Westpac turned 200 earlier this year and to celebrate our anniversary, we’ll deposit $200 into any Westpac Bump Savings account opened by a parent or legal guardian in their newborn’s name, which they’ll be able to withdraw when they’re 161. You can open an account in branch or online.
In an effort to help give your child a head start in life, our Bump Savings account’s a good beginning. Your Bump may not be with us yet, but we’re proud supporters of him or her from day.
You can either open an account online in less than 10 minutes or book an appointment at your nearest branch.
You’ll need to bring in your ID (passport or driver's licence) and your baby’s ID (birth certificate and Medicare card with your baby's name on it), and we’ll open a new account, with the $2002 deposited within 3 business days. You don’t need to bring your baby but you can if you’d like.
If your Bump’s due to arrive in 2017, fill in the quick form for a reminder email after your baby is born.
You have until 31 May 2018 to open the account and have your and your baby’s identity verified.
For eligible children born in 20171, we’ll kick start their savings with a $200 deposit.
Pocket money, birthday gifts from relatives and money for chores. It all adds up.
You can even set them up to view their savings in Westpac Live - Online Banking*
There are no transaction or monthly service fees with our Bump Savings account.
Create savings goals, see how their savings are tracking and get savings calculations to keep them on track.
By building on an initial $200 deposit at birth with a $20 contribution every week, you'll potentially save approximately $19,000 by the time they turn 161.
This is an example only and is not indicative of the interest rate or savings achieved on the Bump Savings account. The actual savings achieved on the Bump Savings account may be lower or higher than this example. This example:
To receive the $200 deposit into a Bump Savings account, your child must:
If your child isn’t eligible for the $200 deposit, they can still open the Bump Savings account anytime.
In an effort to help give your child a head start in life, our $200 deposit1 is just the beginning. Because every little bit helps, and could make a difference in years to come.
As we enter our third century in business we believe that to be part of the future you have to play your part in building it. That's why, in our Bicentenary year we're looking forward to supporting all Australians build brighter futures. We believe that good financial habits – when started early – can make a lifelong, lasting impact. We're excited to mark our 200th anniversary by helping young Australians get on the right track towards saving for their futures.
To mark our 200th anniversary, Westpac will give every Australian baby born in 2017, $200 in our new Bump Savings account if they open the account and are identified by 31 May 2018. The $200 can't be withdrawn from the account until the child reaches the age of 16. Additional funds can be added to the account at any time and these funds can be withdrawn along with any interest earned.
The parent or legal guardian of any baby due by the 31st December 2017 with a permanent Australian residential address can register interest in the Bump account, which was launched on 8th April 2017.
No you don’t, you just need to be a parent or legal guardian to register your interest. We’d love you to register your interest or tell a friend. The $200 contribution in a Bump Savings account is open to all Australians babies, provided the baby is born between 1st January 2017 and 31st December 2017, has a permanent Australian residential address and by 31st May 2018 the Bump Savings account (launched on 8 April 2017) is opened in the child’s name and the child’s identity is verified.
If your baby is already born, you can go directly to a branch to open a Bump Savings account. You should only register your interest if your baby is due between now and 31 December 2017. Note: Your baby needs to be born in 2017 and will have up until 31 May 2018 to open the account and complete identification verification to be eligible for the $200 deposit in their account.
Registering your interest in the $200 deposit in a Bump Savings account should take just a few minutes online. You just need to enter a few details – your name and contacts, and your Bump’s details – so we can send you a reminder after your due date and outline the next steps.
Yes. As long as you’re the parent or legal guardian and the baby was born between 1st January 2017 and 31st December 2017, has a permanent Australian residential address, and by 31 May 2018 the Bump Savings account is opened in the child’s name and the child’s identity is verified.
Yes. It is one account per eligible baby, so for twins – if they’re born in 2017, have a permanent Australian residential address, each have a Bump Savings account opened in their name with their identity verified in-branch – then they’ll each receive the $200 deposit.
No. Your expression of interest does not automatically open the account; we’ll be in touch after your due date to remind you to open the account.
If you’d like to start setting aside money for your child’s future right now, we offer savings accounts that can be opened online in minutes in the name of the parents and grandparents. You can also visit a branch or call the Customer Contact Centre for assistance with choosing the right account. As long as you’ve registered your interest, we’ll send you a reminder email after your due date. Please click here for a list of Westpac’s savings accounts that can be opened online.