Westpac alert scheme could help Australian savers earn hundreds

Smart Australians could earn a whopping $21 million in interest on their savings accounts with the launch of a new mobile phone payment option.

The new mobile push notification was launched by banking giant Westpac on Monday and informs customers how they can get bonus interest.

The four major banks said about 107,000 of their customers had already earned an average of $201 in interest after responding to the mobile prompt.

Mandy Rutherford, managing director of transactional banking, said the bank wanted to make it easier to maximise “hard-earned savings”.

“These tips are intended to help customers better understand their options for receiving bonus interest and act quickly,” she said.

“This is part of our (Westpac’s) ongoing investment in digital tools that help our customers make more informed decisions about their money.”

Westpac customers can earn bonus interest on their Westpac Life Savings Account every month as they grow or increase their balance.

Customers under 30 can also earn additional bonus interest if they use their debit card five or more times within a month.

Westpac also sends online and mobile notifications to customers when introductory bonus rates expire and when term deposits expire.

The bank’s announcement comes at a time when many of the country’s major banks are introducing new offers for customers who may be struggling due to the cost of living crisis.

Commonwealth Bank announced earlier this year that it had introduced loan deferrals and individual loan repayments for some borrowers.

Read related topics:Westpac

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