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The important stuff

Bump Savings

Bump Savings is an account designed to help children and teens kick-start their savings.

A Choice transaction account can be opened at the same time for deposits, withdrawals, and a debit card for those aged 14+.

  • Earn up to 5.00% p.a. variable interest  (2.00% p.a. standard variable base rate plus + 3.00% p.a. variable bonus rate each month you grow your balance)^
  • $0 Account-keeping fee

  • $0 Transaction fees

  • Available for customers aged 17 and under

  • If you already hold or open a Choice account, deposit at least $100 into your new Bump Savings account within 30 days of opening and we’ll pay $50 into new Choice account#*
  • Set up and manage personalised savings goals (up to 6 savings goals per account)

  • Parental Control feature enables you to decide how much account access your child can have⁵

  • Government guarantee for account balances up to $250,000

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Westpac Choice

An everyday account to make deposits and withdrawals with access via a debit card

  • $5 Account-keeping fee, unless you're under 30, a fulltime tertiary student, new to Australia (for the first 12 months) or deposit at least $2,000 each month

  • If you are under 14, you can open an account in branch with a parent or guardian.

  • Access to your money with a Debit Mastercard®¹ and a range of digital wallets (including Apple Pay & Google Pay)

  • Access to exclusive offers and discounts

  • 24/7 Fraud monitoring

  • Fraud Money Back Guarantee

Things you should know
1 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 12 or over and have an Australian residential address, you can request a Handycard in branch.

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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. 

 

*Youth MyEDB Promotion Terms and Conditions 
  • To receive $50 you must meet the eligibility criteria and satisfy the requirements in these Terms and Conditions for the promotion that commences 19/09/2023.
  • Available to new or existing Westpac customers under 18 years of age (Customer), who have not previously:
    • held a Westpac Bump Savings or Westpac Choice Youth account;
    • held a Westpac Bump Savings together with a Westpac Choice Youth account (or vice versa).
  • During the promotion, the Customer must open the required account(s) so that the customer holds both a Westpac Bump Savings and Westpac Choice Youth account in the Customer’s name and deposits a minimum of $100 into their Bump Savings account within 30 days of both accounts being open.  If the Customer is not an existing Westpac customer, the Customer must open both Westpac Bump Savings and Westpac Choice Youth accounts in the Customer’s name within 7 days of each other.
  • The $50 promotion amount will be paid into the Customer’s Westpac Choice Youth account within 50 days of both accounts being opened and the $100 deposit being made. Both the Westpac Bump Savings account and the Westpac Choice Youth account must remain open during that period for the $50 promotion amount to be paid.
  • Each eligible Customer is only entitled to one $50 promotion amount payment when the Customer has met all the requirements set out in these Terms and Conditions.
  • In the event multiple eligible accounts are opened for the same Customer, the $50 promotion amount will be paid to the Customer’s Westpac Choice Youth account that was opened first.
  • We reserve the right to withdraw, amend or extend this offer at any time.
  • Not available in conjunction with any other offer, unless we determine otherwise.
  • Deposit Accounts for Personal Customers Terms and Conditions apply to Westpac Bump Savings and Westpac Choice Youth accounts. (Insert Deposits accounts for Personal Customers Terms and Conditions). Please read these terms and conditions carefully to determine whether these products are right for your needs and requirements.