To celebrate its 200th birthday, Westpac is giving the parents of every bub born in 2017 a $200 baby bonus.
Why? Well, the Westpac Bump initiative aims to teach children how to save from day one, as well as help parents kickstart their little one’s financial future.
And if you think a couple hundred bucks isn’t going to go very far think again. The money can’t be access until the child turns 16, meanwhile it will sit in an account accruing interest.
“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.
That example is working with a 1.5%pa interest rate.
Parents can register for a Bump Savings Account HERE and, if approved, the money will be deposited and ready to be access when your child turns 16.