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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)
Go to Deal
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

        • donotuse on 01/01/2017 - 14:50
          -3

          @goodguy: well life is unfair get over it or do something about it. Not whinge.

        • spiffycashew on 01/01/2017 - 15:44

          @unloadmymind: tell that to the child slave you just as easily could have been

        • AlexF on 01/01/2017 - 22:18

          @arcticmonkey:

          If big business multinationals paid their fair share of tax,

          Whose fault is it that others cannot afford to employ accountants and lawyers with knowledge of legal loopholes and tax mitigating techniques that exist to be exploited by such skilled professionals? The cost for such advice is itself tax deductible, so, how much easier can it be?
          Conclusion: only chumps pay tax.

        • donotuse on 02/01/2017 - 01:01
          -2

          @goodguy:

          I wasn't born rich at all.

          Besides the poster above complaining about how living standards have become worse because of the government is probably someone who wasn't born a beggar anyway.

    • furythree on 01/01/2017 - 11:54

      yeah but you had a credit check placed against your name each time you opened a credit card and that type of offer is worth it for the banks because they expect to make most of that back from people who keep the card, pay future annual fees and spend money that gets charged interest

      the return for a kids account is only worth it to lock the kids with the brand like the dollarmite accounts did for GEN Y CBA customers.

      but lets not let facts get in the way of your genius

    • Pudina Chutney on 01/01/2017 - 19:11
      +1

      Does closing a credit card early affect your credit rating?

  • Sage on 01/01/2017 - 09:15
    +1

    Bogus deal.

  • D6C1 on 01/01/2017 - 09:27

    Hmmmm willing help has been offered.. nothing to do here flies away

  • [Deactivated] on 01/01/2017 - 09:51

    Thanks OP :)

  • bchliu on 01/01/2017 - 09:51
    +17

    $200 is probably worth $20 by 16 years time due to inflation.. LOL. Seriously, the 1.5% interest is not enough to keep with inflation. It is pretty much worthless this deal. Plus you have to basically "Stay with them" for 16 years - basically locking yourself in with them for this period of time to get a barely negligible amount.
    You wouldnt lock yourself with a Telco for 16 years because of a "good plan" at one stage whilst there are many other better options out there all the time. It's no different in this case and that's a neg for me.

    • Raynes on 01/01/2017 - 10:02
      +17

      If I posted a deal from Optus for a $200 credit on your bill in 16 years time it would be ridiculous, but this gets 50 upvotes?

    • King Steuart on 01/01/2017 - 10:06

      16 years ago I bought Halo for $99.95RRP

    • greatlamp on 01/01/2017 - 10:13

      Children accounts don't usually have fees, just a low interest rate

      • bchliu on 01/01/2017 - 10:17
        +8

        It does not matter. You are locking your kids into 16 years of low interest rates for the benefit of $200. Even a difference of 0.25% with another bank on similar terms will net them in much more than $200 of interest over 16 years if you are serious about investing $20 per week like what the OP says. Don't fall for empty bait like this.

        • greatlamp on 01/01/2017 - 10:22
          +2

          Yep, no fees is part of the bait.

          Also their joke of an interest rate @1.5% is below CPI

          Monthly contribution to an index fund would be my choice personally

        • ChickenTalon on 01/01/2017 - 13:39
          +5

          Locking your kids into what?? Have another read. There is no lock in or obligation to contribute to the account. If you want to contribute to something then set up another account with better interest

          You do not need to do or contribute anything to this account to get the free money. Just open it and your kid gets the money in 16 years time. So what if you want more money? Money is money and it's still a deal.

          You wouldn't bend down to pick up a $100 note? With the gap between inflation and the interest rate on this account you're probably looking at losing 1% p.a. That's still over $150 in today's terms

        • bchliu on 01/01/2017 - 13:54
          -3

          @ChickenTalon: err.. You need to have the account with Westpac for 16 years (when they turn 16) to get the "Incentive".. What part of that is not locking in?

        • Scrooge McDuck on 01/01/2017 - 14:03
          +3

          @bchliu:

          Do you realise that people (including children) can have as many bank accounts as they like?

          Taking up this offer doesn't preclude anyone from banking with other banks.

