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 4.3% each month you grow your savings.
Westpac Bump Savings Account
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- Maximum variable rate
- 4.30% p.a.
- Base interest rate
- 1.75% p.a.
- Minimum deposit
- $1
Our verdict
A high interest savings account for under 18s offering a maximum variable rate of 4.3%.
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
Details
Key details
| Product Name | Westpac Bump Savings Account |
| Maximum Variable Rate | 4.30% p.a. |
| Standard Variable Rate | 1.75% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
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Richard Finder
Senior Money Editor
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Alison Banney Finder
September 30, 2025
Hi,
Yes, you can open this account for a grandchild under the age of 14. The account must be in the child’s name, and you’d be an Authorised Signatory on the account.
Thanks,
Alison
John
August 26, 2025
Does this account come with a debit card that the child can use?
Richard Whitten Finder
September 01, 2025
Hi John,
This is a savings account which doesn’t come with a debit card. But you can link the account to a Westpac everyday transaction account, which does come with a card. And then transfer money between them.
Jg
February 27, 2025
I am now receiving the Australian age full pension.Will I be charged tax if I open a grandchild savings account if I am the one depositing the money into them?I have already 2 normal savings accounts with Suncorp which I have a grandchild’s name attached to my own name.I didn’t have their birth certificates at the time ..I am thinking of changing them to another bank with interest at approximately 5% per annum.
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Sarah Megginson Finder
February 28, 2025
Hello,
If the account is in your name, any interest earned will be liable to pay tax on at tax time. The banks and ATO “talk” to each other, with your permission, so this information is often pre-filled when you fill out your tax return.
If you have access to their birth certificates and you can set up new accounts, then you will have no tax liabilities going forward. Children can earn interest of up to $420 a year, before tax may be withheld – at this point, it’s a good idea to get a tax file number for them. You can learn more about kids and bank accounts here.
Hope this helps!
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Christine
January 01, 2025
Can a grandparent open the account for a granddaughter?
Sarah Megginson Finder
January 01, 2025
Hi Christine, some banks allow grandparents to open accounts for kids, while others only allow parents and guardians to open accounts. You can learn more about it in this guide. Hope this helps!
Adrian
May 31, 2024
Does the Child (2 years old) have to have a Tax File Number to open the account?
Or can the Parent (that is opening the account on behalf of the 2 year old) provide their Tax File Number to open the Child Saver Account?
Sarah Megginson Finder
June 11, 2024
Hi Adrian,
You don’t need to provide a tax file number for a child’s account until they are 16. However, note that if they earn interest over the annual threshold (currently around $430 per year), they will be charged withholding tax at the highest tax rate. The only way to avoid paying this tax is to register for a tax file number and provide the details to your bank.
Hope this helps!
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Denise
September 29, 2025
Can I open bank accounts for my 3 grandchildren 10yrs, 8yrs and 5 yrs