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Westpac - $200 in a Bump Savings Account for Any Australian Child Born in 2017 (Accessible When 16 Years Old)

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Westpac - $200 in a Bump Savings Account for Any Australian Child Born in 2017 (Accessible When 16 Years Old)
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Leviathan13 on 01/01/2017 - 07:56 bump.westpacgroup.com.au (1609 clicks)
Last edited 01/01/2017 - 08:47 by 1 other user

On our 200th anniversary, every Australian child born in 2017 is eligible for $200 in a Westpac Bump Savings account.

To celebrate our 200th anniversary, if your parents open a Westpac Bump Savings account in your name, we’ll deposit $200 into it – which you can withdraw when you’re 16. In an effort to help ensure the next generation enjoys the same quality of life we do, our Bump Savings account's a good start. Because you may not be with us yet, but we’re proud supporters of you from day one.

The Bump Savings account is available to open from 8 April 2017, so express your interest now.

No Monthly Account Fee
Zero Monthly Service Fee, other fees may apply.

$200 is just the beginning.

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 16.

For example:
$200 starting point + You put away $20 each week = $19,000 at 1.5%p.a. interest* on their 16th birthday.

To receive the $200 deposit into their Bump Savings account, your child must:

  • Be born in 2017.
  • Have a permanent Australian residential address.
  • Have the Bump Savings account opened in their name by a parent or legal guardian, with their ID verified by 31 May 2018.
  • If your child isn’t eligible for the $200 deposit, they can still open the Bump Savings account once it’s available.
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closed Comments

  • [Deactivated] on 01/01/2017 - 07:58
    +24

    Unless pregnant by March this deal will be unobtainable:-)

    • Leviathan13 on 01/01/2017 - 08:02
      +156

      The question then becomes, are you a true ozbargainer?

      • Name on 01/01/2017 - 08:45
        +9

        I'll have to show the wife this. Make sure she is on board.

        Although $200 isn't much considering they're so damn expensive! We currently pay $7k a year in child care fees for our first one. And he only goes 3 days a week.

      • Ahil on 01/01/2017 - 19:36
        +3

        A true ozbargainer wouldn't have kids.

    • Scab on 01/01/2017 - 10:53
      +14

      Unless pregnant by March this deal will be unobtainable

      Pfft, this is Ozbargain, just do a C-section.

      • Scrooge McDuck on 01/01/2017 - 13:41
        +4

        You can use these.

        • Scab on 02/01/2017 - 09:44

          I don't see any Eneloops there?

        • Meconium on 15/01/2017 - 14:47

          That is dark! An ozbargainer couple so tight that they get pregnant, realise the baby won't be born in 2017, remove it from the oven before it's done… using disposable cutlery and bleach from Officeworks because it was listed in another bargain. All for $200 in the kid's bank account. I have to say I'm not that hardcore.

  • HardQuiz on 01/01/2017 - 08:01
    +13

    But the value of the $200 in 16 years will certainly be lower than the present.

    Talk about 200th celebration!

    • StewBalls on 01/01/2017 - 09:17
      +61

      Don't worry, the geniuses at Westpac use sound investment strategies; including, but not limited to, $80k cars; to ensure that your dollar is working hard for you…

      • leetguy101 on 01/01/2017 - 09:44
        +1

        $80000.

        • greatlamp on 01/01/2017 - 09:52
          +1

          $80,000.00

        • bchliu on 01/01/2017 - 11:14
          +4

          @rememberme: "Eighty Thousand Dollars and Zero cents only"..

      • tomsco on 01/01/2017 - 09:59
        +13

        $80k cars

        That's a high yield investment.

        • FatGPT on 01/01/2017 - 10:38
          +9

          After the Westpac expert suggested investing in $80k cars would yield high returns, I went out and bought several! Although so far I'm showing a negative return so I must have done something wrong.

        • StewBalls on 01/01/2017 - 10:43
          +22

          @thefish: Remember, they do need to be manual for negative gearing…

        • bchliu on 01/01/2017 - 11:15
          +2

          @StewBalls: Is that why they keep driving in reverse?

      • Unknown1 on 01/01/2017 - 11:12

        There is a method in the madness of purchasing a car and turning a profit.

