Westpac is offering $200 to every child born in 2017.

Pregnant? Well, your baby has already earned its first $200.

That’s how much money Westpac is offering every single Australian child born in 2017.

Launched in celebration of the bank’s 200th birthday, the Westpac Bump initiative aims to encourage positive saving habits in children from an early age (a very early age) and help parents and grandparents kick-start their little one’s financial future.

Parents must simply apply for a Bump savings account at westpac.com.au/dearbump and, if approved, the $200 will be automatically deposited, ready for access when the child turns 16.

The accounts can be opened from April 8, but are on offer to any bub born from January 1 to December 31, 2017.

Of the estimated 300,000 babies to be welcomed into the world in Australia this year, Westpec predicts one quarter will take advantage of the offer.

George Frazis, Chief Executive Consumer Bank at Westpac Group, said the Bump program was not only an investment in individual children, but in the future of the country.

“The Bump initiative helps Westpac to mark the beginning of our bicentennial year in the best way possible – by investing in the next generation of Australians and inspiring good savings habits with the potential to have a lifelong impact,” he said.

Frazis noted that teaching children to save from an early age is known to have a positive effect on their future financial stability, and said that Westpac thus hopes that Bump will encourage parents and grandparents to help start that learning process.

“By building on an initial $200 deposit at birth with a $20 contribution every week, for example, will potentially amass approximately $19,0005 in savings by the time the child turns 16," he said.

"That’s a significant financial head start for any child and can be put towards future education, life experiences such as a gap year or a deposit on a first home."

Registrations of interest in Bump Savings accounts are open now.