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Westpac giving away $200 baby bonus in 2017
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By Tammy barton

Are you expecting a baby in 2017? A major bank is offering your little one its own account with a $200 starting balance. Westpac’s “Bump” initiative coincides with the bank’s 200th birthday and is designed to kick-start positive financial habits. The offer is available to Australian babies born in 2017.

Your new-born baby will be too young to save, but chances are good that they’ll receive cash gifts from friends or family over the years. If you were to add $20 a week to Westpac’s initial $200 deposit, your child would have around $19,000 by the time they were 16 (based on an interest rate of 1.5% per annum).

Whether you take up Westpac’s offer or go with a different bank, opening a bank account for your child is a small but important step in planning for their financial future. It’s also a great tool for teaching your child about the value of financial responsibility. The ability to save is one of the cornerstones of financial health and, like all good habits, best instilled from an early age!

To find out more about the Westpac Bump Savings account, visit www.westpac.com.au/dearbump.

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