        The method requires sound knowledge of cars. Because you'll be fixing and fliping cars for a profit. However, this method is impractical as there are much easier ways to turn a profit.

      • furythree on 01/01/2017 - 11:50
        +3

        point to the part of the doll where the westpac banker hurt you

        • StewBalls on 01/01/2017 - 11:56
          +7

          Points to hip pocket…there…sobs…

      • Tiredman on 02/01/2017 - 08:50

        He is Michael Jordan, according to him.

  • Grandslam on 01/01/2017 - 08:01
    +42

    Meh. $200 which you can only access if you maintain an account with Westpac for 16 years……..to me that's not a bargain.

    • Scab on 01/01/2017 - 10:54
      +14

      It is to Westpac.

    • Scrooge McDuck on 01/01/2017 - 13:47
      +6

      Meh. $200 which you can only access if you maintain an account with Westpac for 16 years……..to me that's not a bargain.

      You do realise there are no actual deposit requirements on the account?

      Free money isn't a bargain? ¬_¬

      • [Deactivated] on 03/01/2017 - 18:04
        +8

        You do realise there are no actual deposit requirements

        There is one kind of deposit needed for this..

  • SnoozeAndLose on 01/01/2017 - 08:04
    +9

    1.5%p.a.

    Commonwealth Saving account for kid have 2.3% p.a., no lock in until 16

    • MrGareth on 01/01/2017 - 08:16

      What's best deal out there for kids? I saw the investment bond comment, but not suitable for my case (I want to create one for a 10 year old, to help but a first car… So about 6 - 8 years away).

      • maxwellian on 01/01/2017 - 10:15
        +7

        Tell the kid to get a job and buy there own car like most people did. They'll have a lot more respect for the old second hand car they earnt than the flashy thing mummy and daddy bought them. Saves you money too

        • AlexF on 01/01/2017 - 10:40
          +1

          Tell the kid to get a job and buy there own car like most people did.

          That doesn't sound like a tax reduction strategy.

        • MrGareth on 01/01/2017 - 13:04
          +3

          You wouldn't want to help your kids out when they're ready to venture out into the world? I'm not talking a brand new car or anything flashy, just a decent second hand first car for 5k or whatever :) better than buying a crap box that constantly breaks down :)

        • YTW on 01/01/2017 - 15:49
          +5

          @webbiegareth: I will consider it 'helping my kids out' to NOT give them a car and to let them experience the satisfaction of earning their first car themselves. I'll quite happily give them a lift to their job every single day until then.

        • mataeka on 01/01/2017 - 18:17
          +1

          Agree with this - a friend in high school went through 3 cars his parents bought him - all were second hand and not overly flashy - but he showed no gratitude nor respect for those cars (same with his fancy mobiles back in the day of first colour screen mobiles)

        • MrGareth on 01/01/2017 - 19:23
          +1

          @YTW:

          I'm time poor, there's no way I could possibly give my kid a lift every day (unless I'm buying them public transport tickets until they can buy their own car?)

          Heck my parents gave me their car, which I paid back slowly over time… That seriously helped me out (as I moved interstate).

          I'm seeing a lot of hate here for giving extra help for the kids… Or are most kids just days just that ungrateful?

          Or is everyone here going to still their houses when they retire, go on huge trips, spend all their super and leave nothing for the kids when they die?

        • YTW on 02/01/2017 - 01:20

          @webbiegareth: I just know how much it helped me to do it all 'myself' (with the careful guidance and support from parents) at a young age. What better time to learn how to save up and reach a goal than when you are still partially under the wing of your parents. I wonder how many teens who were given their first car get a shock the next time they need a car and have to fund it themselves.

          My kids will get plenty of financial support from me, the same way I did from my parents…just delivered in a way that helped me to help myself.

          Your parents didn't just hand you a car - you paid it off. That is very different.

