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Open a Bump Savings Account (under 18 Year Olds, New Account Only) & Deposit Minimum $100 in 30 Days for a $50 Bonus @ Westpac

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GET $50 ON US: Make the most of your Westpac accounts and we’ll give you $50.

If you’ve never had a Westpac Bump Savings and/or Westpac Choice transaction account before:

  • Open a Bump account and/or a Choice account so that you’ve got one of each.
  • Deposit at least $100 into Bump Savings within 30 days of the new account(s) being opened.
  • We’ll deposit $50 into your Choice account.
  • Note: If you’re under 14, you’ll need to go into branch with your parent or guardian to open the account(s). If you are under 14 and already have a Choice account, your parent can open a Bump account online.
Top Tips:

Can I use my existing accounts?
No, this promotion is only open to customers who have not held the relevant product/s, either a Choice and/or Bump Savings account.

How many times can I get the $50?
This promotion is limited to one $50 payment amount per customer, regardless of the number of accounts held/opened.

When will the $50 be paid?
The money will be paid into your Choice account within 50 days of both accounts being opened and the $100 being deposited into the Bump Savings account.

How long do I have to deposit the $100?
Deposits to the Bump Savings account (to reach the $100 qualifying amount) must be made within 30 days of opening your bank account(s).

What if I open two or more Bump Savings accounts?
Only deposits made into the first account opened during the promotion will be eligible.

Can I open these accounts for my child?
Yes, but if you want to be a signatory, ID will have to be presented for both of you. And if they’re under 14 you’ll need to apply together in branch.

Things You Should Know: Youth MyEDB Promotion Terms and Conditions

Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.

  • To receive $50 you must meet the eligibility criteria and satisfy the requirements in these Terms and Conditions for this promotion that commences 19/09/2023.
  • Available to new or existing Westpac customers under 18 years of age (Customer), who have not previously:
  • held a Westpac Bump Savings or Westpac Choice Youth account;
  • held a Westpac Bump Savings together with a Westpac Choice Youth account (or vice versa).
  • During the promotion, the Customer must open the required account(s) so that the customer holds both a Westpac Bump Savings and Westpac Choice Youth account in the Customer’s name and deposits a minimum of $100 cumulatively into their Bump Savings account within 30 days of both accounts being open. If the Customer is not an existing Westpac customer, the Customer must open both Westpac Bump Savings and Westpac Choice Youth accounts in the Customer’s name within 7 days of each other.
  • The $50 promotion amount will be paid into the Customer’s Westpac Choice Youth account within 50 days of both accounts being open (and remaining open during this period) and the $100 deposit being made.
  • Each eligible Customer is only entitled to one $50 promotion amount payment when the Customer has met all the requirements set out in these Terms and Conditions.
  • In the event multiple eligible accounts are opened for the same Customer, the $50 promotion amount will be paid to the Customer’s Westpac Choice Youth account that was opened first.
  • We reserve the right to withdraw, amend or extend this offer at any time.
  • Not available in conjunction with any other offer, unless we determine otherwise.
  • For full terms and conditions, you can visit the Westpac site here.

Related Stores

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closed Comments

  • +6

    Whats the minimum age?
    my 4 year old wants $50, i mean a bank account.

    • +1

      I don't believe there is a mininium age, but you'll have to go double check.

      On the Westpac website it says:

      Can I open these accounts for my child?
      "Yes, but if you want to be a signatory, ID will have to be presented for both of you. And if they’re under 14 you’ll need to apply together in branch."

      • +2

        I just tried with my 8 month old and they said they can’t open a Choice account (which is where the $50 goes into) because the account issues a card, which can only be issued for over 12 yo. So basically the promo is only for 12yo+….

  • +2

    This is bullshit I already have a bump account, feel like closing it now

    • +1

      Is there some kind of joke in your comment?

      • +2

        No I am genuinely annoyed. I opened it recently and got nothing. And the rate isn't great either.

        • +1

          It's just an account for kids.

          • +1

            @[Deactivated]: I am just a bargain hunter like you Jacob. I cannot switch it off, it is a part of who I am.

            My daughter just wants an extra $50 she is a chip of the old block.

        • -2

          Idiot

          • @King Steuart: Why? We are on a bargain hunter forum and I had signed up a month earlier and got nothing and was a bit peeved because I missed out on a bargain. Also westpac as an uncompetitive interest rate for kids accounts in the first place so might as well close it because you are better off with either GSB or Australian Mutual frankly a sign up bonus is the only reason you should sign up for this account and I messed up and missed out on $50 for nothing. Maybe if i close it in a few years my kids could qualify as a new customer and grab that sweet free cash bonus.

    • What is a 'bump' account?!?

      • Bank account for people under 18.

  • If we have them already and close them. Can we reopen and get the $50?

    • "No, this promotion is only open to customers who have not held the relevant product/s, either a Choice and/or Bump Savings account."

      As mentioned in the post.

    • Unfortunately not.

