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

Rates and fees information correct as at 24 September 2018.

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. 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%.

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 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 2.30% special interest rate.


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.

How are Westpac savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.4

Based on 4838
Westpac savings accounts reviews

6.6 6.1 7.5 7.9 7.5

Read Westpac savings account reviews by the Mozo community

Latest review of Westpac Bump Savings

Westpac

Westpac Bump Savings (under 12) savings account review

Overall rating   7 / 10

Pretty good

Not to bad at all.

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 4 days ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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. 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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