        • bchliu on 01/01/2017 - 14:05
          -5

          @Scrooge McDuck: yep. Most people forget too just like Superannuation. Furthermore, you need to contribute towards this account on a monthly basis to get the incentive. It's definitely not free money in 16 years time.

        • Scrooge McDuck on 01/01/2017 - 14:06
          +4

          @bchliu:

          Furthermore, you need to contribute towards this account on a monthly basis to get the incentive.

          Source?

        • ChickenTalon on 01/01/2017 - 21:15
          +4

          @bchliu:

          Furthermore, you need to contribute towards this account on a monthly basis to get the incentive

          Have another read of the Ts n Cs. You don't need to contribute shit

        • StewBalls on 01/01/2017 - 22:00
          +2

          @ChickenTalon: Would those be the ones they won't publish for another 4 months???

          Disclaimer: "Read the terms and conditions available from 8 April 2017 at westpac.com.au before making a decision and consider whether this product is right for you".

        • bchliu on 01/01/2017 - 22:54

          @ChickenTalon: T&Cs also hints at other fees outside of account keeping fees ("Zero Monthly Service Fee, other fees may apply"). So even if they give you 200 bucks in that account, it will eventually diminish down to nothing.

          Again, lets hold our breath and wait four months to show who is right in this case. Most other banking products who give incentives such as this require minimum monthly or yearly contributions. Banks do not give out free lunches like this without getting something back in return off you for a lot more in the long run.

        • ChickenTalon on 01/01/2017 - 23:52
          +2

          Good God.

          IT SAYS ON THE FRONT PAGE: "Optional contributions"

          Again, lets NEG THE DEAL FIRST, BECAUSE IT'S CERTAINLY GOING TO BE SHIT, I JUST KNOW IT hold our breath and wait four months to show who is right in this case

          Fixed that for you

        • bchliu on 02/01/2017 - 01:33
          -2

          @ChickenTalon: As I have said previously - 16 years to reap $200, of which there are other fees which has not yet surfaced because the T&C's are not available until April. Even at zero contributions, you WILL run into the risk of having a zero balance before 16 years is up because of such fees. It is a SHIT deal because there are too many unknowns at this stage and can EASILY be bait and switch in April due to the crap wording.

          If people were to legitimately invest like what is stated by the OP and Westpac themselves. They would be BETTER OFF opening with another bank with higher interest rates. The overall gain will definitely be better than the $200 and the laughable interest they are supposedly offering here.

          Do not twist my words. I downvoted because of legitimate reasoning - as did many others. You stand in a different position to basically try gain $200 over 16 years for nothing outside of having a kid in 2017. I stand on the original premise of the deal published by OP and Westpac to help a kid save money over the course of their childhood.

        • StewBalls on 02/01/2017 - 08:52

          @ChickenTalon: Do you not see the hypocrisy in positive voting the deal in the same circumstances???

        • ChickenTalon on 02/01/2017 - 10:23

          @StewBalls: that point was not lost on me, but from all indications it's looking like a pretty good deal. Free money is free money. I'll revoke my + when proven otherwise.

        • ChickenTalon on 02/01/2017 - 10:31
          +1

          @bchliu: I'm not twisting your words. You said

          you have to basically "Stay with them" for 16 years - basically locking yourself in with them for this period of time to get a barely negligible amount.

          there is no locking in. Contributions are optional. You can open any other account you like.

          $200 is probably worth $20 by 16 years time due to inflation

          Do your maths, it's worth way more than $20, even with a 1% gap between CPI and this interest rate on the $200.

          You wouldnt lock yourself with a Telco for 16 years because of a "good plan"

          WTF?? how is this in anyway similar to a telco plan

        • StewBalls on 02/01/2017 - 10:56
          -1

          @ChickenTalon: Meh, from my perspective I haven't seen any indications, just marketing hyperbole & a distinct lack of pragmatic details upon which a reasonable person might make an informed choice.

          You will note my reluctance to vote either way until pertinent details are to hand…however, having once been a banker, my recollection is that they are not in the business of simply giving money away, either now or in 16 years time…my suspicion is that they intend to impose some sort of restriction(s) that will work to their benefit, not yours…hell, it's what I would do! ;)

    • gstfree on 01/01/2017 - 11:00
      +6

      Irrational up votes. Only sees $200 but ignores conditions of getting the $200.

