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Westpac Bump Savings Account

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A high interest savings account for under 18s offering a maximum variable rate of 1%.

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 1% each month you grow your savings. Read on to learn more about the features of this account.

1% p.a.

Maximum variable rate

0.55% p.a.

Base interest rate

0.45% p.a.

Bonus interest rate

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Details

Product NameWestpac Bump Savings Account
Maximum Variable Rate1% p.a.
Standard Variable Rate0.55%
Bonus Variable Rate0.45%
Monthly Account Fee$0
Minimum Opening Deposit$0

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

When this account was launched to celebrate Westpac's 200th birthday the bank was offering $200 to all Australian children born in 2017, however this offer has now ended for new applicants.

Key features

$200 bonus offer now closed for new applicants

When this account was launched to celebrate Westpac's 200th birthday the bank was offering $200 to all Australian children born in 2017, however this offer has now ended for new applicants. If you have already opened the account and received the $200 offer from Westpac, you cannot withdraw that $200 until your child has turned 16.

Earn bonus interest up to 1%

This account offers a standard variable rate of 0.55% and a bonus interest rate of 0.45%. 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 1% on your balance.

Launch savings calculator


How to apply

You can apply online in less than 10 minutes, but make sure you meet the following eligibility criteria first, and have the necessary documents handy.

Eligibility

  • Must be under 18 years old. You must be under the age of 18 to open this account. Children below 12 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.

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6 Comments

  1. Default Gravatar
    Sleet
    April 6, 2019

    How do you withdraw the money in the Westpac Bump Savings Account?

    • Avatarfinder Customer Care
      Joshua
      April 7, 2019

      Hi Sleet,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      You can withdraw money from your Westpac Bump Savings Account to a Westpac everyday account. A person who can withdraw money is the Bump Savings account holder or an account signatory. You can withdraw via online transfers or visiting a branch. There are no fees for these withdrawals.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    Tania
    January 8, 2019

    Hi there I have 2 children, one age 12 who will be 13 next month and my youngest is 8. I am wanting to open a bank account for the both of them and i’m not sure which one will be the best there are so many out there..please help

    • Avatarfinder Customer Care
      John
      January 8, 2019

      Hi tania,

      Thank you for reaching out to finder.

      You may want to check this page to compare banks that offer Kids’ savings accounts. The page also offers normal question that are being asked as well as the answers for them. Pros and cons as well as the benefits of opening one is also available on the page. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    David
    July 30, 2018

    Do we have to apply for a tax file number to give to Westpac for our baby’s new bump account in order to avoid her being taxed on interest earned in her account or is it exempt?

    • Default Gravatar
      Nikki
      August 1, 2018

      Hi Dave!

      Thanks for leaving an inquiry on our page.

      No, the tax file number is not mandatory, however, it is helpful that you provide your tax file number or exemption to ensure that the correct withholding tax is being applied to your account.

      Hope this helps!

      Regards,
      Nikki

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