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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!

Share your comments below.

Image via Westpac

  • My parents a school bank account which was used to pay for our high school uniforms. As most parents know uniforms are expensive. I calculated at the uniform of a child starting primary school is approximately $600.00 including compulsory shoes and special sports shoes. that is calculated on 2 summer shirts, 2 winter ones, 2 pairs shorts, 2 pairs trousers, 2 jumpers, 1 school bag, 1 sports uniform. It doesn’t include library or other bags like that or art smock.

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  • thats one way to get people to bank with you!

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  • What a good idea. Having had this idea myself, I have to admit finding $20 every week for so many years is not always achievable

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  • A clever marketing strategy by PR and a good incentive for saving.

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  • I wish my child was born in 2017! What a FANTASTIC initiative! It may help parents who might not have ever created an account for their child! And an excellent way to save! I am going to set up an account for my son and basically follow the same principle and make up for the two years I have already lost. It will be a huge help to him when he’s older I’m sure.

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  • What a wonderful idea and makes sense

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  • Very good on them! They will surely get new customers this way. And teach the importance of saving for our kids’ future. :-)


    • Teaching saving at a young age is the way to go – sets up a lifelong pattern of good saving habits.

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  • Good on Westpac,great idea!

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  • bah! I always miss these bonuses!

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  • I think this is a great incentive. Great on the bank on coming up with this. I wonder how many people will take up this offer. If I have a baby this year, I definitely will take up the offer.

    Reply

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