Westpac makes it harder for younger customers to earn advertised interest rates

While Westpac is the only bank requiring 20 transactions, nine other banks now require savers to spend each month to get their full interest. Photograph: Jaimi Joy/Reuters

Westpac is tightening conditions on its savings account for younger customers as growing numbers of banks make it harder to earn advertised interest rates on their deposits.

The bank has joined smaller competitors in changing interest-related restrictions on some accounts – despite the Reserve Bank of Australia leaving interest rates on hold in September.