The Westpac Bump Savings account is a high interest savings account for under 18s, designed to teach your children good savings habits from a young age. The account charges no monthly account keeping fees, and allows you to earn bonus interest of up to 5% each month you grow your savings.
Westpac Bump Savings Account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 2%p.a.
- Minimum deposit
- $1
Our verdict
A high interest savings account for under 18s offering a maximum variable rate of 5%.
Westpac's Bump Savings Account lets kids earn a strong interest if they meet a simple condition: saving some money each month and growing the total balance. And there are no fees.
Pros
-
Monthly bonus interest when you meet the account conditions
-
Encourage your children to save money
-
$0 Monthly fee
Cons
-
This account is for under 18s only
Details
Key details
| Product Name | Westpac Bump Savings Account |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 2.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
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Richard Finder
Editor
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Sarah Megginson Finder
June 11, 2024
Hi Adrian,
You don’t need to provide a tax file number for a child’s account until they are 16. However, note that if they earn interest over the annual threshold (currently around $430 per year), they will be charged withholding tax at the highest tax rate. The only way to avoid paying this tax is to register for a tax file number and provide the details to your bank.
Hope this helps!
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soph
January 07, 2024
hi, i have a bump savings account and a choice youth. i want to transfer money from bump into choice but it won’t let me – there is no option to do so. please help. thank you.
Sarah Megginson Finder
January 08, 2024
Hi Soph,
We’re a comparison site so we’re unable to provide customer service. We recommend you reach out to Westpac directly on 13 20 32.
Caroline
December 28, 2023
Once you set the account up online do you need a branch or ATM to deposit cash or can you do it at the post office the bank I’m looking at is Westpack
Jason Loewenthal Finder
January 15, 2024
Hi Caroline,
Westpac customers can use the Bank@Post service at participating Australia Post locations, so you can deposit cash there.
I hope that helps.
Rmeet
September 15, 2023
Hiii
Could you please explain the concept of taxes here.
I assume even after growing amounts each month it still won’t cross the tax bracket
But interest rates are taxable as mentioned in many accounts.
Could you shed light on that
Thanks
Sarah Megginson Finder
September 18, 2023
Hi there, any income you earn as interest on your savings is required to be declared on your tax return. At the end of the financial year, it will be added to any other income and tax will be payable based on your tax rate/bracket. Eg. If you earn $80,000 and earn $5,000 in interest, you’ll be assessed as earning $85,000 and you’ll pay tax on the interest accordingly. If you earn no other income and earn $5,000 interest, no tax is payable, as the first $18,000 you earn each year in interest is tax-free. Hope this helps!
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Kelly
July 20, 2023
Your asking for 2 forms of ID to open an Account for a child. How do I get 2 Forms oc ID for a 6 week old baby He only has a birth certificate and does not need a passport??
Alison Banney Finder
July 21, 2023
Hi Kelly, please note you’ve reached Finder, not Westpac. Westpac requires 2 forms of ID to open an account online. If you can’t do this, you can open the account in branch with your child.
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Adrian
May 31, 2024
Does the Child (2 years old) have to have a Tax File Number to open the account?
Or can the Parent (that is opening the account on behalf of the 2 year old) provide their Tax File Number to open the Child Saver Account?