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 4.75% p.a. variable interest (1.75% 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 can be opened at the same time for deposits, withdrawals, and a Debit Mastercard®¹ for those aged 8+.
Age of account holder
Under 14
14-17
- Parents or guardians need to complete the application for children under 14
Are you (the parent or guardian) already an existing Westpac customer?
Yes
No
Is your child already a Westpac customer?
Yes
No
What to have handy
- You’ll need to be registered for Westpac Protect SMS Code. We’ll send you an SMS Code before you open your child's account
By continuing you agree
To begin, you acknowledge:
- You have read our Privacy Statement which explains how we collect, use and disclose your and your child’s personal information, including marketing communications which we’ll send to your child.
- You have read our Financial Services Guide (PDF 249KB) which provides important information on the financial services and products we offer as a financial services licensee.
By opening the account, you agree both for you and on behalf of your child:
- That you are the parent or guardian of the child who is opening the account (“your child”)
- To the Deposit Accounts for Personal Customers Terms and Conditions (PDF 624KB) and the Online Banking Terms and Conditions) (PDF 620KB) that apply to the products and services your child is applying for.
- 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 your child is not registered for Online Banking, they will receive account statements in paper form.
- To the obligations relating to the products and services being applied for including Anti-Money Laundering/Counter-Terrorism Funding requirements and our reporting obligations if you are a foreign tax resident.
- That the Westpac Bump savings account will transition to a Westpac Life account when your child turns 18 and that certain account features will no longer be available at that time.
Ready to get started?
Things you should know
Deposit Accounts for Personal Customers Terms and Conditions (PDF 624KB)
Online Banking Terms and Conditions (PDF 620KB)
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 of Mastercard International Incorporated.