Bonus $30 in Choice Transaction Account After You Deposit $100 in 30 Days into Bump Savings Account (Under 18's Only) @ Westpac

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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 $30 into your Choice account.

Under 14?
If you're under 14 and your parents are existing Westpac customers, they can open your Bump or Bump + Choice online. If you're under 14 and your parents are not existing Westpac customers, or you want to open a Choice account, you'll need to go into branch with your parent or guardian to open the account(s).

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Comments

  • +2

    Bump savings account
    Get bonus interest each month you grow your savings1
    Earn up to 5.00% p.a. variable .
    No monthly fees or transaction fees.2
    Set and track savings goals.

  • Nice. What is the youngest age to create kids saving account? Can you do it for new born and start creating their savings account?

    • +1

      i dont see why not

    • assuming ID might be the issue but once you have that don't see why not!

      • I guess you can use Australian Birth Certificate

    • +14

      Just be mindful about opening bank account for newborns without a TFN. If interest is over $416, then the tax man comes knocking.

      Interest Rate
      $0 - $416 0 %
      $417 - $1,307 66%
      Over $1,307 45%

      https://www.abc.net.au/news/2022-02-23/investing-in-your-kid…

      • +1

        They’ll still come knocking at your tombstone after you cark it

      • Just need to apply for a TFN for your child to get tax back

        • incorrect

          • @Kouki: Can you please explain why this is incorrect?

      • +1

        If my calculation is correct and assuming interests stays at 5%, once the deposit has reached ~$8400, we should stop funding it?

      • +1

        oh well. that's the newborn's problem

  • +1

    It's it tax free since the little one doesn't have TFN?

    • i am assuming there is max limit on how much money can be deposited to kids account.

    • +1

      Once they earn over $420 for the year the rest is taxed unless you provide the bank with the kid’s TFN.

  • what is the minimum deposit tie frame to get $30.00?

    • "Deposit at least $100 into Bump Savings within 30 days of the new account(s) being opened"

  • Can I use the debit card for ShopBack ? lol

  • -1

    but u still gotta pay ATO tax on the interest under the parent's tax return right? I tell the wife to just keep the money in the offset but she feels more "reassured" the money is in a seperate account specifically for the kids when they turn 18, in the mean while I pay 40% to ATO on whatever interest it's earning.

    • +2

      Depends.
      https://www.ato.gov.au/individuals-and-families/investments-…

      You need to consider who:

      *provides the money, such as the initial and ongoing deposits into the account
      *decides how the money is spent, regardless of who it is spent on.

      I think in the majority of cases for kids it technically should be considered the parents' earnings but most people probably just declare it as the kids' or parents' depending on what gives a better tax result.

      I tell the wife to just keep the money in the offset but she feels more "reassured" the money is in a seperate account specifically for the kids when they turn 18

      I use a separate offset account. So it's still separate but instead of earning a lower interest plus AND paying tax I'm paying no tax and effectively "earning" (rather saving) higher interest.

    • After taking to a friend who's a broker, and my account they suggested the same.

      The logic was for us to keep decent records of how much this will likely save us off our home loan (in terms of, say, paying off the loan earlier) and then when it's time to hand over the money to the child you use this as a marker.

      If doing this for a young child, say a toddler, that makes logical sense to me tbh.

      So yeah. I see what you're saying here.

      • +2

        We calculate the saved interest using the same method as the bank and transfer monthly from our normal offset account to the second offset account which is dedicated to our son. So we can show him the balance is growing and explain how compounding interest works. Now he can understand how saving and investing over time adds up.

        • Awesome idea.

          Cheers for sharing.

  • Anyone done this yet, I used the link but only a Bump account was opened and not the choice

    • Tried this last time and apparently under 18’s not elegible for a choice account. Had to escalate to complaints to get the bonus paid manually. In person tellers and normal customer service hotline were clueless. Hopefully it has been sorted now, but be prepared for the run around.

      • Seems contradictory to the offer then, I would rather not have the choice account anyway. The agent I spoke to asked me to open a choice account separately but you can't do that for a child online, only a combined application.

        • Typical cluelessness that I experienced. People who don’t know what they’re on about telling you to do something that’s impossible. Or waiting for something that never happens (i.e., the bonus will just automatically show up in your account). To be fair, their systems put their agents in a difficult position.

  • Do you need to provide ID for the kid?

    • +2

      Yeah I just opened one, Medicare and Passport was ok.

      • Have you got paid your $30 yet? haven’t got mine

  • Damn I have an account with almost every other banks lol, would be nice if other banks start something similar.

  • +2

    The bonus used to be $50 if I recall?

    • +1

      Yeah used to be 50

  • -1

    Vampires

  • +4

    St George offers the same cash reward and higher interests

    https://www.stgeorge.com.au/personal/bank-accounts/childrens…

    • Thank you! I’m a customer but not Westpac

  • +1

    Tried with medicare/passport/birth cert and still got an issue opening an account online. Later on got this email

    We’re unable to confirm your child's identity online using the electronic verification services of Equifax Pty Limited and Equifax Australia Information Services and Solutions Pty Limited (EAISS).

    Some reasons may include:
    (i) Your child's details held by EAISS are not up to date
    (ii) You have not previously made an application for credit and/or EAISS has not previously been asked to provide consumer credit information about you**

    Have to visit a branch now. Bother!

    • +1

      They told me I have to go to a branch to open for my child

    • Hmm, for me, they still open the accounts despite failing to verify the identity online.
      I tried passport and birth cert first, and then passport and medicare the second time.

    • worked for me then, they fixed it

  • It used to be $50 credit for opening an account and no requirement to deposit min $100

  • Can you open multiple Bump/Choice accounts for all your children and be eligible for promo for each child? Or is it only once?

    • Can do it for each child.

  • anyone received their $30? how long after depositing did it take?

  • got

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