Pocket Money And Chores

Manage your child’s pocket money and chores the simple way

Do all your set ups, tracking and managing in the Westpac App:

Create a weekly chores list that kids can tick off as they complete them
Set up one or more pocket money payments that you can chose to link to one or more chores
Put pocket money payments on hold, cancel or amend frequency or amount.

Giving pocket money for chores has long-term benefits

Promotes self-reliance

Teaches children how to make decisions about money.

Builds good habits

Starting early sets a child up for financial success as an adult.

Learning opportunity

Imparts the value of money to spend and save responsibly.

Strengthens family

Encourages parent/child interaction and empowerment.

Start a conversation with your child today

Topics you might like to cover:

When should you start pocket money?

Take into consideration your child’s maturity.

How much pocket money should you give?

Discuss with your child what you want the pocket money to cover.

Will you link pocket money to chores?

Agree on the value of each chore, including how and when they need to be completed.

For more help with answering your pocket money questions

How to set up, view and manage Pocket Money and Chores in the Westpac App

Pocket Money
Chores
View/manage
Hold payments
Identifying accounts

Pocket Money

Setting up Pocket Money payments

As the parent or guardian setting up Pocket Money payments for your child:

Ensure you have third party value access to your child's Westpac Youth account
Go to the Family Hub and select the child’s account
Select Pocket Money and Chores and follow the prompts
Select the Pocket Money option
Fill in all the relevant details, like the to and from accounts, the amount, a description, and the frequency, to set up the payment.

Tip: If you're linking pocket money to a chore, you can label the payment with the chore name, set up a repeating series, or make it a one-off. You can also add, amend, copy, cancel, or even put the payment on hold to easily track and manage your child's pocket money payments.

Chores

Setting up Chores

As the parent or guardian setting up Chores for your child:

Ensure you have third party value access to your child's Westpac Youth account
Go to the Family Hub and select the child’s account
Select Pocket Money and Chores and follow the prompts
Select the Chores option
Add the chore, name it, apply frequency and save
Repeat step 5 to add additional chores (up to 10 in total).

When a parent/guardian creates a chores list, the child will be notified on their device.

Tip: Once you’ve set up your chores list you can decide if you’d like to apply a reward for completing chores. The payments can be automated, or you can choose to approve payment only when the chores are completed. If you already have a Pocket Money payment set up, you can link it to the chores list without the need to set up another payment.

View/manage

Once you’ve successfully completed the set-up process, you can view and manage both chores and pocket money payments in the Westpac App.

For parents or guardians

Viewing Pocket Money and Chores payments

Parents/guardians will be able to view what chores or pocket money payments have been set up, including any upcoming, recurring and past payments.

To view, go to the Family Hub and select the child’s account, or view via the Payments icon.

View via the Payments Icon

Select the Payments icon on your home screen
Tap the Manage button at the top of the screen
Then select Upcoming payments
Pocket Money and Chores payments will be listed.

Manage or amend Pocket Money and Chores payments

To manage chores or pocket money payments that have been set up, including any recurring payments:

Go to the Family Hub and select the child’s account
Under Manage Money select Pocket Money and Chores
For payments that are:

Manual and require approval > tap the edit button above the payment amount and follow the steps
Automated and recurring > select the chore payment you want to change, then tap the Options button. A drop-down menu will appear with options to cancel, change, see a repeating series, put on hold, or copy a payment.

Manage the status of chores

Chores that are due or completed will be highlighted in the chores list. Parents or guardians can view or update the status of chores:

Go to the Family Hub and select the child’s account
Under Manage Money select Pocket Money and Chores
View the status of chores or update the status by selecting the day the chore was completed
Click Save to update the status.

For children

Viewing Pocket Money and Chores payments

Children can only view chores that have been set up or pocket money payments that have been processed. They’re not able to view upcoming payments.

To view processed payments, the child selects the account that the pocket money payment has been made to. Then, finds the payment in their recent transactions.

Completing their chores list

Children can be active participants in managing their chores. They can tick off the chores on their chores list as they complete them. Chores that are due or completed will be highlighted in the chores list.

To update the status of a chore, a child will need to:

Choose their account on their Home Screen, then select the Family Hub
Select Pocket Money and Chores
Update the chore status by selecting the day the chore was completed
Click Save to update the status.

Hold payments

There could be times when a parent or guardian wants to put a payment on hold as a chore hasn’t been completed.

To put a Pocket Money and Chores payment on hold:

Go to the Family Hub and select the child’s account
Under Manage Money select Pocket Money and Chores
Select the payment you want to amend, then tap the Options button
A drop-down menu will appear with options, select Put on hold.

