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.
Watch your piggy bank grow with Westpac Bump
Zero monthly fees
No Account-keeping or transaction fees7, so every dollar will help your savings grow.
Rewards for savers
Make regular deposits to grow your savings and get rewarded with bonus interest2.
Set and share savings goals
Having clear savings goals3 you share with others may motivate you to strive to save even more
Keep tabs on spending
Open with an everyday account to track both your savings and spending in the Westpac App.
Interest rates
Earn interest of up to:
4.75% p.a. Total variable interest rate1 |
1.75% p.a. Standard variable base rate |
The total variable rate is a combination of:
| Standard variable base rate (when no standard variable bonus rate applies) | 1.75% p.a. |
| Standard variable bonus rate2 | 3.00% p.a. |
How do I open a kids savings account?
You can open a Bump account online now. We'll ask for your name, date of birth and a few other details, along with a form of ID.
As the account holder, you can decide if you want your parent or guardian to have access to your accounts with the Parental Control4 function.
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
Your parent or guardian will need to open the account for you. If they are already a Westpac customer, they can open this for you online. If they are not a Westpac customer, they will need to go into a branch to open it for you.
If you’re under 12 there’s a mandatory Parental Control4 function that gives your parent or guardian control of the account.
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
8 or older? Get a Debit Card to easily access your money
Get an everyday account to manage your money
If your savings are sorted and you need a transaction account, open a Westpac Choice Youth account with a Debit Mastercard® to get cash out at ATMs or spend online or in-store.
Open a savings and everyday bank account
We've made it simple for you to set up all your bank accounts in one go. Open a Choice Youth everyday account (with Debit Mastercard®8) when you open your Bump savings account.
Get the Westpac App for even easier banking
View and transfer funds fast
Quick Balance lets you view the balance of three main accounts and quickly transfer money without signing in.
Set and track savings goals
Set up to 6 savings goals for things that matter to you, like saving for a new bike, clothing or holiday spending money. You can even share goals with family and friends to boost savings, tracking your progress with Savings Goals.
Get sorted with in-app budget tools
Track your month-to-month Cash flow and spot areas where you could be making savings with your spend sorted in Categories.
Account fees
Funds can be withdrawn from a Bump Savings account via online transfers to a Westpac everyday account5 held by the Bump Savings account holder or an account signatory, or by 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 and ATM transactions are not available from a Bump Savings account. Telephone Banking is not available for a parent signatory6, and self service Telephone Banking is not available for children under 12.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 712KB) |
Frequently asked questions
Make a monthly deposit into the account (by the last business day of the current month), ensuring your balance always stays above $0 and is higher than the account balance on the last business day of the previous month.2
Important: any interest earned and credited to the account does not count as a monthly deposit.
It's paid on the last business day of each month and is calculated on the balances in your account before this date1.
- If you're under 14, we will require a parent or guardian to open and manage your account. Your parent or guardian will be set up as a signatory, meaning they can act on your behalf in branch and within 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
o Signatory access: Branch and online access to account
o Third party access: visibility of account online
A trusted person such as a parent or guardian may be a signatory on your account to help you look after your banking. When you turn 14, it is no longer mandatory to have a signatory on your account. Signatories can be removed by visiting one of our branches, but it’s important you talk with your parents or guardians before you do this.
Notifications are designed to help keep your money safe by letting trusted people know if your account is being used in an unexpected or worrying way. So, it’s best to chat with those people first, before making any changes.
If you’re 14 to 18 years old and you’re sure you don’t want a third party on your account to get notifications, you can remove their ‘third party access’ in Desktop Online Banking. If you’re under 12, you can do so by visiting any Westpac branch.
- 24/7 fraud monitoring and our Fraud Money Back Guarantee 9
Optional parental notifications of account activity, mandatory for under 12s
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.
Grow your independence with pocket money
Managing your pocket money is much simpler when paid regularly and directly to your account. Find out how your parents can set up pocket money payments via the Westpac App.
Banking should be safe for kids
With account activity notifications for parents, sensible limits on online banking payments, simpler payment options, and more - we’re encouraging safe and secure banking habits.
Financial literacy for kids and teens
We're here to help you learn how to better manage your money with simple lessons, tips and tricks to help build good money habits to get ahead and stay ahead.
Things you should know
1. Westpac Bump variable interest: includes a standard variable base rate plus a variable bonus rate. Interest is calculated on the daily balance of your Westpac Bump account and paid on the last business day of the month. For the purpose of calculating interest paid, a month is the period between the last business day of the previous month to the second last business day of the month (inclusive). Therefore, interest calculated on closing balances on and after the last business day of a month won't be included in the interest payable for the month but will be included in the interest payable for the next month.
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility.
9. Westpac Fraud Money Back Guarantee: ensures that customers will be reimbursed for any unauthorised transactions, provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Debit Mastercard Terms and Conditions for full details, including when a customer will be liable.
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