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 (1602 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.

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

      1. It's free money in 16 years. Equivalent to $0.035 (3.5¢) a day for the next 16 years, lol… Might as well walk around your town and pick up a few cans for 10¢ a pop if you're that desperate for free money. (Or any similar locally applicable activities)

      2. It's a targeted offer. The prerequisite of having a child sometime this year isn't at all something everyone can access.

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        mding on 01/01/2017 - 20:42

        free money is free money.
        No, its not a lot nor is it for everyone. but you're not losing anything from this deal like you've pointed out in your post.

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        WatchNerd on 01/01/2017 - 21:36

        +4

        It's free money in 16 years. Equivalent to $0.035 (3.5¢) a day for the next 16 years, lol…

        Might as well take advantage of the deal then because your child will be 16 in 16 years time regardless.

        Might as well walk around your town and pick up a few cans for 10¢ a pop if you're that desperate for free money.

        That's not free money, and Westpac aren't stopping you from doing that if you take up this deal, you can do both.

        How come everyone could get their head around a McFlurry Hack but so many don't understand this deal?

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        StewBalls on 01/01/2017 - 23:01

        +1

        @28Degrees: You only think you understand it…what part of this little disclosure do you not grasp???

        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".

        By all means talk the deal up when we're privy to the fine print, but until then nobody actually knows shit…

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        [Deactivated] on 02/01/2017 - 04:46

        @28Degrees:
        The Mcflurry hack is ~$3 savings on the spot, no strings attached (beyond having to eat McDonalds).

        Note I have the assumption Westpac wants these accounts to be used (secretative about terms, recommending $20/week, etc) - I really don't think they're going to make it easily accessible. Even if they do, the fact it's only 3.5¢ a day still stands.

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  crudman on 01/01/2017 - 22:01

  +1

  The full terms and conditions haven't even been posted yet.

  In response to negs:

  Locked in to Westpac - There's nothing saying you can't open another bank account for your kid too. Bank accounts are typically fee free till 18 or finish studying.

  The money is worthless - You are getting $200 'now' earning a variable interest rate for 16 years, not $200 in 16 years or $0 now.

  1.5% p.a. is garbage - This is a sample interest rate based on the calculator.

  $20/week means it's not free - this is a sample only and the terms do not state $20/week is required.

  Need to wait to April for the terms to see if this is worth it. In particular what the other fees might be and any minimum donations.

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  donotuse on 02/01/2017 - 01:15

  This is probably targeted to stupid people who will consider following the "$20 a week deposit" example in the ad.

  And opening an account just to get the "free" $200 in 16 years is waste of time for so little amount. It's not even tax free.

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    shaiguy on 02/01/2017 - 01:24

    +2

    How is it not tax free?
    Earning under A$420 p.a. in interest.

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  shaiguy on 02/01/2017 - 01:33

  +3

  What's with all the haters of this deal?

  Seriously - comparing it to inflation etc. If we were comparing everything to inflation, then no one would buy anything as the cost of anything purchased depreciates as soon as you have purchased it.

  Additionally, note, that earnings would be tax-free given interest would be under $420 p.a.

  Note, also it does not say that you need to put in $200 into the account. Westpac are putting $200 in the account for you. So if you want to look at the future value of that at 1.5% p.a. it would be c.$250. Then present value it at the following rates (e.g. inflation):
  2%: c.$185
  3%: c.$160
  4%: c.$139

  So all in all - they are still giving you at least say $100+ of funds if you look it that way - and I am sure when you are 16 years old or c. year 10 that is still a fair bit of money.

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    Skramit on 03/01/2017 - 11:19

    I negged the deal mostly because of the time frame attached. Negging a deal doesn't mean I'm a "hater". I think everyone understands it's free money. If it were locked away for 1,2 or 5 years I'd be all over it. But 16 years…. no.

    I have to admit the marketing team get a 10/10 for this. It's a genius way of advertising and building brand loyalty from youngsters. No doubt some boffin at WBC will get a nice bonus for this one. But it's not a "deal" in my opinion as any realised value is 16 years away - too long.

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      WatchNerd on 03/01/2017 - 12:33

      +1

      I negged the deal mostly because of the time frame attached.

      Your 16 year old child won't care less about the time frame.

      But it's not a "deal" in my opinion as any realised value is 16 years away - too long.

      This deal isn't about us, it's about a 16 year old person, it won't be too long for them.

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        StewBalls on 03/01/2017 - 13:36

        +1

        Just think about that when your kids & grand-kids are paying me rent on Mars for all that land I'm gonna own with my $20 a week!

        Remember, Total Recall has already provided me with a framework for dealing with recalcitrant tenants, I'll cut that air off quick-smart… ;)

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  myfuturej on 04/01/2017 - 13:05

  +2

  Got my positive test! Yay!

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    shaiguy on 05/01/2017 - 12:38

    Pregnancy or STD?~

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  donotuse on 04/01/2017 - 16:45

  +2

  It's okay if you leave it as it is and not top it up, but there are stupid people out there who will top it up. Maybe top it up every 7 years by $0.01 so it doesn't get dormant and temporarily confiscated by the government.

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    myfuturej on 06/01/2017 - 09:18

    +1

    Thanks for the tip. Didn't know you can transfer 1 cent to an account. Was planning $1 a year, after my mum's InG got dormant as we forgot to close it after the $75 x2 referral bonus. Then her friend paid her some money on that account which she forgot and had to chase ING to re-activate the account.

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      donotuse on 08/01/2017 - 20:09

      +1

      Just set up a scheduled electronic transfer of $0.01 to happen every year to keep it active. (Subject to whatever T&Cs Westpac might decide to impose on the $200 free money - for example they might require in the upcoming PDS a monthly minimum deposit, and no withdrawals, in which case you have to do a cost benefit analysis eg NPV calcs).

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  AlienC on 05/01/2017 - 02:55

  Sounds like a good deal now i just need a wife haha lol has op got a deal for that?

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    Skramit on 05/01/2017 - 08:31

    My wife is for sale after getting upset with my QC35 purchase.

    $200 ONO. PM me….

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      AlienC on 05/01/2017 - 23:59

      $200? Ah sorry mate best i can do is $3.50 and a free eneloop

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        Skramit on 06/01/2017 - 08:16

        DEAL. Where should we meet up?

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        AlienC on 06/01/2017 - 11:49

        @Skramit: we can meet after you have your 9 o clock shower or when you finish your 5am morning jog or when you.. Should i go on? (:

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  thydzik on 12/04/2017 - 12:32

  received an sms advising "the Bump savings account is here and ready to open for the little one"
  heres the email details:

  "How to open an account:

  When your baby arrives, just head into your local branch with your ID plus your child’s birth certificate and Medicare card, and our staff will help sort everything out. You do not need to bring your baby to the branch.

  Once we've sighted the documents and opened the account, we'll deposit the $200¹ which will stay in the account until they turn 16. It's a good start, and we hope it's a nice boost to their future savings and makes a difference in your child's life.

  Have any more children under 15? You can open an account for them too, they just won't get the $200 deposit. You can open an account for them by visiting a branch.?

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  thydzik on 27/06/2017 - 13:55

  just signed up my account, I'll see everyone in 16 years to report status.

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  thydzik on 21/07/2017 - 10:13

  +1

  received a westpac moneybox and some school labels

  http://imgur.com/gE8avTi

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    hashtagbargain on 31/08/2017 - 02:30

    That's cute!

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