Australia: Westpac announces new product “Bump Savings”

The Bump Savings Account is Westpac’s newest savings product, which has been launched to celebrate Westpac’s 200th anniversary. For each Bump Savings account opened for a child born in 2017 Westpac will deposit $200 into the account. Parents and guardians will be able to make deposits and withdrawals from their child’s account, however the initial $200 will only be accessible to the child when they turn 16.

The Bump Savings account is aimed at encouraging positive saving habits among young Australians. George Frazis, Chief Executive Consumer Bank at Westpac Group, described the reasons for launching the new product as, “Teaching children to save from an early age is known to have a positive impact on future financial stability, so we’re encouraging all parents and grandparents to help kick start this learning process and help them start preparing for a brighter future.”

While Westpac intends to improve saving habits among Australians with the Bump savings account it may also help Westpac with acquisition. RFi Group data shows, compared to the Big 4 Banks, Westpac MFI customers are the least likely to have children under the age of 18, however this could increase because of its new product.  

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