Why open a Bump Savings account?
- Learn the importance of saving at a young age
- Start early to get set up for the future
- Enjoy a competitive base interest rate plus bonus interest each month you grow your balance 1
- Kids and parents 2 can easily view a Bump Savings account via Westpac Online Banking
No account fees
There are no transaction or monthly service fees on the Bump Savings account3
Be rewarded for saving
Grow the account balance each month and you could earn bonus interest1
A child‘s level of access to the account online or over the phone can be managed by their parent4
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)5
Savings Goals6 is a quick and easy way to manage long and short term savings goals within a single account. Through Online Banking you can create separate savings goals within your account, see how your savings are tracking and get savings calculations, which could help you stay on track to reach your goals.
Parental Control4 is designed so that a parent can help their child to develop good savings behaviour. As a signatory, a parent can control the access level that their child has to their account through Online Banking and Telephone Banking. They can choose whether to give their child View & Transact or View Only access to the Bump Savings account.
A parent can change their child's access level to suit their financial development via their own Online Banking profile. Once a child is 12 or older, they can also visit a branch to change their own access levels.
Parental Control is mandatory where a child is under 12, and optional where the child is 12 or over.
Safe Online Banking guarantee
If your Westpac 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 Conditions7.
Protected under the Financial Claims Scheme
Bump Savings is a “protected account” under the Australian Government’s Financial Claims Scheme8.
$200 for children born in 2017To celebrate our 200th anniversary, every Australian child born in 2017 is eligible for $200, which they can withdraw when they’re 16.
They’ll need to9:
- Be born in 2017;
- Have a permanent Australian residential address; and
- Have the Bump savings account opened in their name by a parent or guardian, with their ID verified by 31 May 2018.
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 their 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 the 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. Parent signatory: parent or guardian must be an account signatory to view the account. There’s a limit of one signatory per Bump Savings account.
3. Account fees: other fees may be charged for banking services.
4. Parental Control: parent or guardian must be an account signatory to have Parental Control. There’s a limit of one signatory 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.
5. Westpac everyday account: fees and charges apply on a Westpac everyday account, which can be in the name of the child or the parent signatory. Transfers made by the child are subject to any Parental Controls.
6. 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.
7. 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.
8. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information see the APRA website.
9. Westpac Bump promotion: 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.