Manage your child’s pocket money and chores the simple way

Do all your set ups, tracking and managing in the Westpac App:

• Create a weekly chores list that kids can tick off as they complete them
• Set up one or more pocket money payments that you can chose to link to one or more chores
• Put pocket money payments on hold, cancel or amend frequency or amount.

Giving pocket money for chores has long-term benefits

Start a conversation with your child today

Topics you might like to cover:

When should you start pocket money?

• Take into consideration your child’s maturity.

How much pocket money should you give?

• Discuss with your child what you want the pocket money to cover.

Will you link pocket money to chores?

• Agree on the value of each chore, including how and when they need to be completed.

For more help with answering your pocket money questions

Setting up Pocket Money payments

As the parent or guardian setting up Pocket Money payments for your child:

1. Ensure you have third party value access to your child's Westpac Youth account
2. Go to the Family Hub and select the child’s account
3. Select Pocket Money and Chores and follow the prompts
4. Select the Pocket Money option
5. Fill in all the relevant details, like the to and from accounts, the amount, a description, and the frequency, to set up the payment.

Setting up Chores

As the parent or guardian setting up Chores for your child:

1. Ensure you have third party value access to your child's Westpac Youth account
2. Go to the Family Hub and select the child’s account
3. Select Pocket Money and Chores and follow the prompts
4. Select the Chores option
5. Add the chore, name it, apply frequency and save
6. Repeat step 5 to add additional chores (up to 10 in total).

When a parent/guardian creates a chores list, the child will be notified on their device.

Once you’ve successfully completed the set-up process, you can view and manage both chores and pocket money payments in the Westpac App.

For parents or guardians

Viewing Pocket Money and Chores payments

Parents/guardians will be able to view what chores or pocket money payments have been set up, including any upcoming, recurring and past payments.

To view, go to the Family Hub and select the child’s account, or view via the Payments icon.

View via the Payments Icon

1. Select the Payments icon on your home screen
2. Tap the Manage button at the top of the screen
3. Then select Upcoming payments
4. Pocket Money and Chores payments will be listed.

Manage or amend Pocket Money and Chores payments

To manage chores or pocket money payments that have been set up, including any recurring payments:

1. Go to the Family Hub and select the child’s account
2. Under Manage Money select Pocket Money and Chores
3. For payments that are:

• Manual and require approval > tap the edit button above the payment amount and follow the steps
• Automated and recurring > select the chore payment you want to change, then tap the Options button. A drop-down menu will appear with options to cancel, change, see a repeating series, put on hold, or copy a payment.

Manage the status of chores

Chores that are due or completed will be highlighted in the chores list. Parents or guardians can view or update the status of chores:

1. Go to the Family Hub and select the child’s account
2. Under Manage Money select Pocket Money and Chores
3. View the status of chores or update the status by selecting the day the chore was completed
4. Click Save to update the status.

For children

Viewing Pocket Money and Chores payments

Children can only view chores that have been set up or pocket money payments that have been processed. They’re not able to view upcoming payments.

To view processed payments, the child selects the account that the pocket money payment has been made to. Then, finds the payment in their recent transactions.

Completing their chores list

Children can be active participants in managing their chores. They can tick off the chores on their chores list as they complete them. Chores that are due or completed will be highlighted in the chores list.

To update the status of a chore, a child will need to:

1. Choose their account on their Home Screen, then select the Family Hub
2. Select Pocket Money and Chores
3. Update the chore status by selecting the day the chore was completed
4. Click Save to update the status.

There could be times when a parent or guardian wants to put a payment on hold as a chore hasn’t been completed.

To put a Pocket Money and Chores payment on hold:

1. Go to the Family Hub and select the child’s account
2. Under  Manage Money  select Pocket Money and Chores
3. Select the payment you want to amend, then tap the Options button
4. A drop-down menu will appear with options, select  Put on hold.

You can release the payment later, after the chore has been completed, by following the same steps.

If you look for your child’s account via the Family Hub, their name will automatically appear above their account. This makes it easier for you to know which account belongs to which child if you have more than one.

You may have noticed that their accounts are also listed on your Home Screen view. The only difference is that the accounts aren’t automatically labelled with the child’s name. If you’d like to make it easier to know which account belongs to which child, you can give them a nickname. Learn how to nickname an account

Frequently asked questions

You’ll need third party value access to set up the Pocket Money and Chores feature.

For kids under 14: a parent or guardian will automatically have third party access.

For kids 14 and over: third party access is optional, as the child can set up or remove the access.

A  signatory  is someone, such as parent, grandparent, or guardian, who can operate an account in branch. If the account holder is under 14, they’re required to have a signatory on their account.

A  third party  is someone who has been granted value access to an account in Online Banking. This person can see the account in their own Online Banking. Depending on their permission level, they can either  view  the account only, or  view and transact  with the account. A  third party  may or may not be the same person as a signatory.

Access can be set up when an account is opened, or it can be added in branch.

Check and change who has third party value access

You may wish to chat with the account holder about who else has access to their account and how setting up these controls can help keep their money safe.

How to check and change third party value access in Online Banking on a PC or laptop:

1. In your child’s Online Banking, select the account you want to check
2. Select third party access
3. You’ll see a list of people who can access the account.
   If the account holder is happy to have anyone’s access removed or the type of access changed:
4. Select the arrow next to the person’s name
5. Select  Remove  > Confirm
6. Use  Edit  to change the type of access they have.

Alternatively, you can visit us in branch or call us.

To set up the Pocket Money and Chores feature, both the parent/guardian and the child will need a Westpac transaction or savings account.

Eligible accounts for parent/guardian include:

• Westpac Choice account  (transaction account)
• Westpac Life account  (savings account)

Eligible accounts for children include:

• Westpac Youth Choice account  (transaction account)
• Westpac Bump account  (savings account)

A chore is a task that a parent or guardian with third party value access gives to a child via their account. The chore shows on which days the task needs to be completed.

A chore list is a list of these chores that needs to be completed each week on specific days.

Right now, only one chore list can be made for a Bump savings account or Choice Youth account, with a maximum of 10 chores.