Westpac Bump Savings

1.50% p.a.(for $0 and over)

2.30% p.a. (for $0 and over)

 

1.50% p.a.(for $0 and over)

2.30% p.a. (for $0 and over)

 

Westpac Bump Savings Review

Review published: 5 April 2018

What's hot:

  • Winner of multiple Mozo Experts Choice Awards 2018

  • 2.30% interest rate (if conditions are met)

  • $0 minimum opening balance

What's not:

  • 1.50% standard rate

Mozo snapshot:

When you’re opening a kids’ savings account, you want to make sure they’re getting a great interest rate. Well, this is certainly the case for the Westpac Bump Savings account, which offers a 2.30% bonus rate. And if you’re opening an account for any child born in 2017, Westpac will help kickstart their savings by putting $200 into the account. Plus, with a complete lack of fees, it’s no wonder why the Westpac Bump Savings account won both the major bank Pocket Money Regular Saver and the Pocket Money Saver Mozo Experts Choice Award.

Key features:

For kids looking to dive into the world of savings accounts, the Westpac Bump Savings account is a pretty good place to start. Firstly, the account offers a 2.30% interest rate if you’re able to make at least one deposit each month, without making any withdrawals. If for whatever reason you aren’t able to meet these conditions, there’s no need to stress, as the interest rate drops to 1.50%.

As part of Westpac’s 200th anniversary they are offering $200 for any account opened for children born in 2017

One of the best parts of the Westpac Bump Savings account is its lack of fees; there’s no account fee, no online or phone banking fee, no fees at all. Meaning you can rest easy knowing that the money you are putting in is going towards your kids’ nest egg, mot to the bank’s profit.

To open the account you don’t even need any prior savings, as the account has a $0 minimum opening balance. It is available to anyone under 18, but under 12’s will need an authorised signatory to sign off on all transactions.


Who it's good for:

The account is best children, (a requirement) who can make consistent monthly deposits into the account not regular withdrawals. As this will help get you the most of the 2.30% special interest rate.

If you’re an adult looking to open a Westpac savings account check out either Westpac Life or Westpac eSaver.

Any catches?

If you do open the account offer for a child born in 2017, while you’ll get $200 from Westpac as part of its 200th anniversary deal just be aware you can’t withdraw the money til the child is 16. Be quick as the offer end on 31st of May, 2018

The Mozo community has not yet rated Westpac for this savings account.

Currently showing

Rates

  • Balances from $0: 1.50% p.a.

  • Balances from $0: 2.30% p.a.

  • Minimum one deposit and no withdrawals in the month

Fees

  • $0.00

  • none

  • Unlimited free transactions from branch, phone and internet by authorised signatories over 18.

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

  • none

  • none

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • no

  • no

  • no

  • no

  • none

  • none

  • Under 12

Rates

  • Balances from $0: 1.50% p.a.

  • Balances from $0: 2.30% p.a.

  • Minimum one deposit and no withdrawals in the month

Fees

  • $0.00

  • none

  • Unlimited free transactions from branch, phone and internet.

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • under 18

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817! Now that Westpac has merged with St George to create Australia's largest financial services company. Westpac customers will benefit from things like being able to use both banks' ATM networks without paying any extra fees. So if you're after the security offered by a major bank, check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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