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Features of Westpac Junior Account for kids
Unlike other savings products, Westpac’s Junior Account for kids has no transaction or account maintenance charges* until the child turns 19 (service fees may still apply). After this time, standard fees apply.
When you open a Junior Account for Kids your child will receive a Junior Welcome Pack. This includes a Money Savings book, a fun activity book and a cool Westpac Rescue Helicopter Moneybox**.
Westpac’s Junior Account for kids is an ’Agent Transacts For’ (ATF) account. What this means is, the account is set up by a parent or guardian who then acts as an agent for the child. The Junior Account for kids is in the child’s name, though only the adult will be able to make withdrawals relating to the account. To ensure the security of the account and encourage saving we don't provide an ATM card. Withdrawals can only be made at a Westpac branch.
You can choose to set up your Junior Account for kids as either a Bonus Saver, Simple Saver, Online Saver or Online Bonus Saver. And like Westpac’s Junior Account for families, this account also rewards savings with a competitive interest rate, with interest paid each month. Check out the current Westpac Savings account interest rates.
Choose the Westpac Junior Account for kids that suits their saving needs
With Simple Saver, they earn the same rate of interest on every dollar they save and you can make as many deposits or withdrawals as you like each month.
With Bonus Saver, they earn a base rate of interest every month depending on their account balance. The higher their balance, the more they earn. What's more, for any month where they make a deposit and no withdrawals, they will earn bonus interest.***
With Online Saver, they earn a great rate of interest with our high tiered rates. The interest isn’t affected by the number of deposits and withdrawals you make. This online account is great for those who need regular access to their money but still want to get a great interest rate on their child’s savings.
To operate the Online Saver account you must hold a Westpac Transaction Account. Any transfers from your Online Saver can only be made directly to your transaction account.
With Online Bonus Saver, they earn a base rate of interest every month depending on their account balance, plus they earn bonus interest*** when at least one deposit is made and no withdrawals in a calendar month. This online account is designed for maximising saving and is great if you want to put away some money every month for your child’s future.
To operate the Online Bonus Saver account you must hold a Westpac Transaction Account. Any transfers from your Online Bonus Saver can only be made directly to your transaction account.
Opening a Westpac Junior Account for kids
To open a Junior Account for your child, simply spend a few minutes filling in an application form and hand it in at any Westpac branch.
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You’ll also need to bring:
Your passport or driver’s licence, or both
your birth certificate and another bank debit card, and
Your child’s birth certificate or passport. |
If you have any questions about Westpac’s Junior Account
for kids, either come into your local
branch or call us on 0800 400 600.
* Service fees may still apply e.g. cheque clearance fees. Once the child turns 19, normal Simple Saver, Bonus Saver, Online Saver or Online Bonus Saver transaction fees, account maintenance fees, service fees and other terms and conditions will apply.
** Items in the Junior Welcome Pack are available while stocks last, and may change from time to time.
*** Interest earned from your Bonus Saver and Online Bonus Saver account does not count as a deposit.
Westpac Online Saver™ is a registered Trademark of Westpac New Zealand Limited.
You can get a copy of the current disclosure statement for Westpac New Zealand Limited and a copy of the investment statement for any securities for which an investment statement is required from any Westpac branch in New Zealand free of charge. Westpac New Zealand Limited.
The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.
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