      • [Deactivated] on 01/01/2017 - 11:54
        +1

        1. Pay off your mortgage faster
          This is the best option since principal will be high
          Make sure you have enough cash flow/liquid assets if a surprise crops up

        2. Get an online savings account
          Get paid
          Pool your money with your wife in 1 account
          Transfer that money into online savings account at the end of each monthly period

        Normally you get bonus interest if
        - you make a minimum deposit
        - only make one withdrawal

        So deposit a decent sum at the end of the month
        Transfer out of the start of the month

        If you keep it all in the same bank the transfers are instant which makes it a lot easier
        And your money stays available at all times to use as required

        The trick is not to spend on useless junk

        • bchliu on 01/01/2017 - 12:49
          +3

          "The trick is not to spend on useless junk"

          haha.. we're in OzB.. that doesnt work.. :)

        • MrGareth on 01/01/2017 - 19:41
          +1

          For #1, I use my mortgage as a savings account. I don't actually have one of those online savings account, every fortnight anything left in my daily account goes into the mortgage, and I just redraw if I need it. :) On the plus side, I now have lots of equity in my house and it won't be long till my mortgage is paid off :)

        • [Deactivated] on 01/01/2017 - 20:36

          @webbiegareth:

          Nice one!

          I don't have a mortgage yet so I just use the savings account. If I did, I, like you, would pay that down ASAP +- use the equity to buy somewhere else

    • bchliu on 01/01/2017 - 09:52
      +4

      That's lower than inflation. $200 is only going to be worth 20 bucks in 16 years time.

      • moksha on 01/01/2017 - 10:56
        +3

        Inflation is 1.3%
        http://www.tradingeconomics.com/australia/inflation-cpi

        • Foma2 on 01/01/2017 - 12:26
          +5

          That's lower than REAL inflation.

        • bchliu on 01/01/2017 - 12:50
          -1

          Wow.. you happy with 0.2% interest then? That makes a "bargain" on OzB?

        • moksha on 01/01/2017 - 12:59
          +3

          @bchliu: Did I upvote? Just correcting a mistake in a previous comment.

          It seems to me that the value of this free $200 will be approximately $200 in 16 years time, or slightly more. All you have to do is remember its there! ;-)

        • bchliu on 01/01/2017 - 13:07
          +1

          @moksha: As per your chart. 1.3% this year quarter - but gets up to 3% such as July 2014. 1.5% interest is fixed. I daresay over 16 years, 1.5% will be less than inflation averaged out.

        • moksha on 01/01/2017 - 13:28
          +4

          @bchliu: It doesnt actually say anywhere that it is a fixed interest rate. Plus, the 1.5% is just used as an example.

          I am sure that come April, when the conditions are to be releases (!), it will specify a variable interest rate in line with their other accounts.

        • truetypezk on 01/01/2017 - 13:46

          @bchliu:
          I guess the bank does have an incentive to keep the interest rate somewhat competitive (and reasonable) to attract more deposits. Otherwise they will just be losing the $200 in its present value here.

        • bchliu on 01/01/2017 - 13:57

          @truetypezk: Hence why people should not be looking into just the $200 they are giving out here and look for other better deals out there with other banks like Bank West etc. There's many better ways of investing than to stick it into somewhere to make literally 0.2% interest plus $200 less depreciation at the end of 16! years.

      • chillin222 on 11/01/2017 - 20:22
        +1

        The sample interest rate (150bps) shows that Westpac intends this account to sit between its eSaver (105bps) and its Reward Saver (175bps).

        If you look at the relationship between these accounts' interest rates and the RBA cash rate, you'll find a strong correlation - the cash rate is always ~0.5% higher than the eSaver rate.

        The cash rate by its very nature moves in line with inflation. It is usually 50-100bps above CPI (although has gone below it on rare occasions.

        What does this mean? That you can be 99% sure that the interest rate on this account will be higher than inflation for the entire 16 years. So the funds will be worth exactly the same (likely more) in real terms.

    • user27 on 01/01/2017 - 10:16
      +9

      Bankwest kids bonus save account is 4.75%. Hope it doesn't take 16 years for most to realise that $200 might not be much compared to lost interest on this deal

      • videoman on 01/01/2017 - 10:51
        +2

        You could always just leave the $200 in the westpac account and open up another bankwest account that has higher interest and deposit all your other money into that account.

        EDIT. Don't worry I didn't see that you have to depost extra money every week.

        • ChickenTalon on 01/01/2017 - 13:32
          +5

          You do not have to make any contributions at all to get the $200

          That's just an example where it says: "for example"

      • coxymla on 01/01/2017 - 10:54

        Most of those require a minimum monthly deposit. If I'm wrong, please say so because I'll my my kiddies' accounts over.

