In 2017, Westpac will reach 200 years in operation. To celebrate, it is launching its Bump Savings Account on 8 April and giving $200 to every Australian child born in 2017. All you have to do is open a Westpac Bump Savings Account in your child’s name and, as long as you meet a few simple eligibility requirements, your child’s account will receive a $200 deposit from Westpac. A savings account for kids, the Westpac Bump Savings Account is designed to teach your children how to save. It doesn’t charge any monthly fees and can help your kids build a bigger savings balance for the future.
With a $20 deposit every week at an interest rate of 1.50% p.a. this amount can accumulate to $19,054.02 in savings by the time your child turns 16 (assuming no withdrawals and interest is accrued on $200 from your child's first birthday).
What are the features of the Westpac Bump Savings Account?
As the Bump Savings Account is not set to launch until April, full details of account features are not yet available. However, we can give you the rundown on a few key points of interest:
If you have a child born in 2017 and you open a Westpac Bump Savings Account in their name, Westpac will deposit $200 into their account. However, this $200 cannot be withdrawn from the account until the child reaches 16 years of age.
As it is a savings account for children, Bump will pay interest on your child’s balance at a yet-to-be-announced rate. Stay tuned for interest rate updates closer to the account launch date.
No monthly fees
There are no monthly account-keeping fees attached to the Bump Savings Account. However, other fees may apply, so check back here closer to the launch of the account on 8 April 2017.
Make optional contributions
You or your child can make optional contributions to their account whenever you want. You can deposit pocket money, birthday gifts, money earnt at their first job, or any other funds to help your child grow their bank balance. These funds and the interest they earn can be withdrawn whenever you wish.
Learn the value of saving
The Westpac Bump Savings Account can help your child learn the value of money and the importance of saving from the day they’re born.
- $200 deposit for eligible newborns
- Encourage your children to save money
- $0 Monthly fee
- Strict eligibility criteria apply
What you’ll need to know before applying
Eligibility to apply
Before you do this, check whether your child meets the following eligibility criteria. To receive the free $200 deposit your child must:
- Be born in 2017. Your child must be born between 1 January and 31 December 2017.
- Live in Australia. The child will need to have a permanent Australian residential address.
- Have a Bump Savings Account. Your child must have a Westpac Bump Savings Account opened in their name by a parent or legal guardian, and have their ID verified by 31 May 2018.
Documentation for your application
If you satisfy the above criteria, you can register your interest in the $200 Westpac Bump Savings Account offer online via the Westpac website. All you need to do is:
- Step 1: Express your interest. Provide your name, address and contact details, as well as any information you know about your baby (for example their name, gender and date of birth).
- Step 2: Open a Westpac Bump Savings Account. In the lead-up to 8 April you will receive reminders from Westpac about the Bump Savings Account offer. Once the product has been launched, you can then open an account in your child’s name.
- Step 3: Confirm your child’s ID. You have until 31 May 2018 to confirm your child’s identity by providing his or her birth certificate.
The $200 offer is a unique opportunity that’s sure to generate a lot of interest among new Australian parents. Click on one of the “Find out more” links on this page to discover more details, and remember to compare the Bump Savings Account with other kids savings accounts to decide whether it’s right for you.