Westpac savings alert scheme could help Aussies earn hundreds

A simple prompt could help earn Aussies hundreds of dollars, as a major bank announces a new alert system.

Savvy Australians could earn a whopping $21 million in interest on their savings accounts with the rolling out of a new mobile phone prompt.

Unveiled by banking giant Westpac on Monday, the new mobile phone push notification will alert customers on how to earn bonus interest.

The big four bank said some 107,000 clients had already earned an average of $201 each in interest after responding to the mobile prompt.

Managing Director of Transactional Banking Mandy Rutherford said the bank wanted to make it easier to maximise “hard-earned savings”.

“These prompts are designed to help customers better understand opportunities to earn bonus interest and allow them to act quickly,” she said.

A new bank alert promises to save bankers hundreds of dollars. Picture: Supplied

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

Westpac customers are able to earn bonus interest on their Westpac Life savings account each month when they grow or increase their balance.

Customers aged under 30 can also earn additional bonus interest when they use their debit card five times or more in just a single month.

Westpac also issues online and mobile alerts to customers when introductory bonus rates expire, as well as about the maturity of date of term deposits.

The bank’s announcement comes as many of the nation’s major banks introduce new features targeted at customers who may be struggling amid the cost of living crisis.

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