methodology": {
    "title": "AussieBanks Review — Savings Methodology",
    "version": "v1.0.0",
    "vertical": "au-banks"
  },
  "multiSourceRatings": null,
  "overallRating": 4,
  "pros": [
    "Mature digital banking experience for a Big Four"
  ],
  "publishedAt": "2026-05-14T04:48:34.276Z",
  "rankingRationale": "Mature offering with solid app, but bonus rate conditions are stricter than category leaders.",
  "ratingBreakdown": null,
  "slug": {
    "_type": "slug",
    "current": "westpac-life"
  },
  "status": "published",
  "title": "Westpac Life — savings account review"
}