Aussie High Interest Bank Accounts for Kids

At some point you will want to open a bank account for your kids. Whether it’s a place to put their pocket money because you don’t use much cash yourself, or they have a paper route that they are using to save for something special.

All of the big banks have special kids accounts that have reduced or no fees and high interest savings accounts especially designed for kids. Most of these accounts require a parent/guardian to operate the account on behalf of the child.

Here are the current high interest offerings from the major Australian banks (Figures correct as of 10th April 2012)

ANZ

Progress Saver

Rate: 5.75%

Conditions:

  • Deposit at least $10 and make no withdrawals each month to receive the bonus interest.

Bankwest

Kids Bonus Saver

Rate: 10%

Conditions:

  • Deposit between $25 and $250 and make no withdrawals each month to receive the bonus interest
  • Must be linked to a Children’s Savings Account
  • Available to children under 15 years of age
  • At the end of each anniversary date of the account opening they will transfer the balance of the 
    account above $1.00 to the Children’s Saver Account.

Bendigo Bank

Piggy Bank Passbook

Rate: 1.5%

Conditions:

  • Available to children under 13 years of age

Commonwealth Bank

Youthsaver

Rate: 4.75%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 18 years of age

NAB

Smart Junior Saver

Rate: 

  • Base: 1%
  • Bonus: 3.6%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 18 years of age

St George

Incentive Saver

Rate: 4.95%

Conditions: 

  • Make a deposit and no withdrawals in a month to receive the bonus interest

Westpac

Kids Reward Saver

Rate:

  • Base: 1%
  • Bonus: 4.65%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 12 years of age (Rolls into Youth Reward Saver for under 21s)

Disclaimer

This information has been collated from publicly available information on each of the individual bank’s websites. The information is correct as at 10th April 2012. This site does not make any recommendations as to which account is best for you. You should seek independent financial advice before making and decisions.