Westpac Reward Saver for Kids or Youth
Westpac Reward Saver is no longer available to new customers
Westpac Reward Saver for Kids or Youth is no longer available to new customers, but we’ve recently launched the Bump Savings account – which has been designed with the needs of kids and under 18s in mind, with extra emphasis on the importance of learning how to save.
After an account that helps kids kick start their savings?
Although there are similarities between the two accounts, the Bump Savings account offers a range of additional features, including Parental Control options and the ability to set up and track personalised savings goals.
How Reward Saver Compares
|Key features||Bump Savings (for under 18s)||Reward Saver for Youth (under 21s)||Reward Saver for Kids (under 12s)||Reward Saver set up As Trustee For under 18s|
|Standard variable interest rate||1.50%||0.01%||0.01%||0.01%|
|Bonus variable rate||0.80%||0.99%||0.99%||0.99%|
|Total interest rate||Up to 2.30%||Up to 1.00%||Up to 1.00%||Up to 1.00%|
|Bonus interest requirements||Grow your account balance by making a deposit by the end of the month and you’ll earn bonus interest, no matter how many withdrawals you make1||Deposit any amount and make no withdrawals||Deposit any amount and make no withdrawals||Deposit any amount and make no withdrawals|
Unlimited withdrawals into a Westpac everyday bank account2
|Fee-free withdrawals||Fee-free withdrawals||1 Fee-free withdrawal each month|
|Set up and track multiple Savings Goals3||Yes||No||No||No|
|When will the account change?||When the account holder turns 18, the Bump Savings account will become a Westpac Life account||When you turn 21, this will account become a standard Reward Saver account||
When you turn 12, this account will become a Reward Saver for Youth account
|When the child the account is set up for turns 18, this account will become a standard Reward Saver account|
What are the main differences between these accounts?
It’s all about the withdrawals and the bonus interest.
If you have an existing Reward Saver account, you can make direct withdrawals – either to a linked bank account, at a branch or at an ATM (if your Reward Saver account is linked to your Debit MastercardTM). However when you make a withdrawal, you won’t earn bonus interest for that month.
With a Bump Savings account, direct withdrawals cannot be made through the above methods (e.g. at an ATM). You can either make an online transfer to a Westpac everyday account held by the Bump Savings account holder or an account signatory, or by visiting a branch. The good news is that as long as the Bump Savings account balance is higher at the end of the month than at the start, the account will still earn bonus interest.
Keeping tabs on the account:
If you’re opening a Bump Savings account for your child, you can also take advantage of the Parental Control4 feature. This allows you to decide how much account access you’d like your child to have – handy for helping your children develop good savings habits. You can choose to give your child View Only or View and Transact access, and can change access levels at any time (Parental Control is mandatory for children under 12).
Setting up Savings Goals for your child
Savings Goals3 is a handy feature that lets you set up and manage personalised Savings Goals – you can even have multiple Savings Goals within the one account.
1. Set up personalised savings goals for your child
You can name goals, set the amount you’d like to save and when you’d like to reach your goal by.
2. Distribute their savings across goals
When you add to your child's savings you can distribute the money across different goals.
3. Track goal progress
Select a Savings Goal to see how you’re doing.
Are you over 18 or a student?
If you’re over 18 or you hold a Reward Saver student account, you might be interested in comparing your existing Reward Saver account with our new Westpac Life savings account.
Things you should know
- Westpac Bump Savings 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.
- Westpac everyday bank account: Fees and charges apply on a Westpac everyday bank 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.
- Savings Goals: Both an account holder and an authorised user (e.g. account signatory) can use the Savings Goals feature, including to view, add, edit and delete the Savings Goals on a Westpac Life or Bump Savings account.
- 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. The 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.
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.