Summary
Before you get started, here’s a quick recap of what you’re applying for.
Westpac Bump Savings
- Designed to help Under 18's kick-start their savings
- Earn up to 5.00% p.a. variable interest (2.00% p.a. standard variable base rate plus + 3.00% p.a. variable bonus rate each month you grow your balance)
- $0 Account-keeping fee and transaction fees
- A Westpac Choice Youth transaction account will be opened at the same time for deposits, withdrawals, and a Debit Mastercard®¹ for those aged 8+.
By continuing you agree
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information. Our Privacy Statement also provides information about how you can access and correct your personal information, and make a complaint. You do not have to provide us with any personal information but, if you don’t, we may not be able to process your application or request.
- You can view our Financial Services Guide (PDF 249KB) before making a decision as to whether these products are right for you.
By opening the account, you agree:
- To the Deposit Accounts for Personal Customers Terms and Conditions (PDF 650KB) and the Online Banking Terms and Conditions (PDF 407KB) that apply to the products and services you are applying for.
- To us sending you a Debit Mastercard® and linking it to your account, as set out in the Westpac Debit Mastercard Terms and Conditions (PDF 216KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, they will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Things you should know
Deposit Accounts for Personal & SMSF customers Terms and Conditions (PDF 650KB)
Online Banking Terms and Conditions (PDF 407KB)
1 Debit Mastercard: You need to be at least 8 years of age, and have an Australian residential address to be eligible for the card. The debit card is automatically linked when the account is opened, except for children under 14. For children 8-13, a parent or guardian must order their card separately.
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Bonus interest: You will be eligible for bonus interest during the month (a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month) and subject to transaction processing time, if:
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.
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.
Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.