Why open a Bump Savings account?
Getting into the habit of regular saving can help you build some serious money skills
A Bump savings account is a great way to get started – set up and personalise some goals2 to track towards, and when you put some money aside regularly to grow your savings, you’ll also be rewarded with bonus interest1.
Under 18? Get $50 on us.
Never had a Bump Savings or Choice Account?
Get one of each then deposit at least $100 into your savings within 30 days - and we'll give you $50.
Who can open
You’ll need a parent or guardian to open your account with you. While you’re under 12 there’s a mandatory Parental Control4 function which gives your parent or guardian control of the account.
It’s up to you! You can open your Bump Savings account on your own, but you still have the option of your parent or guardian access with the Parental Control4 function.
Parents and guardians
You can open a Bump Savings account for your child as long as they’re under 18.
Master your money with the Westpac App
View and transfer funds fast
See the available balance of up to 3 accounts and transfer money without signing in with Quick Balance.
Set and track savings goals
Create up to 6 savings goals for things that matter to you, like saving for a home deposit or a holiday, and track your progress with Savings Goals.
Account for every dollar
Pay zero fees
A Bump Savings account won’t charge you any account keeping or transaction fees3, so every dollar you put into your account will help your savings grow.
Get rewarded for saving
You’ll still earn interest even when you dip into your savings. If you grow your account balance by the end of the month, you’ll also get bonus interest1.
Keep tabs on your spending as well
Open a Westpac Choice everyday account as well for your everyday spending, and you can keep track of both your saving and spending all in the one place in the Westpac App.
The award-winning Westpac App can help in more ways than you’d expect
Set up long or short-term savings goals2, and visually track your progress.
The Westpac App is an easy and secure way to keep tabs on your spending and savings wherever you go, with more than 100 features to help look after your cash. It looks good too.
DRIVENxDESIGN 2021 Sydney Design Awards
Good Design Award Winner 2021
Australian Web Awards 2021
Australian Access Awards Finalist 2021
Setting savings goals2 can help you stay in the zone
You’re more likely to reach your savings goals if you’re clear about what you’re saving for. This savings account comes with a handy goals feature that lets you set and personalise up to six savings goals with just the one account. You can name your goal, decide how much you need to save and by when. Once set up, track your progress any time in the Westpac App.
Stack the odds in your favour
Here’s a fun fact. Customers with an automated savings deposit are 2x more likely to reach their savings goals.
Banking should be safe for our kids
With account activity notifications for parents, sensible limits on online banking payments, simpler payment options, and more - we’re encouraging safe and secure banking habits.
Fees and rates
|Total variable interest rate||Up to 5.00% p.a.|
|Standard variable base rate (when no standard variable bonus rate applies)||2.00% p.a.
|Standard variable bonus rate||3.00% p.a.|
How do I earn bonus interest on my Bump Savings account?
Bonus interest is payable each month that you:
- Make a deposit to the account;
- Ensure your account balance is higher at the end than the beginning; and
- Keep your account balance above $0 at all times.
For bonus interest qualification, a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.
When is interest paid to my Bump Savings account?
Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.
Things you should know
Westpac Bump variable interest: includes a standard variable base rate plus a variable bonus rate. Interest is calculated on the daily balance of your Westpac Bump account and paid on the last business day of the month. For the purpose of calculating interest paid, a month is the period between the last business day of the previous month to the second last day of the month (inclusive). Therefore, interest calculated on closing balances on and after the last business day of a month won't be included in the interest payable for the month but will be included in the interest payable for the next month.
- 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.
- 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.
- Account fees: other fees may be charged for banking services.
- 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.
- 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.
- 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.