Westpac Bump Savings
Bonus rate
The trick to saving is to start early. With a Westpac Bump kids savings account, get the money-growing habits you need.
- Base rate up to
- 1.75%
- Introductory rate
- None
- Maximum balance
- None published
Rate with bonus, up to
Rates by balance
| Balance | Base rate | Bonus | Total |
|---|---|---|---|
| Any balance | 1.75% | +3.55% | 5.30% |
How to earn the bonus
Account balance must not fall below $0 at any time. Make at least one eligible deposit. Interest paid into the account doesn?t count. 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.
Who can open it
- Age to open
- Up to 17
- Maximum balance
- None published
Who it's for
- Child under 14.
- Accounts for children under 14 can be opened online if a parent or guardian is at least 18 and a Westpac customer. Otherwise, the account will need to be opened at a branch.
- Child aged 14 ? 17.
- A child aged 14-17 can open their account online or at a branch.
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.30%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
1.75%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.30%, above the typical 3.65%. On $10,000 that's about $530 a year.
Cons
- Conditions for the bonus. You need to meet them every month, or you earn only the base rate.
- An age limit. Only for people up to 17.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.30%
- Bonus conditions
- None
- Most it pays
- 5.30%
- Bonus conditions
- Yes
- Most it pays
- 5.30%
- Bonus conditions
- None