      The terms and conditions have mentioned this point - "Available to new or existing Westpac customers under 18 years of age (Customer), who have not previously: held a Westpac Bump Savings or Westpac Choice Youth account"

  • -2

    Will i get the offer if i identify ss 16 yrs old even if i was born in 93

  • +1

    looks like my era of Ozbargain has come to an end

    • +1

      You can always adopt kids

  • +2

    My daughter is 2… 🤔

    • +2

      Mine are 6 and 7 and I'll be going in this week to get them each an extra $50.

      • Great to hear :)

      • Can you let us know what ID is required? That would be great to know thanks

        • +1

          For ID verification: Simply have two of the following documents handy: Passport. Australian Driver's Licence. Medicare Card.

      • Were you able to get this promo? I just went with my 8 mth old and they said they can’t open a Choice account for him because it issues a card, which can only be issued if they are over 12 yo. So basically, the promo is only for 12yo+…

        • I've opened accounts for my kids last week at the branch without any issue, youngest is 4. Staff only had to set up online banking, and told me they can apply for the card when they are 14 yo.

          maybe try another staff or branch?

  • Any fees on these accounts? I'm assuming no, but thought I would ask anyway…

    • +1

      No, not for any accounts under 18 years old.

      • I remember when commbank started feeing on my account when i was under 18. The govt stepped in but i never went back. They drained my ~$200 savings lol

    • +1

      While there are no account fees, the balance needs to "grow" each month to qualify for the bonus higher interest rate. I just transfer $0.01 in each month.

    • Can be 47% Withholding Tax if they decide your kid might earn too much interest for the FY.
      Unless you want to go to the trouble of getting them a TFN… and doing a return!

      • under 16's get a TFN exemption for interest if I'm not mistaken

        • Even under 16, once you hit that $420 earnings point, you need to provide a TFN, or be taxed accordingly.
          Apparently, if you set it up under a Trust, you can provide the Trust's TFN. Alternatively, if you control the money (deposit / withdraw whenever) you can provide your own TFN.
          Either way, a Trust, you, the kids… someone must declare it for tax.

      • It works though right? If the child is under 16, earns over $420 in interest during the FY but doesn't exceed $18,200, you don't need to pay tax for that child right?

  • I don't think these accounts come with a debit card. Is that right?

    • +1

      No they don't. It's online only. (And sometimes a nightmare when the bank decides for some reason to cut your 3rd party access to the accounts! 🤬)

      • That's what I wanted to know, thanks. Id like to get an account setup for my daughter primarily so she has her own debit card, being online isn't a concern to me.

  • Does the kid need to be present or you just need to go with your id and their id to open their account?

    • I'd assume it's fine if the child isn’t with you as long as you have both of your IDs. They could be at school etc

    • +3

      on their page:
      “14-17? Apply online in just 3 minutes”

      “If you’re under 14, you’ll need to go into branch with your parent or guardian to open the account(s).”

      and the last tip on their page:

      Can I open these accounts for my child?

      Yes, but if you want to be a signatory, ID will have to be presented for both of you. And if they’re under 14 you’ll need to apply together in branch.

  • Sounds a little better than the standard Bump Account "bonus" crap.
    Apparently the kids have to hold the account until they're at least 16 to get the bonus offer!!! 🤬

  • Having to go into a branch with my child kills the deal for me

  • Is the $50 given considered interest and taxable?

    • Unsure. You'll probably have to ask a Westpac Customer service rep for clarification.

  • I tried applying online (I'm under 18, but over 14) but I fail the identity verification since it verifies through Equifax, and under-18s don't have data with Equifax i think. Has anyone else (not parents) managed to apply for themselves online? Kinda dumb that there is an option to open an account online if it's not even possible for under-18s.

    • Same here I tried 3 times yesterday for my 16 years old daughter without any luck. I went with this deal instead https://www.ozbargain.com.au/node/802652 and managed to get it before the code expired last night.

  • Been a couple of weeks, still waiting for the money…

    • Has the money been deposited?

      • +1

        Got it a couple of days ago

        • Great to hear :)

  • "Something went wrong
    Sorry, we weren’t able to verify your identity with our online identity verification providers, Equifax Pty Limited and Equifax Australia Information Services and Solutions Pty Limited (EAISS).

    This might occur when the details you’ve provided don’t match the information on your ID, or your document may be out-of-date.

    Next steps
    To open your account, you can review the information on your identity documents and try submitting this application again. Alternatively, you can also visit your nearest branch, along with suitable forms of ID ." I'm Over 14 but younger then 18. Wonder how i can avoid going into a branch.

  • Does the Bump account and/or Choice account come with a Westpac Debit Card that would qualify child for the 'Westpac Bonus Shopback Cashback' as per this list of cards? https://www.westpac.com.au/faq/shopback-eligible-cards/

    • Yes. It is indeed a, Westpac Debit Mastercard.

  • +1

    Does the kid need to be conceived yet?

  • Got bonus today with younger being 4 years old.

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