Good news for all pregnant moms in Australia. Westpac bank delivers $200 baby bonus for kids born in 2017 in Australia. Close to 300,000 Australian babies are currently born each year, meaning the bank could give up to $60 million if there is full take-up from parents.
Parents do not have to be Westpac customers to eligible for $200 gift. There are some conditions though:
- Your baby must born in 2017
- Have Permanent Australian residence address
- Have the Bump saving account opened in their name by a parent or legal guardian with their ID by 31 May 2018
Once this account is opened if parents wants they can make contribute to this account as well. extra deposited money can be withrawred any time but initial $200 will not be accessible till your baby turns 16. You will get about 1.5% interest on your money.
As per Westpac if you regularly contribute $20 per week in this account. Your baby will have $19000 (including 1.5% interest) when he/she turns 16.
If you are interested you need to register your interest from Westpac website:
Register your Interest Westpac.
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