    • ozbd on 01/01/2017 - 11:35
      +1

      $200 with 1.5% interest rate and assuming 2.5% inflation would be about $174 in todays terms.

    • Scrooge McDuck on 01/01/2017 - 14:12
      +3

      $200 is probably worth $20 by 16 years time due to inflation.. LOL. Seriously, the 1.5% interest is not enough to keep with inflation. It is pretty much worthless this deal.

      For arguments sake, assuming your forecasted premises of inflation and the interest rate are true (remote probability):

      Will you give me $20 if it's worthless to you?

      • bchliu on 01/01/2017 - 23:01
        -3

        LOL.. Wait 16 years to get $20. Except the bank's already used whatever money you've given them to invest and make a higher profit back. Its not quite the same in your analogy unfortunately.

  • Skramit on 01/01/2017 - 09:55
    +1

    Clever marketing by WBC. Saw this discussed on Today Show this morning. Haha.

    • Skramit on 01/01/2017 - 11:23
      -1

      But clearly not a "deal".

  • Diji1 on 01/01/2017 - 10:05
    +4

    Hey guys, a corporate scumbag wants to "help" your kids, why don't you get your kids used to dealing with the corporate scum at an early age!

    After all, your gonna be bailing them out the next time they go out of business so you may as well bend your kids over and let the banks have their way with your offspring as well.

  • BargainKen on 01/01/2017 - 10:12

    No doubt a "bump" in fees will more then cover the banks costs for this exercise

  • sinners007 on 01/01/2017 - 10:12
    +9

    A deal, inaccessible for 16 yrs, is not a deal (unless it was $200k we were getting).

  • [Deactivated] on 01/01/2017 - 10:29
    +9

    So 1.5% pa + $200 for

    A 16 YEAR TERM DEPOSIT

    Is this April fools day? This is horrible financial advice

    There are 3-4% online savings accounts that can net you that $200 in weeks to months (depending on income). And your money isn't locked away for 16 years!!!

    • Scrooge McDuck on 01/01/2017 - 14:16
      +6

      There are 3-4% online savings accounts that can net you that $200 in weeks to months (depending on income).

      Not from a $0 deposit.

      And your money isn't locked away for 16 years!!!

      You don't need to deposit any of your own money, they're offering $200 for free.

      • [Deactivated] on 01/01/2017 - 14:22
        -1

        Thanks.

        Honestly.

        People like you are the reason banks make billions per year. Too blind to see beyond the immediate dangling carrot.

        And that's great. It makes them open to offers that save other people, like me, thousands

        • Scrooge McDuck on 01/01/2017 - 14:24
          +5

          What is the downside of this deal?

          It's free money.

      • donotuse on 02/01/2017 - 01:05

        Yeah it's "free money". By the time you try to get the "free $200" after 16 years it's been closed because you set and forget it and it's become a dormant account and the government has taken the money.

        I doubt you will still remember this deal in 16 years and you probably won't be bothered because it's not worth that much.

  • 2ForTheMoney on 01/01/2017 - 10:35
    -5

    Excellent deal for the financially savvy. Thanks OP. Most of the negs don't seem to understand the deal.

    • bchliu on 01/01/2017 - 10:45
      +6

      Show me your calculations on how this is supposedly financially savvy and I'm happy to revoke my vote.

      • [Deactivated] on 01/01/2017 - 10:53
        +1

        Open this account.
        Deposit $1

        Put all other money into something that isn't stupid
        Magically remember this account in 16 years

        Profit?

        • 2ForTheMoney on 01/01/2017 - 10:59
          +2

          Exactly. There's no need to put even more than a dollar in. Free money is free money. Its value will be less than $200 but should easily be over $100.

        • [Deactivated] on 01/01/2017 - 11:03
          -2

          @2ForTheMoney:

          Sorry. Let me just highlight the SARCASM.

