In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Westpac Bump Savings Account

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Westpac Bump Savings Account
Maximum variable rate
5.00% p.a.
Base interest rate
2%p.a.
Minimum deposit
$100

Our verdict

A high interest savings account for under 18s offering a maximum variable rate of 5%.

Westpac's Bump Savings Account lets kids earn a strong interest if they meet a simple condition: saving some money each month and growing the total balance. And there are no fees.

Pros

  • Monthly bonus interest when you meet the account conditions
  • Encourage your children to save money
  • $0 Monthly fee

Cons

  • This account is for under 18s only

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

The Westpac Bump Savings account is a high interest savings account for under 18s, designed to teach your children good savings habits from a young age. The account charges no monthly account keeping fees, and allows you to earn bonus interest of up to 5% each month you grow your savings.

Details

Key details

Product Name Westpac Bump Savings Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 2.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Key features

Earn bonus interest up to 5%

This account offers a standard variable rate of 2% and a bonus interest rate of 3%. Each month you make a deposit and ensure your balance is larger at the end of the month than it was at the start you'll earn the maximum variable rate of 5% on your balance.

Launch savings calculator


How to apply

You can easily apply online. Just make sure you meet the following eligibility criteria first.

Eligibility

  • Must be under 18 years old. You must be under the age of 18 to open this account. Children below 14 will need a parent to open an account for them in their name.
  • Australian residential address. Your child will need a permanent Australian residential address.

Your reviews

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Richard Finder

Editor

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soph

January 07, 2024

hi, i have a bump savings account and a choice youth. i want to transfer money from bump into choice but it won’t let me – there is no option to do so. please help. thank you.


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Sarah Megginson Finder

January 08, 2024

Hi Soph,


We’re a comparison site so we’re unable to provide customer service. We recommend you reach out to Westpac directly on 13 20 32.


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Caroline

December 28, 2023

Once you set the account up online do you need a branch or ATM to deposit cash or can you do it at the post office the bank I’m looking at is Westpack


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Jason Loewenthal Finder

January 15, 2024

Hi Caroline,


Westpac customers can use the Bank@Post service at participating Australia Post locations, so you can deposit cash there.


I hope that helps.


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Rmeet

September 15, 2023

Hiii

Could you please explain the concept of taxes here.

I assume even after growing amounts each month it still won’t cross the tax bracket

But interest rates are taxable as mentioned in many accounts.

Could you shed light on that

Thanks


Avatar

Sarah Megginson Finder

September 18, 2023

Hi there, any income you earn as interest on your savings is required to be declared on your tax return. At the end of the financial year, it will be added to any other income and tax will be payable based on your tax rate/bracket. Eg. If you earn $80,000 and earn $5,000 in interest, you’ll be assessed as earning $85,000 and you’ll pay tax on the interest accordingly. If you earn no other income and earn $5,000 interest, no tax is payable, as the first $18,000 you earn each year in interest is tax-free. Hope this helps!


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Kelly

July 20, 2023

Your asking for 2 forms of ID to open an Account for a child. How do I get 2 Forms oc ID for a 6 week old baby He only has a birth certificate and does not need a passport??


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Alison Banney Finder

July 21, 2023

Hi Kelly, please note you’ve reached Finder, not Westpac. Westpac requires 2 forms of ID to open an account online. If you can’t do this, you can open the account in branch with your child.


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Michael

July 19, 2023

wording is very precise that no fee is charged if withdrawal if made at the (ever diminishing) branches but no mention is made of other fees on the account or transferring to a siblings/perents account.


Are there hidden fees?


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Alison Banney Finder

July 21, 2023

Hi Michael, you’re only able to transfer money from this account to a linked Westpac Everyday Account held in the same name, which is free to do. You can’t make transfers to external accounts.


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