Bump Savings

An account designed to help children kickstart their savings. Available for under 18s.
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Who can open a Bump account?

  • Parents can open a Bump Savings account for their child who is under 18.
  • Anyone aged 12-17 can open a Bump account for themselves

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Opening an account for your child

Help your child learn good savings habits and kick-start their savings with our Bump Savings account. You can easily keep an eye on their savings progress from your own Online Banking.

No account fees

There are no transaction or monthly service fees on the Bump Savings account2

Be rewarded for saving

Grow the account balance each month and you could earn bonus interest1

 

Access via a Westpac everyday account

Withdraw funds via free online transfers to your Westpac everyday account, or by visiting a branch (fees apply on an everyday account)7

Savings Goals

Set up and track your personalised savings goals4 via Online Banking

Be rewarded for growing their savings

Your child’s account will earn a competitive base interest rate all the time, plus they can earn bonus interest each month their account balance grows1.
 

Earn up to  2.30% p.a. variable interest rate, including:

  • 1.50% p.a. standard variable base rate plus
  • 0.80% p.a. variable bonus rate each month you grow your balance 1
  • There are no transaction or monthly service fees on your child’s Bump Savings account 2

It’s easy to keep tabs on the account

Your child’s Bump Savings account includes a Parental Control3 feature. This allows you to decide how much account access you’d like your child to have – handy for helping your children develop good savings habits. You can choose to give your child View Only or View and Transact access and can change access levels at any time (Parental Control is mandatory for children under 12).

Set up Savings Goals for your child

Savings Goals4 is a handy feature that lets you set up and manage personalised savings goals – you can even have multiple savings goals within the one account.


1. Set up personalised savings goals for your child

You can name goals, set the amount you’d like to save and when you’d like to reach your goal by.
 


2. Distribute their savings across goals

When you add to your childs savings you can distribute the money across different goals.
 


3. Track goal progress

Select a savings goal to see how you’re doing.
 

Security

Safe Online Banking guarantee

If your child’s Bump Savings account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions5.

Protected under the Financial Claims Scheme

Bump Savings is a “protected account” under the Australian Government’s Financial Claims Scheme6.

 

I’m aged 12-15 and want to open a savings account

Our Bump savings account can help get your savings started and could reward you with bonus interest.

 

No account fees

There are no transaction or monthly service fees on the Bump Savings account2

Be rewarded for saving

Grow the account balance each month and you could earn bonus interest1

 

Access via a Westpac everyday account

Withdraw funds via free online transfers to your Westpac everyday account, or by visiting a branch (fees apply on an everyday account)7

Savings Goals

Set up and track your personalised savings goals4 via Online Banking

Earn bonus interest when your account balance grows

Earn a competitive base interest rate plus bonus interest each month your balance grows1. That means as long as your balance is higher at the end of the month than at the beginning, you’ll get bonus interest – even if you’ve made a withdrawal during the month.
 

Earn up to  2.30% p.a. variable interest rate, including:

  • 1.50% p.a. standard variable base rate plus
  • 0.80% p.a. variable bonus rate each month you grow your balance 1

Set up different Savings Goals

Savings Goals4 is a handy feature that lets you set up and manage personalised savings goals – you can even have multiple savings goals within the one account. With Savings Goals you can keep tabs on your progress and get savings calculations which could help you stay on track.


1. Set up your own savings goals

You can name goals, set the amount you’d like to save and when you’d like to reach your goal by.
 


2. Distribute your savings across different goals

When you add to your savings you can distribute money across your different goals.
 


3. Track your progress

Select a savings goal to see how you’re doing.
 

I’m aged 16-17 and want to open a savings account

An account that can help you reach your personalised savings goals.

No account fees

There are no transaction or monthly service fees on the Bump Savings account2

Be rewarded for saving

Grow the account balance each month and you could earn bonus interest1

 

Access via a Westpac everyday account

Withdraw funds via free online transfers to your Westpac everyday account, or by visiting a branch (fees apply on an everyday account)7

Savings Goals

Set up and track your personalised savings goals4 via Online Banking

Personalise your savings goals

Savings Goals4 is a handy feature that lets you set up and manage personalised savings goals – you can even have multiple savings goals within the one account. With Savings Goals you can keep tabs on your progress and get savings calculations which could help you stay on track.


