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Thread: Bank Accounts for Children? Bankwest Children's Savings Account & Kids' Bonus Saver offers 6%!

  1. #1
    Senior Member DealHouse's Avatar
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    Bank Accounts for Children? Bankwest Children's Savings Account & Kids' Bonus Saver offers 6%!

    A friend sent me an email with the subject "best bank account for toddler 2013 australia?" I've not really looked at many bank accounts for kids and it seems there's none listed on the website, I went looking and found a Bankwest one the Children's Savings Account and the Bankwest Kids' Bonus Saver.
    with the Children's Savings Account kids can earn up to 5.5% (sums over $20,000!!!) and the Bankwest Kids' Bonus Saver can earn 6% interest, which according to Gav's page here Compare the best savings account rates, highest interest rate on instant access and term deposits is the best interest rate of savings around, even better than anything for adults!

    If anyone else has more advice on kids and especially young children or toddler's banking please let me know. Much appreciated!

    Childrens Savings Account - Fee free kids bank account - Bankwest Children's Savings Account


    no fees to eat away savings


    • available to children under 15
    • fee free banking for children
    • link it to a Bankwest Kids' Bonus Saver









    Itís worth far more than money

    Itís called a Childrenís Saving Account, but it is so much more than that. It is also the first step in developing your childís financial literacy. When you teach your kids about managing money, and how to save, youíre helping them develop good financial habits that can last a lifetime.
    Education experts say that kids learn best about money between the ages of 8 to 12, so weíve designed this account especially for the under 15s. There are no fees and charges to eat into their hard earned pocket money or birthday cheques from Nanna, plus weíll pay interest on it to help it grow faster. However, if they want to earn some serious interest on their savings, you can link this account to a Bankwest Kids' Bonus Saver.

    Kids who grow up knowing how to manage money? Now thatís happy banking.
    Why our Childrenís Savings Account earns an A+:


    • no fees and charges
    • fast parent/guardian access via phone and online banking
    • earns credit interest which is calculated daily and paid monthly
    • link it to a Bankwest Kids' Bonus Saver
    • available to children under the age of 15

    can we also suggest?


    • TeleNet Saver: Enjoy a high introductory variable rate of 4.80% p.a. for 6 months
    • Kids' Bonus Saver: Earn a huge 6.00% p.a. bonus interest when you deposit between $25-$250 per month, with no withdrawals



    An everyday account for children under 15 years of age that earns interest


    • no fees and charges
    • earns credit interest which is calculated daily and paid monthly
    • fast parent/guardian access via Bankwest Online Banking
    • link it to a Bankwest Kids' Bonus Saver
    • available to children under 15
    • direct credits linked to the account are permitted



    Rates

    Credit interest paid on this account is variable.
    Children's Savings Account Interest rate
    $0 to $2,999.99 1.50 % p.a.
    $3,000 to $9,999.99 2.50 % p.a.
    $10,000 to $19,999.99 4.00 % p.a.
    $20,000 and over 5.50 % p.a.
    Interest is calculated daily (but credited monthly) at the applicable rate above on the end of day balance of the account.
    Fees

    There are also costs for things you might ask us to do occasionally that are outside your accountís normal terms and conditions. We charge a service fee for some of these items - so itís on a user pays basis.
    Other fees which may be incurred are listed in the Children's Savings Account Product Schedule and the Your Guide to Banking Fees (PDF) brochure.


    Kids' Bonus Saver

    If you think your kids are growing at a rapid rate, watch what happens to their money when they put it in a Kids' Bonus Saver. If they deposit any amount from $25 - $250 per month and donít make any withdrawals, theyíll receive our highest variable interest rate of 6.00% p.a. There are no fees either, because we believe in rewarding kids for learning good savings habits. But remember, you have to have a Children's Savings Account before you can open a Kids' Bonus Saver.
    After 12 months, everything over $1 in their Kidsí Bonus Saver will be swept to their linked Bankwest Childrenís Savings Account and they can start their super-sized savings plan all over again.

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  2. #2
    Gav
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    I've not looked into Children's banking before, my mistake!

    However Hume Building Society have won many awards for their banking for kids:

    Junior Saver

    I can't seem to find any interest rates, more just flashy graphics than helpful (for me personally) information.

    Have to head out, will look more into this later today or tomorrow.

    Gav.

  3. #3
    Gav
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    Looking into this a bit more and thought the information about needing or not needing a Tax File Number TFN is interesting: Children's savings accounts

    Still haven't found a better account than the Bankwest one already listed.


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