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 Bump Savings

Bump Savings is an account designed to help children and teens kick-start their savings.

 

A Choice transaction account can be opened at the same time for deposits, withdrawals, and a debit card for those aged 14+.

The important numbers

Earn up to 5.00% p.a. variable interest  (2.00% p.a. standard variable base rate plus + 3.00% 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
If you already hold or open a Choice account, deposit at least $100 into your new Bump Savings account within 30 days of opening and we’ll pay $50 into new Choice account#*

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
  • Parents or guardians can receive push notifications when money goes into or out of the account⁶
Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 897KB)

Online Banking Terms and Conditions (PDF 448KB)

^ 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. 
 
*Youth MyEDB Promotion Terms and Conditions 
  • To receive $50 you must meet the eligibility criteria and satisfy the requirements in these Terms and Conditions for the promotion that commences 19/09/2023.
  • Available to new or existing Westpac customers under 18 years of age (Customer), who have not previously:
    • held a Westpac Bump Savings or Westpac Choice Youth account;
    • held a Westpac Bump Savings together with a Westpac Choice Youth account (or vice versa).
  • During the promotion, the Customer must open the required account(s) so that the customer holds both a Westpac Bump Savings and Westpac Choice Youth account in the Customer’s name and deposits a minimum of $100 into their Bump Savings account within 30 days of both accounts being open.  If the Customer is not an existing Westpac customer, the Customer must open both Westpac Bump Savings and Westpac Choice Youth accounts in the Customer’s name within 7 days of each other.
  • The $50 promotion amount will be paid into the Customer’s Westpac Choice Youth account within 50 days of both accounts being opened and the $100 deposit being made. Both the Westpac Bump Savings account and the Westpac Choice Youth account must remain open during that period for the $50 promotion amount to be paid.
  • Each eligible Customer is only entitled to one $50 promotion amount payment when the Customer has met all the requirements set out in these Terms and Conditions.
  • In the event multiple eligible accounts are opened for the same Customer, the $50 promotion amount will be paid to the Customer’s Westpac Choice Youth account that was opened first.
  • We reserve the right to withdraw, amend or extend this offer at any time.
  • Not available in conjunction with any other offer, unless we determine otherwise.
  • Deposit Accounts for Personal Customers Terms and Conditions apply to Westpac Bump Savings and Westpac Choice Youth accounts. (Insert Deposits accounts for Personal Customers Terms and Conditions). Please read these terms and conditions carefully to determine whether these products are right for your needs and requirements.

 

5   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.

 

6 Third Party Push Notifications: A third party, such as parent or guardian, who has been granted access to a Westpac Bump Savings or Choice Youth account can choose to receive real-time mobile push notifications for when account transactions occur.