Best Bank for Kids, yes here you will find a practical guide, so do not worry next time when you go for it.
You often ask What’s the best bank account for your kids? or which is the best bank for children’s account? Please go this article to the end to find the best bank for child account in Australia.
Nothing is ever as it seems when it comes to opening up a bank account in Australia, especially when it comes to children. While the headline rates might entice you, upon further research, you might find that to unlock a certain special rates and bonuses, you would have to boil the ocean.
Best Bank for Kids in Australia
There is a quote that I hear of regularly from my friend, who is working in marketing for both corporation banking and small credit unions. The saying “from womb to tomb” basically carries the meaning of banking relationship utopia.
This relationship describes that of the bank’s perfect customer: from childhood and well into adulthood. This perfect customer is paid a certain premium for loyalty. The same applies to many bank accounts for children. The bank often promises an initial rate that is later renewed to a lower rate. So how to find a best bank for kids?
Observe your child’s kid account and you might just be able to maximize the end value from the bank! These are my top picks for a best bank for kids account as of today. Please note the rates may not be current, so do visit by clicking the links given for the latest offers & rates.
1. BANKWEST KIDS BONUS SABER – 4.75% p.a|Best Bank for Kids
Boiling oceans has never been harder to achieve when you look at those high bonus rates! Without the special condition criteria, you would be defaulted with a measly 0.01% p.a.
While the maximum opening balance is capped at $250 for the Bankwest Kids’ Bonus Saver, the child must also have a linked Bankwest Children’s Saving Account (under the same name) to be eligible. The applicable monthly bonus interest will only be charged should there be no withdrawal transactions and the deposits amounts to a minimum of $25 but less than $250. Any balance above $1is automatically transacted into the Bankwest Children’s Savings Account after each annual period.
Check BankWest’s best bank for child account, here .
2. CUA YOUTH E-SAVER – 4.00% p.a|Best Bank for Kids
The 4.00% p.a. rate is applicable for balances below $5000. But above that amount, the rate drops to 1.00% p.a.
3. BCU SCOOT SUPER SAVER – 3.50% p.a|Best Bank for Kids
To earn the 3.50% p.a. interest rate, you should deposit a minimum amount of $20 every month but have less than $5 withdrawals in the same month. The account is defaulted to a 0.75%p.a. interest rate.
You can check here for best bank for child account with BCU
4. ENDEAVOUR MUTAL BANK – YOUTH SAVER – 3.50% p.a|Best Bank for Child Account
No minimum monthly deposit. Account has a $10 000 cap on balance.
The child must be under 18 and is the sole account owner.All balance below $5000 is eligible for the 3.50% p.a. interest rate, and balances above the amount will have 2.00% p.a. interest rate.
Check here Endeavour bank’s best bank for child account.
5. CREDIT UNION SA CHILDREN’S SAVINGS ACCOUNT – 3.25% p.a|Best Bank for Kids
Achieve 3.25% p.a. with no minimum deposit and no withdrawal in a month. The interest rate is defaulted at 0.25% p.a.
Check here Credit Union bank’s best bank for child account.
6. GREATER BANK LIFE SAVER ACCOUNT – for Children – 3.00% p.a|best bank for child account
The conditions with the Greater Bank Life Saver account is that there has to be a balance increment per month. This means should you make a withdrawal, so long as the amount is topped up higher than the previous month, there is the 3.00% p.a. interest rate.
You can check here for best bank for kids with Greater Bank.
7. FIRST OPTION CREDIT UNION KIDS BONUS SAVER – 3.00% p.a|best bank for child account
The current rate for account balance below $5000 is 3.00% p.a. However, it is compulsory to make a minimum deposit of at least $5 per month without withdrawals. Else, the rate would drop to 0.15% p.a.
You can check here for best bank for child account with First Option Bank.
8. NEWCASTLE PERMANENT SMART SAVER ACCOUNT – 3.00% p.a|Best Bank for Kids
By depositing $10 per month, you are eligible for the special rate of 3.00% p.a., else there will be no interest. Up to two withdrawals are allowed per month to allow for flexibility.
Check here New Castle Permanent bank’s best bank for child account.
Read more: Best Bank Business Savings Account
*As APY rates are economically volatile and differ, so for the latest APY rate statistics, Plz refer to the Bank’s/ Financial Institution website.
Please comment how you like these tips & also include any more ideas if you have, in the comment section or on the MoneyDea Facebook page.