        • user27 on 01/01/2017 - 11:36
          +1

          I think the minimum is $25 per month

      • Serapis on 01/01/2017 - 15:49

        amen

      • Grunef on 01/01/2017 - 19:07

        The kids bonus save account has that high rate. But each 12 months it transfers all but the very last dollar to the normal kids savers account. The normal kids saver account currently has .75%

  • Tafe on 01/01/2017 - 08:10
    +5

    If you are going to invest on behalf of a child for 16 years I'd strongly recommend looking into an investment bond. Better returns and no tax on withdrawals (10-years rule)

    • delfredo on 01/01/2017 - 09:12

      What's the return and what's the minimum re-investment amount?

      I suppose tax is not a differentiator since both are tax free assuming same re-investment amount (interest is below tax free threshold).

      • tunzafun001 on 01/01/2017 - 14:31

        I thought kids bank account interest adds on to parents tax returns (otherwise everyone would use their kids for tax evasion).

        • Ryk on 20/01/2017 - 16:22

          They do. Use kids accounts to "hide" a small amount of cash.

    • bchliu on 01/01/2017 - 11:16

      Only if you have the capital to begin with. This is a reverse type investment though where you put money in to get a lump sum at the end. Investment bonds require the lump sum to begin with.

      • Tafe on 01/01/2017 - 14:39
        +1

        That's not actually correct, you can do monthly payments in the same way. Investment returns are taxed at a maximum of 30% regardless of your tax bracket and if you hold your investment for at least 10 years without contributing more than 125% each year compared with the previous then there is no tax payable on withdrawal.

        • danyool on 01/01/2017 - 20:27

          @Tafe -

          Investment returns are taxed at a maximum of 30% regardless of your tax bracket.

          How does that work with the "no tax payable at withdrawal"?

          Also - How/where do u buy bonds?

        • danyool on 01/01/2017 - 22:29

          Thanks. Any personal experience with them? Had a quick look. Commonwealth Bank has some, but rates are pretty low - around 3% pa, then Australian Unity has some with better returns, eg 6-8% PA since inspection - but most funds only started in 2009 - so they haven't even been operating for 10 years yet! (Also a whole lot of upside if only counting from after GFC!)

  • huu on 01/01/2017 - 08:12
    +9

    Any ozbargianess want to share in the deal, split 40/60 (60 for the carrier)?

    • shmahoo on 01/01/2017 - 08:28

      i'll do it for 35/65

    • Scrooge McDuck on 01/01/2017 - 13:58
      +2

      Any ozbargianess want to share in the deal, split 40/60 (60 for the carrier)?

      Child support costs will wipe out your return and much much more…

  • Unbreakable on 01/01/2017 - 08:15
    +29

    If any female ozbargainer is considering but not pregnant yet, I'm willing to help to try..

    • Obey on 01/01/2017 - 08:21
      +5

      Username doesn't check out…

    • rodinthink on 03/01/2017 - 21:41
      +1

      $200 per try? Hmm… sound so familiar

  • muahaha2 on 01/01/2017 - 08:34
    +2

    Thanks op having a second baby in March and been wanting/procrastinating to open an account for the first child..good time!

  • RockyRaccoon on 01/01/2017 - 08:47
    +4

    So should we ban all condom deals until the end of March?

    That way Ozbargainers cant miss out on the deal

  • avgbowlofpho on 01/01/2017 - 08:57

    Time for adoption?

  • donotuse on 01/01/2017 - 09:03
    +2

    If you have a mortgage, just put it in the offset account! Higher interest and tax free!

    • MrGareth on 01/01/2017 - 09:18
      -2

      How do you manage this if it's for your kid though? If you're putting it in your offset you're effectively saving money by paying less interest, but how do you calculate the equivalent amount you'll be earning? I.e. you put 3k into the offset for your child, and then deposit $10 a week until they're 16. How much do you give your kid at the end?

      • [Deactivated] on 01/01/2017 - 09:48
        +1

        Lol. Just Google it

        http://www.google.com.au/How_do_you_manage_this_if

      • [Deactivated] on 01/01/2017 - 10:43
        +2

        Does it matter?

