Savings and Everyday accounts for Teens
Whether it’s your first job, saving for something big, or just managing everyday spending — these accounts are designed to help you build money skills with confidence.
Bank and save confidently with our award-winning app*
Earn up to
4.80% P.A.
Total variable interest rate
The total variable interest rate for the Westpac Bump account is a combination of:
- Standard variable base rate: (when no standard variable bonus rate applies: 1.75% p.a.
- Standard variable bonus rate: 3.05% p.a.
- Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month.
See all FAQs.
Double your
$50
When you bank and save with Westpac
Open a new Choice Youth everyday account and an eligible savings account together between 1 February 2026 and 30 September 2026, and here’s how you can get $50:
- Deposit $50 or more into your new Choice Youth everyday account within 10 days.
- We’ll add $50 to your savings account once you meet the criteria.
- You must not have held any Westpac transaction account or savings account in the last 2 years.
See all FAQs
Get the best of both worlds when you spend and save
Join forces
Share your Savings Goals with family or friends to stay motivated and reach them sooner.
Create the life you want by learning the skills you need
We’ve teamed up with Year13 to help you learn all the stuff about money they didn’t teach you in school. Through the FinLit Academy, we are here to help you navigate key financial moments as you grow and become more financially independent, educated and empowered with money.
FOR A HELPING HAND WITH SAVINGS
SECURE YOUR ACCOUNT WITH SAFEBLOCK
How do I open both a teens savings and everyday account?
You can open both accounts online now. As the account holder you can choose to give your parent or guardian access to your account with the Parental Control function.
To have Parental Control, a parent, grandparent, or guardian must be an account signatory. As the account holder, the child must also be registered for:
- Westpac Online Banking
- Westpac Telephone Banking
to access their account online or over the phone.
Self-service Telephone Banking is not available and Parental Control is mandatory for children:
- Under 12 for a Bump savings account
- Under 14 for a Choice Youth everyday account.
Parental Control is optional for older children. Access levels can be changed in-branch by the child at any time.
Parental Control doesn't 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 isn't available.
Your personal details:
- Name and date of birth
- Australian home address
- Mobile number
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
Child aged 14 – 17
The child can open the accounts themselves. Please follow the process outlined under the 'I'm 14-17' tab. A child aged 14-17 can open their account online or at a branch.
NOTE: If a child aged 14-17 chooses to open their account at a branch, they must attend in person.
Account fees
| Standard fees (fees may change) | Amount |
|---|---|
| Account-keeping fee (monthly) | $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 |
| Overdrawn Fee | N/A |
Money can be withdrawn from a savings account by:
- Online transfer to a Westpac everyday account. Fees and charges may apply on a Westpac everyday account. The account can be held in the name of the child or a parent signatory. Transfers made by the child are subject to any Parental Controls.
- 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
- ATM transactions
- Telephone Banking for a parent signatory
- Self-service Telephone Banking for children under 12.
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (usually $5) is waived for under 30s | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Direct Debit | $0 |
| Point of Sale (POS) transactions | $0 |
| ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) | $0 |
| Overdrawn Fee (for more information: Overdraw Preference Feature) | $15 Nil for Westpac Choice Concession and Westpac Choice where an account holder is under 18 years of age. This fee is not applicable to Bump Savings or Westpac Life. |
| Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement | 15.01% p.a. |
| Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas) | $0 |
| Overseas Withdrawal Fee from a non-Global Alliance Partner ATM | $5 |
| Transactions made in foreign currency, and the merchant or financial institution is located outside Australia | 3% of the AUD transaction amount |
| Transactions made in foreign currency, and the merchant or financial institution is located in Australia | 2.2% of the AUD transaction amount |
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 749KB)
Frequently asked questions
A month is from the end of the last business day of the previous month to the end of the last business day of the current month. By the end of the business day, we mean 11:59pm on any weekday, excluding weekends and national public holidays.
Interest is worked out daily based on your account balance up to the second last business day of the month
Interest is paid to your account on the last business day of each month. Balances, including deposits made on or after the last business day of the month:
- Won't count towards that month's interest
- Will count for the next month's interest.
If you're 8 years or over, you can order a Debit Mastercard to link to your Westpac Choice account.
Once you receive your debit card, follow the activation steps to activate it in Online Banking or the Westpac App.
Are you under 14? As the cardholder, sign into the Westpac App or Online Banking using your customer ID and password to activate your card. A parent or guardian can then help you follow the card activation steps.
If you're under 14: a parent or guardian will need to open and manage your accounts. Your parent or guardian will automatically be set up as a signatory. This means they can act on your behalf in branch and in Online Banking.
If you're 14 years or over: you can open and manage your accounts yourself. If you’d like a parent or guardian to have access to your accounts, you’ll need to set that up. Please visit one of our branches and we can help you with:
- Signatory access: branch and online access to accounts
- Third party access: visibility of accounts online.
A signatory is someone, such as a parent, grandparent, or guardian, who can operate your accounts in branch. If you’re under 14, you’ll need to have a signatory on your accounts. They can help you look after your banking.
A third party is someone who has been given value access to your accounts in Online Banking. This person can see your accounts in their own Online Banking. Depending on their permission level, they can either:
View the accounts only – just look at your accounts activity
OR
View and transact with the accounts – pay for things or transfer money.
A third party may or may not be the same person as a signatory.
Access can be set up when an accounts is opened, or it can be added in branch.
When you turn 18, your Bump account automatically becomes a Westpac Life account. If you have a signatory on your account (such as your parents or guardians) they’ll be removed and your new Life account will be all your own. You don’t need to do a thing. The switch between accounts will happen automatically.
A Life account is like a grown-up version of your Bump account. It has all the same good things such as no account fees, personalised savings goals and a mobile app – plus an extra Spend&Save feature to help boost your savings.
Help when it matters
- Canstar's Outstanding Value for Junior & Youth Banking 2024/2025
- WeMoney Winner 2025 for Youth Account of the Year
Setting up a savings plan
No matter what your goals, reach them sooner with a solid savings plan.
Things you should know
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.
*This claim is based on The Forrester Digital Experience Review™ of 4 Australian mobile banking apps in Q3 2025. Future findings are subject to change. Forrester does not endorse any company or brand, nor their products or services, nor advise anyone to select them based on this review. If you want to learn more, go to the Forrester website.
Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
Fraud Money Back Guarantee: Shop securely using your Debit Mastercard or Credit Card, backed by 24/7 fraud monitoring and our Fraud Money Back Guarantee. Westpac promises to return any missing funds to you if you've not contributed to the loss and contact Westpac right away. Check your card’s terms and conditions for full details.
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