          To make it extra clear for you - in no way do I agree with you or the OP or Westpac 👎

        • bchliu on 01/01/2017 - 11:08
          -1

          Disclaimer:
          "Read the terms and conditions available from 8 April 2017 at westpac.com.au before making a decision and consider whether this product is right for you".

          You will find that most banking products T&C's will include a section where there will be subjective changes to things like fees and rates. This will be no different and you cannot guarantee they will not stick a $2/month fee onto this in the future. Previous products of this type has also included a "minimum" amount you need to put in per month to get anything as well. If this is the case, you will not see anything at the end of the day.

          In all, this is speculation from all of us. Lets see what the T&C's say in April eh? :P

        • StewBalls on 01/01/2017 - 21:54

          @bchliu: Agreed, having undisclosed/postdated T&Cs is quintessentially shonky…I'm not sure if that's even legal for a banking/finance product?

      • videoman on 01/01/2017 - 10:58

        Don't worry

  • Wootwootwoot on 01/01/2017 - 10:43
    -1

    Chances are Westpac wont exist in 16 years time

    • bchliu on 01/01/2017 - 11:11
      +1

      Hardly. First Bank ever in Australia (Bank of NSW) and will be around for a long long time. If it falls, then the Australian Economy falls.

      • Russ on 01/01/2017 - 18:24

        Not quite correct. Westpac is not the bank of NSW, it is a new banking entity formed from the merger of the Bank of NSW and the Commercial Bank of Australia (CBA bank) in 1982.

        According to Wikipedia, the merger was not a takeover. "To emphasise the deal as a merger it was agreed a new name would be adopted (the name Westpac was later chosen)."

  • haydent on 01/01/2017 - 10:54

    Not a deal. Bank sock puppeting in my opinion

  • Kapinny on 01/01/2017 - 10:58

    Its still only 1/1/17… not too late to get started guys! ;)

  • astarman on 01/01/2017 - 11:13

    Targeted?

    • Scab on 01/01/2017 - 11:16
      +3

      Targeted?

      Yes, at babies.

      • Scrooge McDuck on 01/01/2017 - 14:28
        +1

        Who can read:

        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.

  • supersabroso on 01/01/2017 - 11:15
    +4

    Bad idea full stop. $19,000 locked away in an under performing savings account for 16 years!

    The $200 (which will be worth $253.80 at 1.5% interest p.a.) can't even offset the $2,100 you'll lose if you just did this with ING's normal bank account (granted you will have to shift at least $1,000 per month) but just make it your account and you won't even know the difference. No need to waste your time setting up your kids account.

    However, if they are willing to give you $200 with no deposit, then yeah it's a good idea. Just keep an eye out on if they change the terms and conditions somewhere within the 16 years.

  • Danthemanz on 01/01/2017 - 11:15
    +1

    My first is due in April.
    Might get involved.

  • djmm on 01/01/2017 - 11:17
    +1

    Would a baby monkey be considered

    • Oz-Bogan on 01/01/2017 - 12:10

      Are you its "parent or legal guardian" and does it have ID?

      • djmm on 01/01/2017 - 13:49
        +1

        He has lidcombe rsl membership card

  • gstfree on 01/01/2017 - 11:22
    -1

    1.What is the net present value of the $200?
    2.16 years to wait before receive the bonus.
    3.Will Westpac exist in 16 years time?

    Not a deal at all.

  • couger on 01/01/2017 - 11:23
    +9

    Dont know why people complains about free money.
    even the interest rate is under inflation, you still get part of the money back,
    there is no requirement for monthly contribution as I see, so you can just keep the $200 and put nothing into the account, so no need to complain the under performance interest rate.

    • Scrooge McDuck on 01/01/2017 - 14:32
      +2

      It seems to be a failing of reading comprehension and/or financial literacy.

  • cheepwun on 01/01/2017 - 11:27

    Because you may not be with us yet, but we’re proud supporters of you from day one.

    Because I am a proud 'supporter' of you since birth, I recommend a mattress fund. I also recommend not dealing with questionable individuals & institutions like https://www.westpac.com.au/about-westpac/westpac-group/execu… who earn so much for being parasites on society. Nor their competitors. The less you have to deal with parasites, the better for you.

