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 4.75% each month you grow your savings.
Westpac Bump Savings Account
- Maximum variable rate
- 4.75% 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 4.75%.
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 | 4.75% p.a. |
| Standard Variable Rate | 1.75% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
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Richard Finder
Money Editor
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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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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.
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.
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
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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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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