Best Kids Bank Accounts in Oz?

Question

I am wanting to open bank accounts for my kids can anyone recommend any that have no fees easy access and high interest. Or even one that a parent has been really happy with.

Answer 1

CBA has a good kids account called dallormite account. There are no fee's on the account untill the chid turns 16 i believe. You also recieve a bonus interest on the account if you don't withdraw from it.

Answer 2

All the major banks, and even most smaller credit unions offer fee free bank accounts for children. Some for example Westpac offer fee free banking until age 21.

Id contact your own bank and see what they have on offer to make it easier for you to deposit and help them look after their accounts. Most banks also let you have access to their accounts as well, especially handy for younger children.

Answer 3

A FEW DAYS AGO I GOT THE CHASE HIGH SCHOOL CHECKING ACCOUNT FOR THOSE 13-17. IT IS LINKED TO A PARENTS ACCOUNT. MY PACKAGE COMES WITH A VISA CHECK CARD. THERE ARE NO SERVICE FEES. ALL THE RULES APPLY WITH THIS ACCOUNT EXCEPT IF YOU OVERDRAFT IT IS TAKEN FROM YOUR PARENTS. SO BE CAREFUL. IT CONVERTS TO A FREE CHECKING ACCOUNT WHEN YOU TURN 19.

http://www.chase.com/ccp/index.jsp?pg_na...

Answer 4

My friend opened one for her kid with the CBA but at the time we talked about Bankwest (10% interest for kids at the time).  She chose CBA because it was the same as her bank but the rate wasn't as good but I thought Bankwest sounded good. I don't think any of the major bank kids accounts have fees to be honest with you.

Answer 5

Yes I believe Bank West has the best kids account. It pays 10% interest. Mind you, to get the interest you need to deposit at least $25 per month and have no withdrawal.

I also believe these is an upper limit on the account (so adults don't just dump their own savings in there).