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 Bump Savings

Bump Savings is an account designed to help children and teens kickstart their savings.

The important numbers

Earn up to 0.55% p.a. variable interest  (0.30% p.a. standard variable base rate plus + 0.25% p.a. variable bonus rate each month you grow your balance)^
$0 Account-keeping fee
$0 Transaction fees
Available for customers aged 17 and under

What you get

  • Set up and manage personalised savings goals (up to 6 savings goals per account)
  • Parental Control feature enables you to decide how much account access your child can have⁵
  • Your Bump Savings account will be converted to a Westpac Life account when you turn 18
Things you should know
^ 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.
 
5   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.