The total variable interest rate is a combination of:
3 steps you must do each month to earn bonus interest on a Westpac Bump account:
1. Account balance must not fall below $0 at any time
2. Make at least one eligible deposit. Interest paid into the account doesn’t count
3. 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.
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.
When you bank and save with Westpac
Open a new Choice Youth everyday account and an eligible savings account together between 1 February 2026 and 30 September 2026, and here’s how you can get $50:[#]
Bonus interest - You could boost savings each month you grow your balance.
Bonus interest is payable each month that you:
If you don’t meet the criteria for the bonus interest each month, you’ll still earn the standard variable base interest rate.
| 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Money can be withdrawn from a Bump savings account by:
There are no fees for these withdrawals.
Other fees may be charged for banking services.
Services not available on a Bump account:
What can a parent signatory do?
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.
Parental control and access by age
14 - 17:
As the account holder you can choose to give your parent or guardian access to your account with the Parental Control function. If you’d like a parent or guardian to have access to your account, you’ll need to set that up. Please visit one of our branches and we can help you with:
Under 14:
A mandatory Parental Control function gives your parent or guardian control of your account. This means they can act on your behalf in branch and in Online Banking.
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:
to access their account online or over the phone.
Self-service Telephone Banking is not available and Parental Control is mandatory for children:
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.
When you turn 14:
You may like to talk with your parents or guardian before you do any of these things.
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.