Are you thinking about setting up a bank account for your little one?
Perhaps your parents or in-laws are looking to give your kids some extra pocket money or savings every month? Some banks have special accounts, just for kids, each offering different perks, depending on what you are looking for.
The accounts are usually easy to open – you’ll need relevant ID, such as your drivers licence, plus your child’s birth certificate.
Here’s five of the best accounts.
BankWest Kids Bonus Saver account offers one of the best bonus interest rates available at a huge five per cent when you deposit between $25 and $250 per month. Five per cent! Unlike adult accounts, there are no account fees. What’s more, parents can gain easy access to the account if needed via internet banking. This account is available to kids under 15.
Piggy banks are great…but they don’t pay interest.
The Commonwealth Bank Dollarmites Club is available to kids under 12 when you open a YouthSaver account – they’ll automatically join the club and get a deposit wallet and moneybox. The best thing about this account is all the cool stuff for kids to explore. These include games, competitions and activities designed to teach children about counting and saving.
Not just banking…the Dollarmite Club has a range of childrens games
If you really want to teach your children the value of money and earning, check out The Westpac Kids Reward Saver and their Pay Pig app. Pay Pig is an educational tool designed to help kids earn money by doing set chores. You set the task and a price tag and sit back and watch as the kids scramble to earn their money. Wishful thinking? The Saver account pays a bonus interest with deposits of any amount and no withdrawals are made.
Suncorp Bank Kids Savings Account has a bonus interest rate of three per cent and is available to kids under 12. Sammy’s Farm, the Kids Saving Website linked to the account, is sure to get children interested in saving. It provides engaging and interactive tools and worksheets.
BankWest offers the best bonus interest rate for kids accounts.
Who doesn’t love a birthday? At Bendigo Bank, your child will receive birthday rewards between the ages of four and ten if you open a Bendigo PiggySaver Account. This is available to kids under 12 and all children will receive a free money box when the account is opened.
It’s never too early to start a savings account for your child, or to teach them the value of the dollar. Happy saving!