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
Under 18? Get $50 on us.
Never had a Bump Savings or Choice Account?
Get one of each then deposit at least $100 into your savings within 30 days - and we'll give you $50.
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 5.00% p.a. variable interest rate, including:
- 2.00% p.a. standard variable base rate plus
- 3.00% 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
Banking should be safe for our kids
With account activity notifications for parents, sensible limits on online banking payments, simpler payment options, and more - we’re encouraging safe and secure banking habits.
Fees and rates
|Total variable interest rate
|Up to 5.00% p.a.
|Standard variable base rate (when no standard variable bonus rate applies)
|Standard variable bonus rate
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.
Things you should know
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.