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Opening an account for your child

Help your child learn good savings habits and kick-start their savings with our Bump Savings account. You can easily keep an eye on their savings progress from your own Online Banking.

No account fees

There are no transaction or monthly service fees on the Bump Savings account2

Be rewarded for saving

Grow the account balance each month and you could earn bonus interest1

 

Access via a Westpac Choice bank account

Withdraw funds via free online transfers to your Westpac Choice bank account, or by visiting a branch (fees apply on an everyday account)7

Savings Goals

Set up and track your personalised savings goals4 via Online Banking


Be rewarded for growing their savings

Your child’s account will earn a strong base interest rate all the time, plus they can earn bonus interest each month their account balance grows1.
 

Earn up to  1.25% p.a. variable interest rate, including:

  • 0.55% p.a. standard variable base rate plus
  • 0.70% p.a. variable bonus rate each month you grow your balance 1
  • There are no transaction or monthly service fees on your child’s Bump Savings account 2

It’s easy to keep tabs on the account

Your child’s Bump Savings account includes a Parental Control3 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).


Set up Savings Goals for your child

Savings Goals4 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 childs savings you can distribute the money across different goals.
 


3. Track goal progress

Select a savings goal to see how you’re doing.
 


Security

Safe Online Banking guarantee

If your child’s Bump Savings account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions5.

Protected by the Financial Claims Scheme

Deposits to this account and other eligible Westpac accounts are guaranteed by the Australian Government up to a total of $250,000 under the Financial Claims6

 

Fees and rates

Standard fees (fees may change) Amount
Monthly service fee $0
Online Banking withdrawal (including Mobile Banking) $0
Telephone Banking withdrawal (self service) $0
Telephone Banking withdrawal (staff assisted) $0
Branch staff assisted withdrawal $0
Account overdrawn fee N/A
Outward dishonour fee N/A

Funds can be withdrawn from a Bump Savings account via online transfers to a Westpac everyday account held by the Bump Savings account holder or an account signatory, or by visiting a branch.  There are no fees for these withdrawals.
 

Other fees may be charged for banking services.
 

Direct debits, periodical payments , BPAY®, Pay Anyone, cheque withdrawals and ATM transactions are not available from a Bump Savings account.
 

Telephone Banking is not available for a parent signatory, and self service Telephone Banking is not available for children under 12.


Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 1MB)

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. Account fees: other fees may be charged for banking services.
3. 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.   
4. 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. 
5.  Safe Online Banking guarantee: ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac  Online Banking Terms and Conditions (PDF 1MB) for full details, including when a customer will be liable. 
6. Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au
7. 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. 
8. 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. 

 

* Expired Westpac Bump promotion: If you signed up to the 2017 Bump campaign please read the  FAQs and following Ts and Cs. Offer deposit will be made within 3 business days of ID verification. $200 offer limited to one per person. The $200 will be available the month of the child’s 16th birthday and will be forfeited if the account is closed before that. Interest earned on the $200 can be withdrawn from the account. A parent or guardian opening the child’s account is required to be an account signatory with their ID verified. Offer may be withdrawn or extended in limited circumstances at the bank’s discretion, with notice provided on our website.