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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

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 1MB)

Online Banking Terms and Conditions (PDF 417KB)
 

^ 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. 

 

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 14 years of age: Parental Control is mandatory, and self-service Telephone Banking is not available.  For children aged 14 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 8 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.