    I also recommend looking into central banking in general, fractional reserve banking, usury & the history of money. You'll probably be led to some talk of the Rothschild central banking cartel, & probably come to understand who really rules the world, starts wars & invades nations & controls the political and media landscape controlling all the The Slaves (ie. you).

    Because I am a proud supporter of you since birth.

    • pufffdragon on 01/01/2017 - 16:43
      +1

      Lovely human beings those Rothschild's, if you could even call them human that is.
      I love how banks get on the TV and and gloat about all the billions in profit they make then decide to stiff staff on a lousy $1000 Xmas bonus.

      When the push to go cashless comes in, the banks will completely own us. Forever screwed.

      As for this deal, you'd be better off picking coins off the ground for the next 16yrs. I guarantee you will earn more.

  • OldBugger on 01/01/2017 - 11:33

    Just the excuse I need if I ever get caught for my little drunken liaison last night. Heh heh heh.

  • thydzik on 01/01/2017 - 11:47
    +2

    going to try this just to comment 'any one receive yet?' in 16 years time.

  • Your Friend on 01/01/2017 - 11:59

    !remindme 16 years

  • juicy j on 01/01/2017 - 12:17

    So basically tonight I have to make love and hope I get pregnant to get this? Lmao and every night until.. Haha jk

  • black on 01/01/2017 - 12:22
    +3

    I love the comments regarding how this is not a deal. Most of the members won't be eligible for their CHILD to receive the benefit anyway. It's absolutely hilarious reading people whinging as to how it's not viable. The account is a great way to save money for your child when they finish school and 'need' to buy a car.

    • bchliu on 01/01/2017 - 12:47
      -2

      There are many BETTER ways to save money for your child - Just not through Westpac or this deal. We are not talking about whether we (parents) should do this or not, but if this empty bait is actually a deal. Take your money to another bank for similar terms but higher interest and you'll get a much better return than the joke of 200 bucks which they cannot touch before 16 years. Hence why this is NOT a deal.

      • ChickenTalon on 01/01/2017 - 13:29
        +4

        There are many BETTER ways to save money for your child - Just not through Westpac or this deal. We are not talking about whether we (parents) should do this or not, but if this empty bait is actually a deal.

        What empty bait??? Westpac is contributing the $200. No obligation to use the account for anything else.

        Take your money to another bank for similar terms but higher interest and you'll get a much better return

        Exactly. Why do you feel the need to argue against contributing to this account? No one here is saying that's a good idea.

        than the joke of 200 bucks which they cannot touch before 16 years. Hence why this is NOT a deal.

        Westpac is putting in the $200. Seems like a great deal

        • bchliu on 01/01/2017 - 14:03
          -2

          Empty bait because the $200 (less depreciation among other things) is untouchable for 16 years. It is a cheque written for the future which is not the same as $200 now.

          I've negged this deal because:

          1) The incentive they offer is ridiculous given you need 16 years to get it. No different from Optus offering you a "great deal" to lock you in for 16 years and then taking $200 off your final account by then.
          2) Other banks have much better interest and returns. Just go and look in this very thread for other options such as those from Bank West. These will net you much more than 200 bucks on your 16th year.
          3) 1.5% is only 0.2% more than the apparent CPI. 0.2% interest is a good deal?

        • ChickenTalon on 01/01/2017 - 21:23
          +3

          @bchliu:

          1) wtf. Who is locking you in??? It's not like you can only use this account. Open any other accounts you wish.

          2) exactly. Much better options for contributing money. HOWEVER point to a single better option where you get money for nothing.

          3) money is money. Even with a 1% p.a. gap between the CPI and this interest rate this is still worth over $150 in today's terms. People on here have wet themselves over far less.

  • decr on 01/01/2017 - 12:42
    -1

    Awful "deal" and nothing to do with OP, but this is more like marketing to get people to switch over some unrealistic incentive. I don't like to neg deals but this is getting pretty damn close.

    Never been a customer of theirs and if they keep this up never will be.

    • WatchNerd on 01/01/2017 - 15:14
      +3

      Yeah how dare they offer free money with no commitments apart from time, the hide of this company, I'm outraged, lol.