        You give them whatever you want because you're in a much better financial situation. End dollar amount is irrelevant

      • donotuse on 01/01/2017 - 12:49
        +1

        Using basic Maths?
        You know, that basic knowledge we learn from school and use excel spreadsheets to make it faster?

        • MrGareth on 01/01/2017 - 19:16

          Oh I can math (Hons in engineering), but I'm curious how people really would go about it, especially if you pay off the mortgage during that timeframe - do people just arbitrarily give them some random fixed amount or do that actually sit there and try to calculate it (compounding interest blah blah)

        • donotuse on 01/01/2017 - 19:58

          @webbiegareth:
          The main goal is to maximize your wealth blah blah over time, and if you want to give the kids money when the right time comes, it can be arbitrary or whatever you want to give based on your objectives eg give them a home, paid university education, shopping money, round the world travel or whatever.

          Maximising wealth means making the right choices eg offset vs savings, shares vs property, etc as part of your overall financial strategy.

  • tomleonhart on 01/01/2017 - 09:07
    -1

    Darn. Ok we're making one baby tonight!

    TMI ?

    • StewBalls on 01/01/2017 - 09:11
      +16

      Pics or it didn't happen! ;)

    • Richfield on 01/01/2017 - 09:12

      Shouldn't you try for quintuplets?

    • rodinthink on 03/01/2017 - 21:43

      tits or gtfo

  • vid_ghost on 01/01/2017 - 09:12
    +14

    in the first 5 years of life you spend around $35k on childcare … lol $200 lol waste of time.. i got $250 from CBA and $250 from ANZ for opening and closing a credit card and i only had to wait 30 days.. not 16 years LOL

    • Ninjassmileinthedark on 01/01/2017 - 09:21
      +1

      Why can't one parent stay home, instead of paying for childcare and someone else to raise the child?

      • UNO on 01/01/2017 - 09:26
        +3

        Because both parents need to work nowadays perhaps.

      • King Steuart on 01/01/2017 - 09:27
        +3

        Why should they have to?

        • greatlamp on 01/01/2017 - 09:55
          +10

          Because housing is unaffordable, and a high cost of living has social consequences?

        • King Steuart on 01/01/2017 - 10:05

          @rememberme: Are you asking a question?

        • greatlamp on 01/01/2017 - 10:16

          @Putnum: yes? (you may have a better answer)

        • King Steuart on 01/01/2017 - 10:52

          @rememberme: Are you asking a question?

        • greatlamp on 01/01/2017 - 22:02

          @Putnum: I was inviting further comment, instead of stating a fact, as I don't pretend to be an expert on this subject

          I'm sorry I don't take grammar as seriously as you do.

        • King Steuart on 02/01/2017 - 07:43

          @rememberme: ok then?

      • Bargaingeek on 01/01/2017 - 09:52
        +3

        Depends, if both parents are high income then makes sense to have child care if one of them is low income them makes sense to give up job and one stays home while other works.

        Having said that childcare costs have become unsustainable and only getting worse. Both government for allowing it to happen and providers for exploiting parents are to blame

        • AlexF on 01/01/2017 - 10:49
          +1

          Both government for allowing it to happen and providers for exploiting parents are to blame

          Government can make childcare part of education system. But that would increase taxes on the people least wanting to pay it. Bad idea.

          Controlled immigration seems a cheaper scheme to increase consumption demand and reduce pressure on wages. It might cause a bit of strife later on but not to those who most benefit.

        • arcticmonkey on 01/01/2017 - 12:08
          +4

          Quality of life and wages/jobs have become so much worse under Turnbull/the Liberal government.

          If big business multinationals paid their fair share of tax, we could have more affordable childcare like other nations.

        • donotuse on 01/01/2017 - 12:54
          -6

          @arcticmonkey:

          I disagree. I actually became richer when the high spending Labor was thrown out of power.

          Although of course, I never blame the government for my own fortunes. I am responsible for myself regardless of who's in power.

          Did you even bother to exert effort to make yourself better, despite of who's in government? Or just blame the government for you lack of talent or skills to enrich yourself?

        • spiffycashew on 01/01/2017 - 13:23
          +5

          @unloadmymind: assuming randomness of conception you could have easily turned out a child slave in Africa, don't explain your success by intrinsic personal attributes because your upbringing, genetics and luck are what made you who you are

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