27 Oct 2020

How’s your savings account looking at the moment? Are you stacking up the cash now that you can’t go out as much? Or are things starting to look a bit… stretched?

This is a pretty weird time when it comes to money, but no matter what side of the fence you’re on, saving your cash is super important. You never know what 2020’s going to throw at us next, so best to be prepped for whatever’s around the corner.

Westpac are all over this and that’s why they’re offering an amazing interest rate for 18-29 year olds.

 

Earn up to 3% p.a. on your savings

No, you didn’t read that wrong.

Westpac are offering 3% P.A. VARIABLE INTEREST ON YOUR SAVINGS FOR 18-29 YEAR OLDS.

Sign 👏 me 👏 up 👏

If you don’t fully understand how interest on savings accounts work then you might not realise how high a 3% interest rate is right now, but it is the best rate you’ll find on a savings account at the moment.

In short, interest on your savings is a percentage of your money that a bank gives you in return for you storing your cash with them. You can earn interest monthly and often you’ll earn higher amounts of interest (“bonus” interest) by doing certain things, like growing your savings balance.  It’s a great incentive to squirrel away more moolah.

What do I have to do?

If you’re already with Westpac and are between 18-29 years old, then easy – you just have to make sure you’ve got a Westpac Life savings account, a Choice everyday transaction account and a linked debit Mastercard®. If you’re not with Westpac yet, it’ll only take you a couple of minutes to sign up for these two accounts online. Check out the deets over here.

Once you’re all set up, all you’ve gotta do is make sure that each month, you grow your savings account balance (even if it’s just a cent more) and make five purchases using your debit card linked to your Choice everyday account and boom, you’ve earned yourself the 3% p.a. rate (on balances up to $30,000).

Alrighty, I’m keen to get started

Jump over here to read more about the rate, see if you’re eligible, and get started on opening the accounts.

Don’t wanna sound like a broken record, but this is a banger of a rate, so jump on it and start saving that cash – it’ll definitely help you out in the long run.

Fees and charges apply. Read the product Terms and Conditions and consider whether the product is right for you. This information is general in nature and does not take your personal objectives, circumstances or needs into account. Products issued by Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714.