Kids & teens savings account
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
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 0.55% p.a. variable interest rate, including:
- 0.30% p.a. standard variable base rate plus
- 0.25% 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.
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.
Things you should know