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Westpac Bump Savings

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 loan that suits you best

  • Bump Savings (under 12)

  • Bump Savings (under 18)

Interest rate
0.55% p.a.(for $0 and over)
Maximum rate
1.10% p.a. (for $0 and over)
Govt deposit guarantee
Yesup to $250,000
Interest rate
0.55% p.a.(for $0 and over)
Maximum rate
1.10% p.a. (for $0 and over)
Govt deposit guarantee
Yesup to $250,000

Mozo editorial review Westpac Bump Savings

Last updated: 4 September 2020.

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What's hot
  • No account fees
  • $0 minimum opening balance
  • 1.10% bonus rate when you deposit once a month
What's not
  • 0.55% 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 1.10% bonus rate when you deposit any amount without any pesky monthly fees. 

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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 1.10% 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 0.55%.

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.


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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 1.10% 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 21 September 2020. 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: 0.55% p.a.

  • Balances from $0: 1.10% 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

  • none

  • no

  • no

  • no

  • yes

  • no

  • no

  • no

  • no

  • no

  • none

  • none

  • Under 12

Details

Rates and fees information correct as at 21 September 2020. 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: 0.55% p.a.

  • Balances from $0: 1.10% 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

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • under 18

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall
7.4/10
Price
6.6/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.9/10
Trust
7.5/10

Latest reviews of Westpac Bump Savings

  • Overall 10/10
    Bump accounts are great

    We started a bump account for our son and have just started another one for our daughter. They are so easy, no fees, exceptional rates and bonuses and the customer service is fantastic.

    Read full review

    We started a bump account for our son and have just started another one for our daughter. They are so easy, no fees, exceptional rates and bonuses and the customer service is fantastic.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Bec, Queensland reviewed 5 months ago
  • Overall 6/10
    Fast

    Very good, everyone should try it.

    Read full review

    Very good, everyone should try it.

    Price
    5/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Agavale, Victoria reviewed almost 2 years ago
  • Overall 7/10
    Pretty good

    Not to bad at all.

    Read full review

    Not to bad at all.

    Price
    5/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    6/10
    Less
    Wayne, New South Wales reviewed about 2 years ago
Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. 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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