Savings Account for Kids and Teens
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:
5.00% p.a. Total variable interest rate1 |
2.00% 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) | 2.00% p.a. |
| Standard variable bonus rate2 | 3.00% p.a. |
How do I open a kids savings account?
You can open an account online now, but you’ll still have the option of your parent or guardian having access with the Parental Control4 function. As the account holder you can decide.
We'll ask for your name, date of birth and a few other details, along with a form of ID.
Two forms of ID:
- Australian birth certificate
- Australian driver licence
- Passport
- Medicare card
Your tax residency status:
If you’re not required to pay tax in another country, put NO on your application. Otherwise, please give us the details.
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 622KB) |
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.
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 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.
Mastercard® is a registered trademark of Mastercard International Incorporated.