Finding The Best Kids Bank Account

Looking to open a kids' saving account online? Money-saver blog OzBargain offers some useful tips on the best current deals from Australian banks.

Picture by krasi

Encouraging saving is a sensible step for any parent, and online accounts are easier to maintain and manage than traditional school-based bank accounts (albeit with less immediate involvement from the child). OzBargain poster dragonrabit reviewed the available options for fee-friendly kid-targeted accounts, and concluded that while BankWest currently has the best interest (7%), that's a promotional rate that drops drastically after the first year. The solution? Take that account for a year, then move the money somewhere else.

It's a good strategy that could well work for you, although if the sums involved are small, having all the accounts with a single organisation might offset the interest difference. What's your preferred kid banking strategy? Share it in the comments.

Bankwest Kid Saver Account - 7% Interest Rate [OzBargain]


    Westpac have pushed fairly hard with me with a no fees account for my child. I will have to check bankwest first. Did you know that a lot of banks make money from us being un-diligent, or lazy?
    It's true. Do your shopping!

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