If you want to give your child a good financial headstart in life, opening a savings account and consistently depositing money each week is a great habit to get into.
Westpac are making it easy for new parents to help their children to start saving by offering $200 to every baby born from 1st January 2017 to December 31, 2017.
Westpac are celebrating their 200 year anniversary and as a result, want to extend the celebration by giving each baby born this year $200, to encourage them to start positive saving habits.
In order to receive the $200, parents must apply for a new Westpac Bump savings account. Once the parents are approved, the money will be deposited into the account and their child can access it when they are 16.
The accounts can be opened from April 8, but any babies born this year are eligible for the $200.
Westpac have calculated by opening one of their Bump savings accounts and depositing $20 each week, the account will accumulate $19,000 by the time the child is 16. That’s not an amount to be sneezed at.
For more information on how to apply for a savings account for your child with Westpac, head to the website.