Choose the version of this product that suits you best
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Bump Savings (under 12) |
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Bump Savings (under 18) |
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.
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.
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.
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.
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Balances from $0: 2.00% p.a. |
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Balances from $0: 5.00% p.a. |
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Make a deposit and grow account balance |
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$0.00 |
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n/a |
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Unlimited free transactions from branch, phone and internet by authorised signatories over 18. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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yes |
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no |
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no |
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no |
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no |
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no |
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none |
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$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. |
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Under 12 |
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Balances from $0: 2.00% p.a. |
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Balances from $0: 5.00% p.a. |
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Make a deposit and grow account balance |
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$0.00 |
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n/a |
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Unlimited free transactions from branch, phone and internet. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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$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. |
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under 18 |
I have been a customer of St George for many years and they merged with Westpac to provide a larger organisation. I have always found the bank to be user friendly and when I have had any news to contact the bank directly over the phone for customer service or in the bank itself, I have found their service to be of a high standard. Interest rates are comparable with the other main banks and I have no Desiree or pull, to move from the bank.
Read full reviewI have been a customer of St George for many years and they merged with Westpac to provide a larger organisation. I have always found the bank to be user friendly and when I have had any news to contact the bank directly over the phone for customer service or in the bank itself, I have found their service to be of a high standard. Interest rates are comparable with the other main banks and I have no Desiree or pull, to move from the bank.
ThevWestpac staff are excellent because they are friendly , helpful and knowledgeable. The product is compatzble to other banks.
Read full reviewThevWestpac staff are excellent because they are friendly , helpful and knowledgeable. The product is compatzble to other banks.
the reason I'm with Westpac is only because of the convenience of the bank, I can easily park and the atm are in a convenient position. I do most of banking online and the site is easy to use.
Read full reviewthe reason I'm with Westpac is only because of the convenience of the bank, I can easily park and the atm are in a convenient position. I do most of banking online and the site is easy to use.
Very friendly staff with help always available not matter what the query or concern.
Read full reviewVery friendly staff with help always available not matter what the query or concern.
This bank has a good interest rate so when I leave my money in savings I gain a few extra dollars each month great
Read full reviewThis bank has a good interest rate so when I leave my money in savings I gain a few extra dollars each month great
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
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
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
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
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
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)
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)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
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)
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)
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)
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
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
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
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000