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
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Funds can be withdrawn from a Bump Savings account via online transfers to a Westpac everyday account held by the Bump Savings account holder or an account signatory, or by visiting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.
Things you should know
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 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.