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.