Westpac Bump Savings Account for Kids and Teens
The trick to saving is to start early. With a Westpac Bump kids savings account, get the money-growing habits you need.
Interest rates
Earn up to:
4.50% P.A. Total variable interest rate |
1.75% P.A. Standard variable base rate |
The total variable interest rate is a combination of:
| Standard variable base rate (when no standard variable bonus rate applies) | 1.75% p.a. |
| Standard variable bonus rate | 2.75% p.a. |
| Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month. | |
To earn bonus interest on a Westpac Bump account over the month:
- Keep your account balance above $0 at all times
- Make a deposit into the account. Interest paid into the account doesn’t count
- Your balance must be higher at the end of the month than at the beginning.
A month is from the end of the last business day of the previous month to the end of the last business day of the current month. By the end of the business day, we mean 11:59pm on any weekday, excluding weekends and national public holidays.
After 11:59 pm on the last business day of the month. If you make transactions before this time, it might change whether you get the bonus interest.
Watch your piggy bank grow with Westpac Bump
Zero monthly fees
There are no account-keeping or transaction fees, but other fees might apply.
Rewards for savings
Put money in your account every month and you could earn bonus interest.
Make savings goals
Sharing your saving goals with others may motivate you to save even more.
Track your spending
Open with an everyday account to keep an eye on spending in the Westpac App.
How do I open a kids savings account?
You can open an account online now. As the account holder you can choose to give your parent or guardian access to your account with the Parental Control function.
To have Parental Control, a parent, grandparent, or guardian must be an account signatory. As the account holder, the child must also be registered for:
- Westpac Online Banking
- Westpac Telephone Banking
to access their account online or over the phone.
Self-service Telephone Banking is not available and Parental Control is mandatory for children:
- Under 12 for a Bump savings account
- Under 14 for a Choice Youth everyday account.
Parental Control is optional for older children. Access levels can be changed in-branch by the child at any time.
Parental Control doesn't apply to a child’s access to funds in-branch. However, a signatory must authorise branch withdrawals where a child is under 14, and a debit card isn't available.
Your personal details:
- Name and date of birth
- Australian home address
- Mobile number
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
You’ll need a parent or guardian to open your account with you. A mandatory Parental Control function gives your parent or guardian control of your account if you’re under 12.
To have Parental Control, a parent, grandparent, or guardian must be an account signatory. As the account holder, the child must also be registered for:
- Westpac Online Banking
- Westpac Telephone Banking
to access their account online or over the phone.
Self-service Telephone Banking is not available and Parental Control is mandatory for children:
- Under 12 for a Bump savings account
- Under 14 for a Choice Youth everyday account.
Parental Control is optional for older children. Access levels can be changed in-branch by the child at any time.
Parental Control doesn't apply to a child’s access to funds in-branch. However, a signatory must authorise branch withdrawals where a child is under 14, and a debit card isn't available.
Your personal details:
- Name and date of birth
- Australian home address
- Mobile number
Two forms of ID:
- Australian birth certificate
- Passport
- Medicare card
To open the account online now:
Your parent/guardian must be at least 18 and a Westpac customer.
If they’re not a customer, they could open a Westpac Choice transaction account online before opening your account. Otherwise, to open your account, they’ll need to head into a Westpac branch.
As the parent or guardian to a:
Child under 14
You'll need to open the account for your child. Please follow the process outlined under the 'I'm under 14' tab. Accounts for children under 14 can be opened online if a parent or guardian is at least 18 and a Westpac customer. Otherwise, the account will need to be opened at a branch.
NOTE: If you choose to open an account for a child under 14 at a branch, the child doesn’t have to attend in person.
Child aged 14 – 17
The child can open the account themselves. Please follow the process outlined under the 'I'm 14-17' tab. A child aged 14-17 can open their account online or at a branch.
NOTE: If a child aged 14-17 chooses to open their account at a branch, they must attend in person.
Smart Budgeting and savings tools
LAYERS OF SCAM AND FRAUD PROTECTION
Account fees
| Standard fees (fees may change) | Amount |
|---|---|
| Account-keeping fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | N/A |
Money can be withdrawn from a Bump savings account by:
- Online transfer to a Westpac everyday account. Fees and charges may apply on a Westpac everyday account. The account can be held in the name of the child or a parent signatory. Transfers made by the child are subject to any Parental Controls.
- Visiting a branch.
There are no fees for these withdrawals.
Other fees may be charged for banking services.
- Direct debits
- Periodical payments
- BPAY®
- Pay Anyone
- Cheque withdrawals
- ATM transactions
- Telephone Banking for a parent signatory
- Self-service Telephone Banking for children under 12.
A parent or guardian with account signatory can view the account. There’s a limit of two signatories per Bump Savings account. It’s mandatory to have an account signatory on any account for children under 14.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 712KB)
Under 18? You could get $50 on us
Open both a Choice Youth everyday account and a Bump savings account. Deposit at least $100 into your savings within 30 days, and we’ll give you $50. Ends 30/09/2025. New customers only. T&Cs apply.
Frequently asked questions
Bonus interest is payable each month that you:
- Make a deposit to the account;
- Ensure your account balance is higher at the end than the beginning; and
- Keep your account balance above $0 at all times.
If you don’t meet the criteria for the bonus interest each month, you’ll still earn the standard variable base interest rate.
We define a month as: from the end of the last business day of the previous month to the end of the last business day of the current month. By the end of the business day, we mean 11:59pm on any weekday, excluding weekends and national public holidays.
Bonus interest is calculated: after 11:59 pm on the last business day of the month. If you make transactions before this time, it might change whether you get the bonus interest.
Interest is paid to your account on the last business day of each month. Balances, including deposits made on or after the last business day of the month:
- Won't count towards that month's interest
- Will count for the next month's interest.
If you're under 14: we’ll need a parent or guardian to open and manage your account. Your parent or guardian will be set up as a signatory. This means they can act on your behalf at a branch and in Online Banking.
If you're 14 years or over: and would like a parent or guardian to have access to your accounts, please visit one of our branches and we can help you with the following:
- Signatory access: Branch and online access to account
- Third party access: visibility of account online.
A trusted person like a parent or guardian can help you with your banking by being a signatory on your account. When you turn 14, you don't have to have a signatory anymore. If you want to remove a signatory, you can go to one of our branches. But, before you do, it's important to talk with a parent or guardian first.
When you turn 18, your Bump account automatically becomes a Westpac Life account. If you have a signatory on your account (such as your parents or guardians) they’ll be removed and your new Life account will be all your own. You don’t need to do a thing. The switch between accounts will happen automatically.
A Life account is like a grown-up version of your Bump account. It has all the same good things such as no account fees, personalised savings goals and a mobile app – plus an extra Spend&Save feature to help boost your savings.
Help when you need it
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
*Claim based on "The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q4 2024" an evaluation of five Australian Banks.
Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
Online Banking Security Guarantee: If your Westpac account is compromised by online banking fraud, we promise to return any missing funds. This guarantee only applies if you’ve followed our Online Banking Terms and Conditions. This includes: 1. Keeping your sign-in details, including passwords or Westpac Protect™ Security codes, private, 2. Not contributing to the loss, and 3. Telling us right away if you think there’s an unauthorised transaction or fraud on your account.
Fraud Money Back Guarantee: Shop securely using your Debit Mastercard or Credit Card, backed by 24/7 fraud monitoring and our Fraud Money Back Guarantee. Westpac promises to return any missing funds to you if you've not contributed to the loss and contact Westpac right away. Check your card’s terms and conditions for full details.
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