Safe and secure banking for young people

Initiatives we’ve introduced to help our younger customers manage their money safely.

A first step towards good banking habits

For every young person, opening a bank account is an exciting first step towards financial independence. We’re making sure that journey is a safe one, while giving parents the opportunity to provide support and guidance along the way.

A good place to start is ensuring that all children under 14 have a parent or guardian as a signatory on their Westpac account.

Keeping an eye out for unexpected activity

Set up push notifications

To keep an eye out for unexpected activity or excessive spending, you can set up push notifications on your mobile when money goes into or out of your child’s account.

You can do this:

  •  With Choice Youth and Bump Savings accounts
  •  If you have third party access to the account.

How to set up notifications

Get latest App version

Make sure you have the latest version of the Westpac App.

Search for notifications

In the App, search ‘notifications’ and follow the prompts to set them up.

Nickname account

Give your child’s accounts nicknames to distinguish them from your own.

Security guaranteed

Protecting your child’s money

Deposits to our everyday and savings accounts are guaranteed by the Australian Government up to a total of $250,000 under the Financial Claims Scheme.2

Providing reassurance about your child’s online banking

We guarantee to repay any funds missing from your child’s account due to fraud, as long as they’ve complied with our T&Cs.3
 

Simpler banking to avoid costly mistakes

 

 

Restrictions on online payments

Choice account holders under 14 are restricted from making BPAY® and international payments using their Online Banking or Westpac App. 

 

 

 

 

Restrictions on daily payments

When registering for Online Banking, all children under 14 are given a low Daily Payment Limit of $50, which can help prevent over withdrawing their account. It can be adjusted online and in the Westpac App once the child is comfortable with being able to spend more.

 

 

Parental control of savings accounts

Your child’s Bump Savings account includes a Parental Control feature, which allows you to decide how much account access you’d like your child to have. You can choose to give your child View Only or View and Transact access; and can change access levels at any time.1

 

A helping hand with saving

Saving for something they really want helps get kids used to putting money away now to make life more fun in the future.

  • Set up to 6 Savings Goals in a Bump Savings account4
  • Name the goals based on what they want to save for
  • Track progress in the Westpac App.
     

Financial Literacy for Kids & Teens

We're here to help teach kids and teens how to better manage their money.

Find out more

Get your child started in minutes online 

Help your kids build good money management skills for life with accounts that support safe spending and saving.

Bump Savings account for under 18s

  • No monthly fee
  • Bonus interest for each month their account balance is grown5
  • Open online.
Open now Explore Bump

Bump Savings and Choice everyday account for under 18s

  • No monthly fee
  • Bonus interest for each month their account balance is grown5
  • Comes with a Debit Mastercard6 (14 or older)
  • Open online.
Open now Explore this bundle

Under 18? Get $50 on us

Open a Choice transaction account at the same time as your Bump Savings account then deposit at least $100 into your savings within 30 days - and we'll give you $50. T&Cs apply.

Learn more

Everyday and savings accounts for 14+

Parents or teenagers 14+ can open both accounts online.

Open now

Everyday and savings accounts for under 14

Bring your ID plus a parent/guardian if under 14.

Things you should know
Deposit Accounts for Personal customers Terms and Conditions (PDF 897KB) 
Westpac Debit Mastercard® Terms and Conditions (PDF 232KB)
Online Banking Terms and Conditions (PDF 409KB) 
Find out what information you need to provide to become a customer (PDF 657KB) 
Personal Telephone Banking Terms and Conditions (PDF 214KB)

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

 
1. Parental Control: Parents, grandparents, or guardians must be an account signatory to have Parental Control. There is a limit of two signatories per Bump Savings account. Child must be registered for Westpac Online Banking and Westpac Telephone Banking to access accounts online or over the phone.  For children under 12 years of age: Parental Control is mandatory, and self-service Telephone Banking is not available.  For children aged 12 years and over: Parental Control is optional and access levels can be amended by the child at any time. Parental Control does not apply to a child’s access to funds in branch, however a signatory must authorise branch withdrawals where a child is under 14 and a debit card is not available.
2.  Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au. 
3.  Westpac’s Online Banking Security Guarantee: If your Westpac account is compromised due to Online Banking fraud, we guarantee to repay any missing funds, provided you complied with our  Online Banking Terms and Conditions. This includes keeping your sign-in details (including passwords, Westpac Protect ™ Security codes) private, not participating in the unauthorised transaction, and immediately notifying us when you suspect an unauthorised transaction or potential fraud on your accounts.
4. Savings Goals: Both an account holder and an authorised user can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Westpac Life or Bump account. 
5. Bonus interest: You will be eligible for bonus interest if during the month (subject to transaction processing times):
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount; and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility. 
6. Debit Mastercard®: holders need to be at least 14 years of age, and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit Mastercard, apply for a Handycard to access your account. 
Mastercard® is a registered trademark of Mastercard International Incorporated.