You can release the payment later, after the chore has been completed, by following the same steps.

Identifying accounts

If you look for your child’s account via the Family Hub, their name will automatically appear above their account. This makes it easier for you to know which account belongs to which child if you have more than one.

You may have noticed that their accounts are also listed on your Home Screen view. The only difference is that the accounts aren’t automatically labelled with the child’s name. If you’d like to make it easier to know which account belongs to which child, you can give them a nickname. Learn how to nickname an account

Tip: If you’d prefer to manage the Pocket Money and Chores feature by selecting the child’s account via your Home Screen, first select the child’s account, then select Family Hub, and follow the steps provided to complete any set-ups or changes.

Frequently asked questions

What if I don’t have third party access to my child’s account?

You’ll need third party value access to set up the Pocket Money and Chores feature.

For kids under 14: a parent or guardian will automatically have third party access.

For kids 14 and over: third party access is optional, as the child can set up or remove the access.

What are signatories and third parties?

A signatory is someone, such as parent, grandparent, or guardian, who can operate an account in branch. If the account holder is under 14, they’re required to have a signatory on their account.

A third party is someone who has been granted value access to an account in Online Banking. This person can see the account in their own Online Banking. Depending on their permission level, they can either view the account only, or view and transact with the account. A third party may or may not be the same person as a signatory.

Access can be set up when an account is opened, or it can be added in branch.

How do I review or change who has access to my child's account?

Check and change who has third party value access

You may wish to chat with the account holder about who else has access to their account and how setting up these controls can help keep their money safe.

How to check and change third party value access in Online Banking on a PC or laptop:

1. In your child’s Online Banking, select the account you want to check

2. Select third party access

3. You’ll see a list of people who can access the account.

If the account holder is happy to have anyone’s access removed or the type of access changed:

4. Select the arrow next to the person’s name

5. Select Remove > Confirm

6. Use Edit to change the type of access they have.

Alternatively, you can visit us in branch or call us.

What type of accounts are needed to use Pocket Money and Chores?

To set up the Pocket Money and Chores feature, both the parent/guardian and the child will need a Westpac transaction or savings account.

Eligible accounts for parent/guardian include:

Westpac Choice account (transaction account)
Westpac Life account (savings account)

Eligible accounts for children include:

Westpac Youth Choice account (transaction account)
Westpac Bump account (savings account)

Can a child view upcoming Pocket Money and Chores payments?

What’s a chore and what’s a chore list?

Should I use the chores feature for a one-off chore?

Things you should know

Deposit Accounts for Personal customers Terms and Conditions (PDF 712KB)

Westpac Debit Mastercard® Terms and Conditions (PDF 210KB)

Online Banking Terms and Conditions (PDF 1MB)

Find out what information you need to provide to become a customer (PDF 657KB)

Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

Who can apply for a Debit Mastercard?

Debit Mastercard®: Westpac Choice Youth account, the eligible card age is 8. For any other transaction account, the eligible card age is 14. You must have an Australian residential address.

For more information about each bank account and the specific product disclosures, please go to Westpac Choice Youth or Westpac Bump savings.

Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

Pocket Money and Chores

Manage your child’s pocket money and chores the simple way

Giving pocket money for chores has long-term benefits

Promotes self-reliance

Builds good habits

Learning opportunity

Strengthens family

Start a conversation with your child today

When should you start pocket money?

How much pocket money should you give?

Will you link pocket money to chores?

How to set up, view and manage Pocket Money and Chores in the Westpac App

Setting up Pocket Money payments

Setting up Chores

For parents or guardians

Viewing Pocket Money and Chores payments

View via the Payments Icon

Manage or amend Pocket Money and Chores payments

Manage the status of chores

For children

Viewing Pocket Money and Chores payments

Completing their chores list

Frequently asked questions

Need a new Youth account?

Give us a call

Find a branch

Things you should know

Pocket Money and Chores

Manage your child’s pocket money and chores the simple way

Giving pocket money for chores has long-term benefits

Promotes self-reliance

Builds good habits

Learning opportunity

Strengthens family

Start a conversation with your child today

When should you start pocket money?

How much pocket money should you give?

Will you link pocket money to chores?

What do you need to get started?

Westpac account

Third party value access

Westpac App

How to set up, view and manage Pocket Money and Chores in the Westpac App

Setting up Pocket Money payments

Looking for a youth bank account?

Youth everyday and savings

Youth everyday account

Frequently asked questions

Helpful tips and lessons for kids and parents

Money matters for kids and teens

Financial literacy for life and family

Need a new Youth account?

Give us a call

Find a branch

Things you should know