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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.


Smarter banking

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.

Learn more about Savings Goals


Who can open

Under 14

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.
 

14-17

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.

Fees and rates

Total variable interest rate Up to  0.70% p.a.  
Standard variable base rate (when no standard variable bonus rate applies) 0.25% p.a.
Standard variable bonus rate 0.45% 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.


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1007KB)

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. 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 account. 
3. Account fees: other fees may be charged for banking services.
4. 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. 
5. 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. 
6. 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.