Major bank giving parents of children born in 2017 a $200 baby bonus.
Westpac today unveiled its new “Bump” initiative, which aims to give newborns a head start on reaching a secure financial future.
“By building on an initial $200 deposit at birth with a $20 contribution every week, for example, will potentially amass approximately $19,000 in savings by the time the child turns 16,” says George Frazis, Chief Executive, Consumer Bank at Westpac Group.
Parents can register for a Bump Savings Account and if approved, the money will be deposited and ready to be access when your child turns 16.
The accounts will operate much like a fixed term deposit. Parents will be able to withdraw any additional contributions they make to the account but the initial $200 deposit from Westpac can only be accessed when the child turns 16.
Parents of any child born from today can register their baby for a Bump account, however the $200 will be deposited on April 8, when Westpac marks its bicentenary.
To register your interest for a Westpac Bump Savings account go to westpac.com.au/dearbump.
What a fab initiative!
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