Westpac Reportedly Helps Clients Earn $21 Million in Interest via Savings Prompts

Westpac claims that it has helped customers earn $21 million in interest through savings prompts.

To provide greater transparency around savings interest rates, Westpac says that it “has introduced mobile phone push notifications which alert customers about how they can earn bonus interest on their savings.”

The notifications are being rolled out “progressively to customers with a Westpac Life Savings account, one of their most popular savings accounts.”

So far, around 107,000 customers have “acted on the prompt and earned an average of $201 each in interest.”

Westpac Managing Director of Cash & Transactional Banking, Mandy Rutherford, said:

“We want to make it easier for our customers to get the most out of their hard-earned savings, particularly in a high cost of living environment. These prompts are designed to help customers better understand opportunities to earn bonus interest and allow them to act quickly. This is part of our continued investment in digital tools that help our customers make more informed decisions about their money. It’s great to see so many of our customers growing their savings balance and building healthy savings habits.”

Customers can earn bonus interest on their Westpac Life savings account “each month when they grow their balance.”

Customers under 30 can earn additional bonus interest “when they use their debit card five times or more in one month.”

In addition to the bonus interest prompts, Westpac has introduced alerts in online and mobile banking which notify customers “with an eSaver account before their introductory bonus rate expires, so they can plan ahead to find the best deals.”

Westpac also sends push notifications “on mobile about the maturity date of term deposits, on top of the standard email or letter communications to customers.”

Westpac’s banking app features “a range of personal financial management tools to help customers manage their money, including the ability to block direct debit payments from a particular company.”

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