Westpac has introduced mobile phone push notifications to help customers earn more on their savings by providing greater transparency around savings interest rates. These notifications are being rolled out to customers with a Westpac Life Savings account, alerting them to opportunities for earning bonus interest.
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Since the introduction of these prompts, approximately 107,000 customers have acted on the alerts, earning an average of $201 each in interest. This initiative has collectively resulted in customers earning a total of $21 million in interest.
Mandy Rutherford, Westpac’s Managing Director of Cash & Transactional Banking, stated, “We want to make it easier for our customers to get the most out of their hard-earned savings, especially in a high cost of living environment. These prompts are designed to help customers quickly understand and act on opportunities to earn bonus interest. This is part of our ongoing investment in digital tools that help our customers make informed financial decisions.”
Westpac Life Savings account holders can earn bonus interest each month by growing their balance. Additionally, customers under 30 can earn extra bonus interest by using 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 for customers with an eSaver account, notifying them before their introductory bonus rate expires. This feature helps customers plan ahead and secure the best deals.
Westpac also sends push notifications about the maturity dates of term deposits, complementing the standard email or letter communications to keep customers well-informed.
“We are pleased to see so many of our customers growing their savings and building healthy financial habits,” Rutherford added.
