To celebrate the bank’s 200th year in business, Westpac has created a new type of account for all Australian children born in 2017, which includes a $200 deposit from the bank and no monthly account fees.
The idea has been developed in response to The Westpac Financial Future Report, which showed that parents’ main motivation for opening their child’s savings account from an early age centres around giving them a financial head start, as well as helping them understand the value of money as early as possible.
Having looked over the fine print, there doesn’t appear to be any hidden fees or charges that are out of the ordinary.
I’ve always trusted the judgement of my parents and am still with the bank (under a new name) in which my childhood savings account was set up. It appears as though Westpac is trying to gain the loyalty and trust of current parents, but also, securing future customers at the same time.
What do you think? Is this a clever marketing concept from one of our ‘Big Four’ or simply a cheap trick to lock in new customers?
Read more at westpacgroup.com.au
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