Kids & teens savings account

Bump Savings is an account designed to help children and teens kick-start their savings. Available for under 18s.
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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

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.

 

T&Cs apply.

Learn more

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.
 

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

 

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.

Read about our initiatives

Financial Literacy for Kids & Teens

We're here to help teach kids and teens how to better manage their money.

Find out more

Fees and rates

Total variable interest rate Up to  5.00% p.a.  
Standard variable base rate (when no standard variable bonus rate applies) 2.00% p.a.
Standard variable bonus rate 3.00% 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 897KB)

Apply online

Open an everyday bank account with your savings account in one click

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Give us a call

1300 558 724

8am – 8pm Sydney time

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Interest rates

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Things you should know
Deposit Accounts for Personal customers Terms and Conditions (PDF 897KB) 
Online Banking Terms and Conditions (PDF 409KB) 
Find out what information you need to provide to become a customer (PDF 657KB) 
Westpac Debit Mastercard® Terms and Conditions (PDF 232KB) 

 

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: You will be eligible for bonus interest if during the month (subject to transaction processing times):
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. 
2. Account fees: other fees may be charged for banking services.
3. Parental Control: Parents, grandparents, or guardians must be an account signatory to have Parental Control. There is a limit of two signatories per Bump Savings account. Child must be registered for Westpac Online Banking and Westpac Telephone Banking to access accounts online or over the phone.  For children under 12 years of age: Parental Control is mandatory, and self-service Telephone Banking is not available.  For children aged 12 years and over: Parental Control is optional and access levels can be amended by the child at any time. Parental Control does not apply to a child’s access to funds in branch, however a signatory must authorise branch withdrawals where a child is under 14 and a debit card 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 or Bump 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 409KB) 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 Terms and Conditions. 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.