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Westpac Bump Savings

Advertiser disclosure
The details shown below are for the Bump Savings (under 12)
The details shown below are for the Bump Savings (under 18)

Choose the version of this product that suits you best

Name
Bump Savings (under 12)
Bump Savings (under 18)
  • Bump Savings (under 12)
  • Bump Savings (under 18)
Interest rate
2.00% p.a.(for $0 and over)
Maximum rate
5.00% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000
Interest rate
2.00% p.a.(for $0 and over)
Maximum rate
5.00% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Westpac Bump Savings - last updated: 12 April 2024

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What's hot
  • No account fees
  • $0 minimum opening balance
  • 5.00% bonus rate when you deposit once a month
  • Get $30 cashback when you open a Bump savings and Choice transaction account (T&Cs apply)
What's not
  • 2.00% standard rate
Mozo snapshot

When you’re opening a kids’ savings account, you want to make sure it's simple and rewards you child for saving. Well, this is certainly the case for the Westpac Bump Savings account, which offers a 3.00% bonus rate when you deposit any amount without any pesky monthly fees. 

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Key features

Special cashback offer: New customers who open a Choice transaction account at the same time as their new Bump savings account could get $30 cashback if they deposit $100 into their savings within 30 days (T&Cs apply). 

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 5.00% 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 2.00%.

One of the best parts of the Westpac Bump Savings account is its lack of fees; there’s no account-keeping 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.

You can also receive real time updates on what your kids are doing with their money - Parents and guardians can receive push notifications when their kids spend or receive money to help keep an eye out for excessive or unexpected transactions.

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 14’s need to have at least one signatory on their account (conditions apply). Anyone who is 14 and older can independently open an account without any major restrictions.


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Who is it good for

The account is best for 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 5.00% special interest rate.


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Any catches

This account is a kids account, so if you're over 18, you won't be eligible to apply. If you’re an adult looking to open a Westpac savings account check out either the Westpac Life or Westpac eSaver instead.

Details

Rates and fees information correct as at 18 July 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 2.00% p.a.

Balances from $0: 5.00% p.a.

Make a deposit and grow account balance

Fees

$0.00

n/a

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

n/a

n/a

n/a

$0.00

$0.00

n/a

n/a

n/a

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

yes

no

no

no

no

no

none

$30 cash back available for customers who open a new Bump Savings or Choice Youth transaction account so that they have one of each. Deposit $100 into the Bump Savings account within the first 30 days and Westpac will deposit $30 into the Choice account.

Under 12

Details

Rates and fees information correct as at 18 July 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 2.00% p.a.

Balances from $0: 5.00% p.a.

Make a deposit and grow account balance

Fees

$0.00

n/a

Unlimited free transactions from branch, phone and internet.

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

yes

no

yes

yes

yes

no

none

$30 cash back available for customers who open a new Bump Savings or Choice Youth transaction account so that they have one of each. Deposit $100 into the Bump Savings account within the first 30 days and Westpac will deposit $30 into the Choice account.

under 18

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall
7.3/10
Price
6.6/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.9/10
Trust
7.5/10
Based on 5007 Westpac savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Westpac Bump Savings Savings Account

About Westpac

Thumbnail icon for Westpac
Westpac

Life - 18-29 years old

2.00% p.a.(for $0 and over)

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Westpac
Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

2.00% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for Westpac
Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

2.00% p.a.(for $0 and over)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

Thumbnail icon for ubank
ubank

Save Account

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

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

Thumbnail icon for Auswide Bank
Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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