1. Set up your own savings goals

You can name goals, set the amount you’d like to save and when you’d like to reach your goal by.
 


2. Distribute your savings across different goals

When you add to your savings you can distribute money across your different goals.
 


3. Track your progress

Select a savings goal to see how you’re doing.
 

Earn bonus interest when your account balance grows

Earn a competitive base interest rate plus bonus interest each month your balance grows1. That means as long as your balance is higher at the end of the month than at the beginning, you’ll get bonus interest – even if you’ve made a withdrawal during the month.

 

Earn up to  2.30% p.a. variable interest rate, including:

  • 1.50% p.a. standard variable base rate plus
  • 0.80% p.a. variable bonus rate each month you grow your balance 1

Get easy access to your savings through Online Banking

Withdraw funds via free online transfers to your Westpac everyday account, or by visiting a branch (fees apply on an everyday account)7.

Fees and rates

Standard fees (fees may change) Amount
Monthly service fee $0
Online Banking withdrawal (including Mobile Banking) $0
Telephone Banking withdrawal (self service) $0
Telephone Banking withdrawal (staff assisted) $0
Branch staff assisted withdrawal $0
Account overdrawn fee N/A
Outward dishonour fee N/A

Funds can be withdrawn from a Bump Savings account via online transfers to a Westpac everyday account held by the Bump Savings account holder or an account signatory, or by visiting a branch.  There are no fees for these withdrawals.
 

Other fees may be charged for banking services.
 

Direct debits, periodical payments , BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Bump Savings account.
 

Telephone Banking is not available for a parent signatory, and self service Telephone Banking is not available for children under 12.

Apply online

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Give us a call

1300 558 724

8am - 8pm, 7 days a week

Find a branch

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Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 2MB)

Online Banking Terms and Conditions (PDF 1MB)

Personal Telephone Banking Terms and Conditions

Find out what information you need to provide to become a customer (PDF 768KB)


Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.
 

1. Bonus interest: payable each month that you: make a deposit to the account, ensure the account balance is higher at the end than the beginning of the month, and keep the account balance above $0. For bonus interest qualification, a month is the period from close of business on the last business day of the prior month to close of business on the last business day of the current month.

2. Account fees: other fees may be charged for banking services.

3. Parental Control: parents or guardians must be an account signatory to have Parental Control. There’s a limit of two signatories per Bump Savings account. Parental Control does not apply to a child’s access to funds in branch, however a parent (or guardian) signatory must authorise branch withdrawals where a child is under 12. Child must be registered for Westpac Online Banking and Westpac Telephone Banking to access accounts online or over the phone.  For children aged 12 years and over: Parental Control is optional and access levels can be amended by the child at any time. For children under 12 years of age: Parental Control is mandatory, and self service Telephone Banking is not available.  

4. Savings Goals: Both an account holder and an account signatory (where applicable) can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Bump Savings account.

5. Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Online Banking Terms and Conditions (PDF 1MB) for full details, including when a customer will be liable.

6. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information see the APRA website.

7. Westpac everyday account: fees and charges apply on a Westpac everyday account, which can be in the name of the child or a parent signatory. Transfers made by the child are subject to any Parental Controls.

8. Parent signatories: parent or guardian must be an account signatory to view the account. There’s a limit of two signatories per Bump Savings account.

 

*Expired Westpac Bump promotion:*If you signed up to the 2017 Bump campaign please read the FAQs and following Ts and Cs. Offer deposit will be made within 3 business days of ID verification. $200 offer limited to one per person. The $200 will be available the month of the child’s 16th birthday and will be forfeited if the account is closed before that. Interest earned on the $200 can be withdrawn from the account. A parent or guardian opening the child’s account is required to be an account signatory with their ID verified. Offer may be withdrawn or extended in limited circumstances at the bank’s discretion, with notice provided on our website.