Westpac Bump Savings Account

Westpac Bump Savings Account

Maximum Variable Rate

2.30

Standard Variable Rate

1.50

A high interest savings account for under 18s offering a maximum variable rate of 2.30%.

  • Earn 2.30% p.a. on your balance each month you meet the account conditions
  • Help your children develop good savings habits from a young age
  • $0 Monthly fee

Product details

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 2.30% each month you grow your savings. Read on to learn more about the features of this account.

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.

Product Name
Westpac Bump Savings Account
Maximum Variable Rate
2.30% p.a.
Standard Variable Rate
1.50% p.a.
Bonus Variable Rate
0.80% p.a.
Monthly Fee
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Age Requirement
18

$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.

What are the features of the Westpac Bump Savings Account?

These are the main features of the account that will help you compare this account against others in the market.

Earn bonus interest up to 2.30%

This account offers a standard variable rate of 1.50% and a bonus interest rate of 0.80%. 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 2.30% on your balance.

No monthly fees

There are no monthly account-keeping fees attached to the Bump Savings Account.

Free staff-assisted withdrawals

There's no fee for staff-assisted withdrawals, meaning you can go into a Westpac branch to withdraw money from the account at no cost.

Parents can open an account for their children

Parents can open an account for their child as long as the child is under 18 years old. Anyone aged between 12 and 17 years old can also open the account themselves in their name.

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. Plus, it'll help teach them the power of compound interest.

Launch savings calculator

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

What you’ll need to know before applying

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 to apply

  • 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.

Documentation for your application

  • ID documentation. You will need to verify your identity and your child's identity, with two forms of valid ID each such as a passport and birth certificate.
  • Tax file number. This is not mandatory, but 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.

 

Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

2 Responses

  1. Default Gravatar
    DavidJuly 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?

    • finder Customer Care
      NikkiAugust 1, 2018Staff

      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

Ask a question
Go to site