      • decr on 01/01/2017 - 15:56

        Hehe yeah sure unless OzB unite and hit them with millions of $$$ for their promo… oh wait they still get to keep it for the next 16 years when it'll be worth $20, nevermind.

        • WatchNerd on 01/01/2017 - 16:17
          +1

          Huh, why on earth would Ozbargainers be giving them money?
          You're just making stuff up now that has nothing to do with this deal.

        • decr on 01/01/2017 - 18:13

          @28Degrees: yeah, a deal you (or your kid in this case) can cash in 16 years, and while doing so would attract new customers for the bank. Marketing, nothing else made up. Moving on.

  • ChickenTalon on 01/01/2017 - 13:25
    +6

    Why the negs???? Free money is still free money, even in 16years time

    Doesn't cost you anything.
    No monthly fees.
    They are putting in $200
    No obligation to put anything extra into it.

    = free money (and a shitload of complainers)

    Yes the interest rate isn't amazing, and you've got inflation over the 12 years. But it should still be worth over $150 in today's terms. I don't get why there is so much bitching and hate.

  • bbear on 01/01/2017 - 13:27

    If it made the news, it's got to be good. :P

    http://www.news.com.au/finance/business/banking/westpac-deli…

  • Intercept on 01/01/2017 - 13:32
    -1

    Only good if you just take the $200 for setting up the account and don't actually use it for any type of savings. This is coming from an accredited financial adviser. All Of supersabroso's comments are correct.

    • Scrooge McDuck on 01/01/2017 - 14:39
      +2

      All Of supersabroso's comments are correct.

      They've only made one in this thread. ¬_¬

  • donotuse on 01/01/2017 - 14:13
    -1

    You'll probably have more luck investing $200 in shares

    • WatchNerd on 01/01/2017 - 14:47
      +3

      Did you read anything about this deal, you aren't using your own $200.

  • Ryk on 01/01/2017 - 15:03

    $200 in 16 years. is some sort of new years joke, they're having a lend…
    and the $20 a week they're encouraging you to add would be better paid of the mortgage.

    • StewBalls on 01/01/2017 - 15:09
      +1

      You could buy a block of land on Mars each week with that $20…in 16 years you'll own a fair chunk of the red planet! ;)

  • sparkles on 01/01/2017 - 15:30

    The government should be paying people $200 NOT to have a child this year. Think of the savings!

  • peterpeterpumpkin on 01/01/2017 - 15:47
    +2

    I don't get all the down-votes.

    A fertile man can produce millions of new sperm in a single day. Realistic scenario: In the 90 days this promotion is still viable for new impregnations, let's say he impregnates 90 women successfully or 1 a day on average. That's $200 * 90 = $18000 (not even accounting for twins). Not bad for a couple of hours' work.

    Obviously the government will have to foot the rest of the bill.

  • payless69 on 01/01/2017 - 17:56
    -2

    Wow $200 for a 16 year term deposit?? You gotta be joking!! Better tell Choice so Westpac can get this years "Shonky Award"!
    FUI Nab pays 3% in 3 years even the greedy now called "Wherebank" because they closed so many branches but give you 3.2% in 3 years!

    • mding on 01/01/2017 - 20:26
      +3

      $200 for a 16y term deposit of $0.

      Nab's 3% in 3 years on $0 deposit is $0.

      you can have both too if you want…

  • [Deactivated] on 01/01/2017 - 19:22
    -1

    Start: $200
    Interest rate: 1.5%
    Regular deposits: $11/mo
    Total after 16 years: $2,640

    Start: $0
    Interest rate: 2.7%
    Regular deposits: $11/mo
    Total after 16 years: $2,638

    Compared to alternate term deposits (which allow for extra deposits throughout the term) and things get even worse - 3% breaks even around $9-10/mo.
    As with the $20 a week they encourage you to deposit, you'd be missing out on $1,864 (when compared to 2.7%), all for $200 - a total loss of $1,664. Enjoy.

    Tl;Dr: If you're planning to deposit more than $11/mo, go with a NAB Reward Saver and/or higher interest rate alternative.

    • mding on 01/01/2017 - 20:20
      +2

      no one is forcing you to deposit any money in this one once opened and you can still have other accounts as well.

      why so many don't get it… its free money…

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