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1. Decide what sort of accounts you need

Some accounts are designed to help you manage the money you have for spending, and other accounts are better suited to help with saving. You can get both with this account bundle that includes a Westpac Choice bank account1 and a Westpac Bump savings account.

Getting paid

If you earn money from a part time job or even get an allowance from your parents, you could arrange to have it paid directly into a Westpac Choice bank account. This can keep your money safe but give you access to it when you need it.


 

Accessing your money

A good everyday bank account should also offer you easy ways of accessing your money when you need it. A Westpac Choice bank account also comes with a Debit Mastercard2 which you can use to get money out at ATMs3 and for shopping in stores or online. You can even use it overseas. 


 

Get a helping hand with saving

Getting into good savings habits when you’re young can help set you up with good money skills for life. A Westpac Bump Savings account can also give your savings a boost by paying you bonus interest4 when you grow your savings monthly. You can make it easy on yourself by putting your savings on autopilot with an automatic transfer from your everyday bank account to your savings account.


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$0 monthly service fee

There’s no monthly service fee on either your Westpac Choice bank account or your Westpac Bump Savings account.

There may be other fees and charges that apply in some circumstances – Please refer to the Terms and Conditions (PDF 1MB)


Westpac everyday and savings accounts come with these benefits:

What you’ll get with your Westpac Choice bank account

Get instant access to a Digital Card5 that you can add to your phone while you wait for your card to arrive.  You can also get exclusive access to heaps of discounts in our rewards hub6 with some of Australia’s biggest shops and online stores as well as some of the world’s biggest brands. That means your spending money can go further on entertainment, travel, fashion and more.

 

Get $50 on us!

When you apply online or in branch by 6th October 2020 and deposit $500 and make 5 eligible purchases within 30 days. T&Cs apply.#

Making the most of your Westpac Bump savings account

Saving for more than one thing at once? You can set up to 6 savings goals in your Online Banking with just the one account and track them using our app on your phone. You’ll also earn bonus interest each month you grow your balance.

 

Earn up to 1.25% p.a. variable interest rates

  • 0.55% p.a. variable base interest rate
  • 0.7% p.a. variable bonus rate when you grow your balance every month

2. Know what accounts you want? Here’s what you’ll need to do

Open your accounts online and give us your details

It takes less than five minutes to open your accounts online. You’ll need to provide us with some basic details such as your name, age and address when you open your account. 

Provide your ID

So we can keep your money safe, we’ll need to check some of your ID before you can start using your account. The easiest way to do this is to head into a Westpac branch with your ID. This can include the following:

 

  • Australian driver’s licence
  • Passport
  • Australian birth certificate
  • Medicare card

3. Start using your new accounts and debit card

  • Activate your debit card
    Your debit card will arrive in the mail within two weeks. When you get it there will also be instructions on how you can activate your card. (it’s easy to do online and can be done in a couple of minutes)
     
  • Get your savings goals up and running
    You can put your savings on autopilot with up to six different Savings Goals in your Westpac Bump Savings account. You can work out how much you’ll need to save on a regular basis to reach your goal by a set date and set up an automatic transfer. 

Fees & Rates

Standard fees (fees may change) Bump savings account Choice bank account
ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) 
N/A $0
Account overdrawn fee N/A
$15
Dishonour of direct debits, periodical payment or cheques written N/A
$5
Overseas ATM cash withdrawal from a Global Alliance Partner ATM (for more information on Global Alliance Partners see Accessing your accounts overseas) N/A $0
Overseas ATM cash withdrawal from a non-Global Alliance Partner ATM
N/A $5
Transactions made in foreign currency, and the merchant or financial institution is located outside Australia N/A 3% of the AUD transaction amount
Transactions made in foreign currency, and the merchant or financial institution is located in Australia
N/A 2.2% of the AUD transaction amount
Telephone Banking withdrawal (staff assisted) N/A N/A
Branch staff assisted withdrawal N/A 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.

Total variable interest rate Up to  1.25% p.a.  
Standard variable base rate (when no standard variable bonus rate applies) 0.55% p.a.
Standard variable bonus rate 0.70% p.a.  
How do I earn bonus interest on my Bump Savings account?

Bonus interest is payable each month that you:

  • Make a deposit to the account;
  • Ensure your account balance is higher at the end than the beginning; and
  • Keep your account balance above $0 at all times.

For bonus interest qualification, a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month.

When is interest paid to my Bump Savings account?

Interest is paid on the last business day of each calendar month. Balances in your account on and after the last business day won't be included in the interest calculation for that month but will be included in the interest calculation for the following month. Balances include deposits made to your account.


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

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Things you should know

Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 1MB)

Westpac Debit Mastercard® Terms and Conditions (PDF 304KB)

Westpac Emergency Cash and Westpac Get Cash Terms and Conditions (PDF 91KB)

Online Banking Terms and Conditions (PDF 1MB)

Find out what information you need to provide to become a customer (PDF 768KB)

Personal Telephone Banking Terms and Conditions (PDF 504KB)

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.

1. 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.

2. Debit Mastercard: You need to be at least 14 years of age, and have an Australian residential address to be eligible for the card. If you're not eligible for a Debit Mastercard, apply for a Handycard to access your account.

World Mastercard®, Mastercard® and the Mastercard Brand Mark are registered trademarks of, and PayPassTM is a trademark of, Mastercard International Incorporated.

3. Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit card withdrawals. A 2% cash advance fee applies to credit card withdrawals where the "Credit" option is selected. A list of Global Alliance members is available. Excludes American Express® cards. It is important to know that the functionality to withdraw money from a linked Westpac account via Credit Card is not available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard.

4. 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.

5. The Instant Digital Card: The Instant Digital Card is only available on the Westpac Mobile Banking app and supported with the latest version of Westpac Mobile Banking. The terms and conditions applicable to your product also apply to the use of your digital card. Online Banking Terms & Conditions also apply. You may not always be able to access your digital card.

6. Partner offers are subject to Terms and Conditions and may be varied or change at any time.

7. Savings Goals: Both an account holder and an account signatory (where applicable) can use the Savings Goals feature, including to view, add, edit and delete the savings goals on a Bump Savings or Westpac Life account.
 

$50 Offer: Fees and charges apply. Read the terms and conditions available at westpac.com.au before making a decision and consider whether the product is right for you. To be eligible for the $50 offer you must: open a new Westpac Choice account online between 1/07/2020 and 6/10/2020, or in branch if you’re under 30 years old; and deposit $500 and make 5 eligible card purchases within 30 days of account opening. Eligible card purchases are purchases made using your Westpac debit card linked to your Choice account and excludes ATM transactions and EFTPOS cash out only transactions. If eligible you will receive $50 into your Choice account within 45 days of opening. All account holders on the new Choice account must not hold or have held a Westpac transaction account, or received this offer at any time to be eligible. Offer is limited to one eligible account and is not available in conjunction with any other offer. ​

Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co. Android, Google Pay and Google Play are trademarks of Google Inc.
 

Financial Claims Scheme: payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.